It’s all about the money…
Pocket money can be a great way of teaching your kids the value of cash. Morag Turner investigates
However much pocket money you give your children, handing over cash is always a risk. Somehow those coins seem to disappear into toys boxes, school bags and, of course, down the back of the sofa, never to be seen again.
But there are some very effective ways of getting to grips with your children?s finances, imparting important lessons along the way.
?Teaching your children how to budget and save doesn?t need to be difficult,? explains Sally Francis of financial advice service Money Saving Expert. ?Of course, there will always be a place for the traditional piggy bank and it?s important for them to actually count out coins in their hands sometimes, but as kids become more tech-savvy they respond well to using online tools.? Rooster Money is one such app that allows parents to keep a record of their child?s finances by setting up an online account and awarding a weekly allowance. Once added to the account, children can view their balance from their own computer and watch their savings grow. Parents can make a ?boost? as an additional reward, remove money if they need to and also encourage kids to save by putting money in the ?safe?.
Not only does this keep a track of how much pocket money has been accumulated, it also helps kids to really consider how they are going to spend and save it to reach a target purchase.
But Rooster does not provi...