Communicated Content – For many parents, there comes a time when it is important to start teaching your child about money. And often, the best way to do this is to give them some of their own money to save or spend. This is a great way to introduce your child to the value of money and help them get a better idea of how much things cost, and the importance of saving when you want to buy something that you can’t currently afford. Some parents even take it one step further and provide pocket money to kids based on things like doing additional chores around the house, to instil good work values and ethic, and give kids a chance to earn some extra money. With cash not as popular as it once was, some of the best services you can use when teaching your kids about money include:
Children’s Bank Accounts
Getting your child their own bank account has become essential today when it comes to teaching them about money. The good news is that many banks today offer a wide range of both current account and savings account products for kids. A current account with a card is ideal for everyday spending, while a kids’ savings account can be a great way to teach your child about putting money aside for anything that they want to save up for, and you can also use it for putting away any birthday or Christmas money you want to put aside for your child for later.
Connected Cards
Many banks today come with a range of features to make things easier for parents of young children. If you bank with a bank like Starling, for example, where you can create different ‘pots’ to store your money for various purposes, then connecting your child to your bank account is easier than ever. You can order them their own card that is connected to a specific pot, allowing you to simply transfer pocket money as and when needed.
Money Transfer Apps
Transfer apps like Ria Money Transfer are an ideal way to send money abroad. All you need to send money to someone is the email address that they use to log into the app, making it a simple and easy process. As long as both of you have the app downloaded on your devices, you can send money back and forth to each other in minutes. If you have family in another country that you help financially, you can use the app to teach your child about making safe and secure transfers.
Physical Savings
While cash is no longer as popular as it once was as a payment method, it’s still a good way to teach your kids more about money as they can see and feel it. There are lots of fun ways you can use cash, especially for savings. For example, you might want to get a money box or piggy bank that needs to be broken to open, to see how much you can save in coins you find over a few months or a year.
Teaching kids good money skills is essential to helping them grow up to become a responsible and well-rounded adult.
Author Bio
Tricia Lee is a contributing writer at Sparkwebs, a Digital Marketing Agency. When she’s not writing, she loves to travel, dance, and read non-fiction.
