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Kid's corner

Money-saving help

Money-saving help

Lee and Bradley would like to write about money-saving. Over to Lee and Bradley for kid’s corner.

We have recently been looking into how much money we get/earn each week. We have recently noticed that we need some money-saving help as we admit to wasting our money each week and have nothing to show for it….Well we are teenagers after all!

What we have done is, on our computer we have made a spread sheet of all our money earned doing odd jobs and added pocket-money given, as well as our money spent and what it was spent on. We have done this for one week and the results so far are.

IMG_0562We earned:

Lee – £25

Bradley – £15

We spent:

Lee – £20

Bradley – £11

Saved:

Lee – £5

Bradley – £4

We earned a  fair amount in odd job’s this week and with our pocket-money on top took us to a good amount but we then go and waste it at school in the canteen and whilst out with our friends…..As teenagers do we guess.

Looking at our outgoing’s and what we spend our money on we are going to work this week on minimising this and getting some more money saved next week…Well try our best to anyway.

Well we have managed to save some of our money this week this is already a bonus compared to other weeks so already this project is helping us. We work at our local market, we help them set up in the mornings before school and then go back and help them pack away after school, we help do this twice a week, on a Monday and then again on a Wednesday so this gives us a little extra pocket-money each week, we are planning on helping their more in the school half-term week so this will help us get some extra money to give our savings an extra boost, we can then get the football tickets and computer game quicker that we are saving for.

The family investments project is really helping us with some money-saving help, we are learning how to budget our money and learning that we can save for bigger and better things.

Disclaimer: This is a follow on post as part of a project we are working on. 
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.