Teach Your Children To Manage Their Money

It is important to teach your child the value of money. This will allow him to better manage his budget when he is older.

At what age explain to him what the money is used for?

From 6 or 7 years old, your child will have learned to count, and he will have understood the notion of exchange.

This is when you can explain the value of money to him. Before that age, he will have a hard time understanding, so it’s useless.

Trick

Rather than giving long speeches, you can show your child that money is used to buy goods and services by giving them a few coins so that they can buy candy from a merchant, for example.

Should we give pocket money?

Pocket money represents a fixed sum given to the child without consideration and for free use.

Giving pocket money to your children has educational value.

Indeed, as he can use this money to buy what he wants, he will quickly realize that he cannot buy everything.

He will have to make choices based on the money he has.

Thus, he will learn to distinguish what is too expensive or what is within his reach, and he will have to manage this money as best as possible to obtain what he wants: candy, small gadgets, cards …

How much to give to your child?

There is no rule when it comes to pocket money.

We advise you to take into account both:

• Your family budget
• The age of your child
• Make sure you give it a reasonable amount

How often should I give out pocket money?

Just like the amount, it all depends on you and your child. Choose the frequency that works best for you and fix it with your child.

Many parents give pocket money weekly when their child is young (under 8) and monthly when they are older (from 8-10 years old).

Teach him how to manage his budget

By allowing the child to manage his budget alone and freely, he will take the first step towards financial autonomy.

Of course, this is a relatively small amount, and you will always be there to teach him how to use his money if he is struggling.

But it’s a real step forward in learning the value of money and managing your budget independently.

To make him feel all the more autonomous, agree with him: you give him responsibility for his “pleasure purchases” such as sweets, for example, and you, therefore, stop buying them for him.

How To Save Before Going On A Trip

It is important to manage your budget well before you can afford to go on vacation and enjoy it as it should.

Eliminate unnecessary purchases and limit unnecessary spending

You probably already know that buying unnecessary things costs you money.

Sell what you no longer use

If your attic is full of items, you no longer use, jackpot!

There you have enough to collect a small sum of money that you can reserve for your next trip.

Get into DIY

We are not teaching you anything new; the products you buy in the supermarket are not given away.

Whether cosmetics, household products, or decorative items.

The solution? Prepare them and make them yourself!

Buy on sale or second hand.

When it comes to a purchase of several hundred dollars, do not hesitate to look at the classified sites.

You will most certainly find your happiness there at unbeatable prices and comparable quality.

Cook yourself

Eating out is expensive.

However, we do not really realize it because a sandwich at 5 $ or a meal in a restaurant at 15 $ does not seem that expensive at the time.

Cooking yourself will most certainly save you tens or even hundreds of dollars each month.

Invite your friends to your home rather than outside

In the same spirit as cooking at home, going out with friends for a restaurant or a drink can quickly become expensive, even very expensive, especially if you have the easy descent.

Inviting friends over for a meal or an aperitif will probably cost you a lot less.

If besides, your friends participate by bringing a bottle or a dessert, everyone wins!

Create a salary supplement

Are you already paying close attention to your budget but can’t save enough money for the trip of your dreams?

The only solution is to earn more money.

Invest money every month

You will tell us: this is precisely my goal, and this is the reason why I am reading this article!

Yes indeed.

Even if it’s only a few tens of dollars or even a few dollars, it’s the regular long-term habit that counts. This is what will save you big bucks in the long run.