Summer Saving lessons for the kids
With the Summer holidays approaching, it’s time once again for the parents among us to put our thinking caps on and attempt to come up with six weeks’ worth of fun and activity!
We’ve long talked about how schools should include a level of personal finance education within their curriculums but, until that happens formally, it’s down to Mum and Dad to provide some guidance around money matters for the younger generation.
With the Summer holidays and personal finance in mind, we thought we’d point you again in the direction of our ‘My 1st Money Lesson’ article and downloadable PDF. It might not fill up an entire day’s worth of activity but grab a few coins and some action figures (to act as the aliens being educated about Earth’s financial system!) and you can make learning about money fun for half an hour or so.
That’s not the only place where you and your children can learn together about personal finance this Summer. Here are just a couple of the options for getting involved, depending on the age of your children and the stage of financial education they require.
Get a goHenry account
goHenry is the ‘smart approach to pocket money’. It’s for kids aged 8 to 18 and it allows them to learn skills like budgeting and saving, whilst simultaneously giving them the freedom to look after their own cash and you the control to stop any spending that might fall outside of your parameters! There is a £2.49 charge per child, per month, which puts goHenry as potentially more expensive than other banking solutions for children, but the controls and potential benefits are impressive.
Inevitably, there are plenty of goHenry alternatives which have cropped up over the last few years. If you decide that that isn’t the one for you then take a look at Osper, which pitches itself as ‘mobile banking for young people’ or RoosterMoney, which is more targeted around saving for specific things. Children can order their items from the app (which is affiliated to Amazon). Parents then have the option to approve the purchase.
For the slightly younger…
Little Digits is a lovely iPad app for children who perhaps need to master the numbers stage before they make it to the money stage! It plays on children’s natural tendencies to get them finger counting and can prove a fun and educational solution to a rainy day. Numberjacks is a similar alternative.