The Boodle Blog

Post Image
15 January

Reviewing spending choices as children return to school

The New Year usually comes with a long list of resolutions, and for many managing money more effectively is top of that list. We all know it can be a lot more difficult than it looks, that is why here at Boodle we give you 2 easy ways to review your spending choices as children return to school.

1. REVIEWING YOUR POCKET MONEY PLANS

As well as being the start of a new year and a chance to organise yourself at home, January can also be a useful time to review your spending choices, and with that comes pocket money decisions. 

One blogger suggests going back to basics and reconsidering why children are given weekly pocket money. One big reason is a chance to encourage children to think about how to spend and save a budget. We at Boodle suggest starting a pocket money regime as early as seven years old and to think in terms of need and want: encouraging children to spend first on what they need and use what’s left for what they want.

2. TEACHING YOUR CHILDREN HOW TO SPEND AND SAVE

This week children are all returning to lessons at school, but at least some teaching is still done in the home, particularly in terms of money management. 

Some say it’s never too early to start teaching children the basics of pocket money spend, but here at Boodle the focus is on learning by doing. Financial education can’t be learnt straight out of a newspaper or magazine.

We believe that the very first pocket money handed over to your child is the time to teach responsibility and the important of saving as well as spending your cash. This article even recommends teaching children the basics of inflation and investment at a young age – things they would benefit from understanding in the future.

Wishing you all the best for 2014… Boodlers!