Kid's corner

Money saving challenge

Money saving challenge

 

Lee and Brad are like any other kid’s, they love money……Well don’t we all!

When it comes to saving on the other hand, well then they are not so keen. We have started working on a money saving challenge run by family investments, by doing this they will be able to have a closer look at incoming’s and outgoing’s to see where they are going wrong when it comes to saving money, it will also give them a better understanding of money and what they could achieve by saving.

The minute they have money it burns a hole in their pockets and they feel the need to spend it, they then go off and waste their money and nine times out of ten they have nothing to show for the money that they have just had.

We have asked the boys what would be the one thing that they would love to be able to just go off and buy if they had the money to do so. Lee said he would love to be able to buy a football ticket to go off and watch a spurs game with his mates. Bradley chose to save for computer bits.

We have set them both a money saving challenge, we have asked them to work out how much they both could earn in one week via doing odd jobs, saving pocket-money etc and see how much they can manage to save.

Lee and Brad have never really had to save for anything really as things they wanted we have either just gone and got for them, put it on a gift list for either birthdays or christmas or we have added the rest of the money to money given to them as a gift. I don’t know if this is a good thing or bad thing us doing this.

We are keen to see how this money saving challenge will help the boys and keen to see if it gives them a better understanding to the value of things. They have a money-box and a saving chart at the ready and they are very keen to get saving.

What age do you think is a good age to help kid’s understand money saving/value of money? Lee is 14 and Bradley is 13.

Fingers crossed this gives them more of an understanding! update to follow soon.

Disclaimer: Lee and Bradley was sent some items to help them keep track on their money-saving. All thoughts and opinions are 100% our own.

3 Comments

  • Jonnuxx

    19/01/2015

    I think it’s better that kids start understanding the value of money quite early on. However from personal experience I never really understood that until I moved out and started University. Christmas 2013 really made me see the light!

  • oh gosh this is so me, i dont get to treat myslf at all usually only birthdays and xmas as i spend all my spare cash on silly things for kids that they dont actually need, I should really need to start saving

  • nikoteen87

    20/01/2015

    I try to get my kids to learn to saving from a young age but like your kids the money burns holes in their pockets.

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