How to teach kids the value of money
Jobs and allowing them to spend their own money are the best ways to get kids to learn
It's one thing to give your kids a bit of pocket money, so they can buy some music or clothes, but how do you go about teaching them what money really means?
We've got some great advice from experts and real mums to help you put a plan into action...
Expert advice
Get a part-time job Part-time jobs are the best way for children to learn the value of money; after all, apart from the extra cash they will earn, the reality check of hard graft, long hours and poor pay for menial work should be the biggest incentive to get teenagers to work hard for better exam results if ever there was one. Penny Palmano, author of Yes, Please. Whatever! How to get the best out of your teenagers, Harper Thorsons
Working is good for you Earning their own money is character-building. It helps them to feel they have a separate identify from you. It also nurtures important social skills such as punctuality and how to relate to older people.
It doesn't necessarily have to be the type of work they want to do later on, but it might help them eliminate certain areas. If you're unhappy about the work they're doing, tell them.
Young teenagers, say from 13 to 15, still need looking after. If they have a paper round, go over the route with them and talk about what they'd do if something went wrong. Gael Lindenfield, psychotherapist and author of Confident Teens
Work on it together You can't buy everything for your child, but is there a compromise? For example, those trainers don't come cheap but may be really important to your teenager and how they fit in with their friends. Is there a possibility of sharing the cost with your older children? If they have a Saturday job or paper round you could offer to pay for half if they put in the rest. Or could you combine birthday and Christmas presents together if they were set on something?
GoodtoKnow Newsletter
Parenting advice, hot topics, best buys and family finance tips delivered straight to your inbox.
Again if your child is really serious about something can the family club together rather than buy individual presents? If you do this you may need to remind your child that they will not be getting as many presents if everyone clubs together. Parentline Plus, www.parentlineplus.org.uk
User tip
When our daughter, Molly, turned 15, we got her a mobile phone. But we set her up with a 'pay as you go' account and told her she had to pay for it out of her own pocket money. She's really careful how much she spends now. Jan Carruthers, 42, Stroud, Gloucester
More help and advice
- Ways to encourage their independence - Time to let go: how to deal with your kids getting older - Teens and work: the facts
Trusted, informative, and empathetic – GoodToKnow is the ultimate online destination for mums. Established in 2007, our 15-year-strong archive of content includes more than 18,000 articles, 1,500 how-to videos, and 7,000 recipes.
-
Campaigners are calling to revive play in schools to tackle an 'escalating' health crisis - here's what we know
A report has suggested that playtime needs to be a priority
By Ellie Hutchings Published
-
Have you tried 'scheduling sex' and it's still not working for you? A sex psychologist shares why 'all that does is create pressure' (and what to consider instead)
"Never, ever schedule sex"
By Ellie Hutchings Published
-
When will A-Levels be scrapped? Everything to know about the Advanced British Standard
Everything you need to know about the new qualifications that are set to replace A-Levels.
By Ellie Hutchings Published
-
When do kids go back to school after the Christmas holidays? 2024 school holiday and term dates
The key dates that you’ll want to pop on your calendar
By Ellie Hutchings Last updated
-
How to appeal A Level results and when does clearing open?
Find out how to appeal A Level results and when does clearing open with this helpful guide to get you through results day
By Grace Walsh Published
-
GCSE results 2023: When are GCSE certificates issued?
GCSE results are a nerve-wracking time, but once out the way you might find yourself asking when are GCSE certificates issued?
By Ellie Hutchings Last updated
-
What to expect on A level results day - a parents guide
We explain what to expect on A level results day, how to understand their results and what to do if they didn't get what they wanted
By Gemma Chandler Published
-
When do kids break up from school? Summer holidays 2023
It's the final term before the long summer break!
By Emily Stedman Last updated
-
How to appeal a school place: what to do if your child doesn’t get the school you wanted
Getting your child into the school you really want for them can be a nail-biting time for parents. Here's how to appeal if your child doesn't get in...
By Emily Stedman Published
-
179 fantastic facts for kids to really blow their mind - from sharks and cats to space and tornadoes
Dazzle and amaze little ones with these mind-blowing facts… They’re so good they’ll leave grown-ups speechless too!
By Joanne Lewsley Last updated