Christmas isn’t exactly the time of the year when you think about saving money, but today I’ve got some advice and a competition that should be just what you need to start the New Year with good financial intentions.
You’re playing for two fab prizes today, so get your best competition hat on. First off, you get a copy of the super new book ‘Money Smarter – a Family Guide‘. Money Smarter is a really interesting and practical guide to teaching children the value of money, with over 50 activities that you can try with your family:
Then to go with it, you get this adorable leather purse from Lyla and Tilly, to put all your pennies in once you’ve saved them:
You see? Everything you need for a debt free 2013!
To enter, all you have to do is have a read of these four family finance activities, taken from Money Smart, and then leave a comment offering your own money-saving tip or learning activity. The competition closes on Christmas Day, so you can get your money-saving kit in time for the New Year.
Four ways to teach children the value of money
Where does money come from?
As children, it’s hard to get your head around the idea of money, where it comes from, and what it gets spent on. Sitting down with your kids and explaining exactly how adults earn money is a really useful way to teach children the value of skills and experience. To make it more real, have a look at a selection of job ads. Talk to your children about the different kinds of jobs people do, how much they are paid, and what sort of skills they might need.
Need versus want
Children always seem to need the latest gadget or toy, but how do you teach them the difference between wanting and needing something? Imagine with your kids that you’re stranded on a desert island. Get them to think about what they’d actually need to survive, and what luxuries they might want.
Good debt versus bad debt
People tend to fear debt, but the important thing to learn is the difference between good and bad debt. Debt that will put money in your pocket at a future date is a good debt, a debt that doesn’t is bad. For example, investing in going to university is a good debt, as it will help you earn more money later, but just borrowing to go on holiday isn’t such a great investment. Look through some magazines and newspapers with your kids. Cut out three pictures that represent good debts, and three that are bad.
Your fun fund
Managing your money doesn’t have to be all doom and gloom. As well as saving for the future and paying the bills, there should always be a slice of your budget set aside for fun. How you spend that slice is up to you! With your children, come up with a list of things that you’d like to spend your fun fund on. Can you work out how long it would take you to have enough money for each of your fun activities?
Competition open to UK residents only. Competition closes on 25th December 2012. Your information may be used for marketing purposes by the Money Smarter team. You are free to unsubscribe at any time.
THIS COMPETITION IS NOW CLOSED.