Children managing their money – The learning curve

By Anne Manning

How can we help our children manage their money as they start growing up?

As a Mum of a young daughter, Zoe, who is soon to be 11 years old (going on 18!!), I realised that she is fast becoming interested in money.  Earning it, managing it and mainly and most importantly, spending it.

We have introduced a monthly allowance of £5 a week, which she has been thrilled about and is very excited to be receiving money.

To make this an interactive (and educational) experience for Zoe, we searched for a card account for her that was both a physical card and smart phone app. The reasons for this are many and varied: –

  1. The app is very interactive – you can set up chores for as little as 50p, which Zoe is then notified of.
  2. Zoe can send me messages.
  3. As a parent you can set the capabilities of the app and can view the statement of what has been spent.
  4. Zoe has been able to set up savings pots, with targets and the most important item – she feels in control.

Young people are now growing up so quickly and learning lots of brilliant things at school and through their friends.  All the basics are covered like Maths, Science, Reading.  However, where are the money planning lessons, the questions about how you can save and how much do things actually cost?

All these money questions are so important as the world that our children are growing up in is fast becoming more digitised, but also very linked to instant gratification.  It is a fantastic learning path that we can go on with our children (or grandchildren) to help them navigate the world, whilst understanding money.

For us, finding this solution has changed Zoe’s approach to money and we feel this will only be a positive step to her understanding the world of money.

If you’d like to understand a bit more about your finances and the future they will enable for you, why not book a FREE initial call with us HERE, e-mail hello@proposito.co.uk or call us on 01285 708444.