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Money smarts start at home. We’ve teamed up with GoHenry to walk you through 6 hands-on money lessons that you can start teaching your kids today.
Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
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Kids learn by doing, so why not put them in charge? One of the key money skills to master is how to budget; knowing how much you have to spend, planning ahead, making choices, and then sticking to your budget.
In this exercise, you’re going to make your child responsible for part of the weekly food shop.
What they learn. Budgeting teaches kids to spot the difference between a “must-have” and a “nice-to-have”. By comparing prices – like picking an own-brand cereal over a named brand – they can save money, which can be used for a special treat at the end.
Playing a board game isn’t just quality family time; it can help with counting money, thinking strategically and understanding consequences.
For this lesson, dig out Monopoly or Game of Life and settle in for a board game night.
What they learn. Board games are a safe way for kids to learn risk vs reward. They can try out different approaches – like spend now or save later – to see how they play out before they try them in the real world.
One of the best hands-on money lessons for any child is being able to earn their own pocket money. You can take this a step further by setting up some pocket money boosts for completing extra chores.
For this task, make sure you have your GoHenry smart money app on hand.
What they learn. When kids earn their own money, they unlock the basics of money management. By linking pocket money to chores, they discover that money is a reward for effort. They’ll soon see that some jobs pay more than others, and that they have the power to boost their own earnings by putting in the work.
Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
Get started
An important lesson to teach your kids is how to make smart decisions with their money. You can do this by encouraging them to split their pocket money into 3 separate pots – spending, saving and giving.
GoHenry’s smart money app is the perfect companion for this task, as it can automate everything.
What they learn. By dividing their allowance, kids see that money has many jobs. They learn to develop a regular savings habit, while also understanding the difference that money can make to people’s lives.
This will probably be one of the toughest lessons to teach, but one of the most important. If you’re able to teach your children about delayed gratification, you’re on to a winner.
What they learn. This is the ultimate lesson in wants vs needs. By waiting a week, children will learn to resist impulse purchases, and often find that many wants will fade given time.
Make learning about money fun with these secret money challenges, where you set them a series of budgeting tasks which they need to complete.
What they learn. They learn how to problem-solve when it comes to money and, hopefully, how to think on their feet.
GoHenry: where kids go to learn money
Kids learn to earn, save, spend and invest with pocket money, custom savings goals, gifted money from family and friends, gamified lessons and more. Give your child the head start you wish you’d had, with their own smart money app and card. Get 2 months free plus £20 pocket money with code AFFFDR220.
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We’ve partnered with GoHenry to bring you the ultimate guide to help families map out the spending year together. (Paid content)
We’re partnered with Monzo to set your kids on a 30 day savings quest to help turn their pocket money into rocket money (Paid content).
We’ve partnered with GoHenry to bring you an essential guide outlining the money lessons that kids actually want to learn. (Paid content)
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