Pocket money is a valuable tool in teaching your children the value of money and can also be used as a way of controlling them. Children gain an interest in money from a very early age as they know that’s what they need to get sweets, lollipops and toys. So when should you start giving your child pocket money?
Most people start to give their children pocket money from the age of six or seven, at this age the amount does not have to be very much say £1 to £2 per week, as age increases so should the amount as the things they’ll want to buy will be more expensive and inflation will mean our money is worth less.
Pocket money should always be dependent on good behaviour! Bad children should not be paid or should be reminded that if they don’t behave they’ll lose their money. This will teach them a lesson they won’t forget as they won’t be able to join their friends in the tuck shop. A great way of keeping them in check is to start the week at pocket money of £5 and for every time they miss behave or don’t do their chores you can subtract £1, so they may get lots of money or get nothing.
An awesome way of teaching children the value of money and get them saving early is to give them a small weekly amount of about £2.50 and tell them if they save it for 4 weeks and not spend any of it you’ll give them interest making their £10 into £15 (very good interest rate). This will give your child a valuable lesson in saving money and thinking about the future.
If you have any techniques of your own or tips on giving pocket money then please share them with everyone.
“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!
When you are struggling financially as most of us are in the present financial climate, even the smallest savings can be of great help. If you have got yourself in a tricky situation with your debts, you are not alone. Many people are putting all their debts in one loan that has a lower interest rate, and for a very good reason. By consolidating your credit card, loan and other debts you could end up with just one low monthly amount. Debt consolidation certainly makes an easier and more manageable way to keep track of your debts.
There are many other ways to save a little bit of cash. Putting small change in a jar is a painless way to save a bit of money for Christmas or perhaps for a birthday present for a member of your family. If you empty your purse and pockets of small change every evening and tip it into a bottle or piggy bank you will be pleasantly surprised how quickly your savings grow. Don’t be tempted to keep dipping into it though!
If you absolutely have to buy something such as a new vacuum cleaner or other essential, check the prices carefully first. It may be cheaper to buy online but watch out for delivery costs that can be high. A price comparison site will help you get the best deal and also consider buying through a cash back site. These list product providers and retailers, and when you click through to visit these websites, they get paid for providing the links. In this way the site can pay you a percentage of the money it receives for this. You can also buy car, home and pet insurance in this way making a considerable amount of money that you can request when you reach a certain threshold.
Going out to clubs and bars socialising can be a huge expense. How about staying at home and inviting some friends round for a couple of bottles of supermarket wine and a rented film. You will still have good company but at little expense.
Petrol or diesel is a huge expensive as every driver knows. To cut down the expense you could consider car sharing. Can you share lifts to work with a colleague, both of you will save on fuel costs, have company for the journey and share the stress of rush- hour driving. Also consider whether you really need a car. How about getting a bicycle?
Food shopping is an essential as we all have to eat! If you usually buy well known products might want to try switching to supermarket brands as they often taste very much the same. Also clip money-off coupons from magazines and newspapers. Take advantage of Buy One Get One Free offers. If you really don’t need twenty four toilet rolls for example can you share the deal with a neighbour so that you both make a saving?
There is a lot of truth in the old saying. “Look after the pennies and the pounds will take care of themselves.” Every penny counts!
If you get in trouble. Good companies to call are Debt Free Direct, CCCS, and Payplan.