Teaching children the basic precepts of financial responsibility at a young age can serve them well in later life. Unfortunately most school programmes are geared towards academic skills and consequently life skills such as money management may be neglected. Consequently it usually falls on parents to teach these skills.
First and foremost kids tend to learn by observation and imitation. Its not enough to say do I as I do not as I say, ideally what parents do and what they say should be consistent otherwise children will not learn the correct behaviour, so if you are constantly preaching about the importance of living within your means but behave in a spendthrift fashion you are obviously sending a confusing message to your children.
Simple things like making children do chores for their pocket money rather than just handing them their allowance can inculcate a better appreciation of the value of money. Discussing basic financial matters with your children and the importance of saving regularly can help them develop beneficial habits that will last a lifetime. If there is an item that they particularly want you can develop a savings plan with them so that they set aside a portion of their allowance each week until they have reached their target. Giving in immediately to a crying child in the supermarket or toy store may bring respite in the short term but this type of instant gratification is not good for the childs long term development.
Most of the suggestions above are just common sense however implementing them consistently is not an easy job but if you can manage it you can look forward to a stress free retirement courtesy of your wealthy offspring!
“When I was young, we had to make our own entertainment …”. That phrase, beloved of grandparents everywhere, may bore the younger generation silly, but in the current economic situation, many people have been forced, or think it wise, to cut back on their entertainment budget. When cinema tickets or drinks out make your wallet scream, and you have to sell your grandma to put petrol in your car to go anywhere (at least you won’t have to listen to ‘when I was young …’), then it’s time to look for ways to find free entertainment.
Of course, the opportunities do depend on where you live. Being lucky enough to live in a major European city (I’m not going to reveal its location in case you all rush here); I have access to a huge variety of entertainment that doesn’t cost a penny. If you live in the country, available entertainment may not be quite so plentiful. Here, cinemas and civic centre’s everywhere offer films, concerts and talks for free, museums are free on the first Sunday of every month, and cultural centres show films and have talks. Libraries even offer free DVD rental.
Now, supposing you’re not quite as lucky as I am (clue: it´s warmer than the UK here). Seek, and ye shall find your free entertainment. Start by checking out your local library. You might have to pay to rent your DVDs, but the books are still free (for now, at least). So get reading, there´s every possible subject available. Depending on your council, you might even be able to borrow talking books or language tapes for free. At the very least, you can read all kinds of fiction, try some self-improvement, or take up a new craft (try scrounging some wool from Granny, and teach yourself to crochet, or ask her to teach you).
While you´re at the library, take a look at the notice boards and see what´s on. You might find a group to join, someone who wants to swap languages, or a free talk. Whenever you´re walking down the street, take a look at any posters you see, they might have something on offer without an entrance fee. Rediscover your own area; assuming you don´t live in a sixties concrete nightmare of a town, be your own tour guide and look around with fresh eyes. Leaflets on local history or walks are often available from, yes, the library. Weather permitting; take a book and a picnic to the park.
If you´re a country dweller, get out and enjoy all that fresh air. Take the kids for a ramble, borrow a friend´s dog, or alternatively, borrow their DVDs and stay indoors. See what´s lurking in the back of the cupboard, make some cakes, and have a cinema night!