Your child will make some mistakes with money management, whether it’s spending a week’s allowance in two days, or spending a lot on something that doesn’t seem so good once they’ve bought it. And it’s important to guide your child towards saving money, rather than spending it all. It might help to work out some clear guidelines about using money with your child – for example, discuss how much can go into savings, spending and donating. With guidance, this will help your child learn important and lifelong money management skills. Encouraging responsible money managementĪs your child gets older, it’s a good idea to give your child more control and responsibility over their own money and how they spend it. For example, you and your child could do things like working out a savings plan for your next family holiday, or checking out better deals for your phone plans. Getting your child involved in household finances is a good way to help your child learn about managing money. prioritising the things you need to buy over the things you want to buy.making a family budget and sticking to it.So one of the best ways to help your child learn skills for managing money is by modelling responsible attitudes to money and money management.įor example, you can send responsible and positive messages when you let your child see you: Your child learns by watching how you deal with money.
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