With the summer holidays drawing closer and the normal school schedule disappearing it can be a busy season for parents planning different holidays and activities to keep children entertained.
But we think it’s an essential time to also incorporate financial learning into the equation!
With lots of exciting things to do, it can be hard to find the right balance of family time, fun and education...
So, to help we’ve come up with some effortless ways to insert some financial acumen into your child’s summer timetable.
1. Encourage them to get a summer job
For many of us our first jobs are a step in the right direction and a summer job will inevitably teach children what earning money really is about, as understanding the value of money is essential if they want to become financially savvy!
Also, once your child has worked hard for their money spending it might no longer be top priority. If your teen is working on the minimum wage (£4.05) and going to the cinema with friends costs around £20, will they still want to go once they have worked 5 hours to pay for it…?
Let them decide!
A summer job is also a first insight into the working world and can help teenagers to understand what type of job interests them, which may help when selecting A Levels or a degree subject.
2. Involve them in the food shopping
If your children think the fridge and cupboards automatically re-fill every week then now is the time to involve them in the weekly food shop. When tucking into breakfast, lunch, dinner and grabbing different snacks would they ever consider how much it all costs?
We suggest taking your children with you on the weekly food shop and showing them the real value of what they are consuming (and how quickly things add up).
With so many clever marketing price tricks appearing on every aisle it can be easy to buy things that we don’t really need, just because they are on offer or appear cheaper.
Point deals out to your children and get them to work out the value of items you are purchasing… If packs of cereal bars are 2 for £2… and you can buy 1 packet for £1.05... is it really that much of a saving? We suggest to always check the original price before selecting items and work out if you really need it instead of impulse buying.
3. Give them a summer budget…
Giving children a budget for the summer is a fantastic way to start learning about money… but with such a lengthy period for them to resist temptations and to ensure they have enough money to last until the very end it can be a challenge.
Rather than giving your children cash, there are financial products designed specifically to help your children learn in a safe and fun environment.
For instance, with nimbl, parents can set bespoke spending limits and controls to help children learn to spend responsibly.
All children learn differently, and we understand that – with nimbl you can set daily, weekly or monthly spending limits and additional options to add restrictions for online, ATM and in store spending to tailor make the learning experience to suit your children.
Once they have mastered budgeting you can turn spending controls off, and let them manage their money their way.
So have fun during the summer holidays, make lots of memories and ensure your children continue to learn!