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Kids aren’t naturally wired to think months ahead. Why would they budget for August when it’s only February? Their world revolves around what’s happening now, not what might happen in 12 weeks. But real life doesn’t work in weekly pocket money cycles. Christmas is always in December, summer holidays in July/August and back to school in September.
That’s where the ultimate family money calendar comes in. We’ve teamed up with GoHenry to help you map out these patterns together and teach kids why saving ahead actually matters.
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 startedThis guide will help you create your family money calendar. Treat this as the framework, and then you can fill in the details to make the calendar uniquely yours.
The main aim is to identify which months are expensive for your family and which are quieter. Then, to prepare for them.
Teaching kids to plan ahead is hard (as a mum of 3, trust me, I know!), but the goal here is to give them the tools to do just that. Be that through the conversations you’re having together, or by using the hands-on features in the GoHenry smart money app.
For most of us, there are predictable expenses throughout the year that will also affect kids. To build your calendar, map out your month-by-month savings strategy.
This is the time for a post-Christmas reset and to plan out fixed dates for the rest of the year. For example, talk to your kids about when the family birthdays are and other celebrations like Mother’s Day and Father’s Day.
If they want to get ahead of the game, they can set up a savings goal in their GoHenry app. Set a budget for how much they want to spend on each present, and then set the target date for the goal (say, the week before the birthday). This way, they can actually see how much progress they’re making and whether or not they’ll have enough saved in time.
The Easter holidays are coming up, and the weather is warming up. Now’s the time to talk about budgeting for activities over the school holidays and any spring wardrobe updates.
If your child is more independent and making plans with friends, talk to them about setting a daily spending budget for the holidays. Once you’ve agreed on the amount, you can always set a spending limit in your GoHenry app to make sure they don’t go over it.
This early summer period is a perfect time to build a buffer before the summer holidays. Talk to your kids about how expensive the summer holidays can be with activities and days out. Encourage them to squirrel some money away in preparation, so that if they want an ice cream when they’re out and about, they’re confident they can afford it.
If they’ve been saving since the start of the year, also talk to them about how much interest they’ve earned. There are 2 ways to do this with GoHenry: you can either set up parent-paid interest, or if you have the Plus plan, your child can earn 3.20% AER on their savings. Show them in the app what a boost this has been to their savings so far.
This is peak spending season. Keeping track of expenses over these summer months will be key.
It’s also important to talk to your kids about the choices you have to make during these expensive months. If you’ve had to say “no” or “not right now” to something, explain that the money is being spent on childcare or being saved for days out.
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 startedIt’s back to school time, and costs can add up quickly! While you probably won’t expect your kids to be shelling out for new school shoes, it’s still a good opportunity to sit down with them and go through the numbers.
Marking this in the calendar as a time to budget and showing them how much items are likely to cost will help them to understand their value – and might even mean they take more responsibility for their belongings. Here’s hoping!
In the slight lull before the festive season, now is the time to talk to your kids about how they can prep their money for the end of the year. Like early summer, encourage your children to build up a “buffer” before Christmas.
If they set a savings goal at the start of the year, it’s time to check in on their progress. See if they’ve reached their target and can afford to buy the gifts they want.
It’s time for Christmas present shopping. Instant notifications in the GoHenry app will help you see where they’ve spent their money and how much. You can use these real-time updates to talk through their present budget and whether they’re sticking to it. Although, you may want to briefly turn these off if they’re buying you a surprise pressie!
The biggest money skill you can teach your children is to plan ahead. The ultimate family money calendar is designed to show that budgeting isn’t about saying “no” all the time. It’s about being prepared for what’s to come.
The calendar provides a framework to talk to your kids about money. You can also tailor these conversations depending on your kids’ ages.
If you have younger children, simply making them aware that Christmas is coming and encouraging them to save is a great start. Once your kids are in their teens, you can always give them a little more responsibility – handing them a clothing budget for the year, for example, and letting them plan how to spread it across the months.
The main takeaway is to teach your kids to see the bigger picture, so they can make better day-to-day money decisions now and in the future.
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 teamed up with GoHenry to bring you an essential guide to money smarts and how your child can master the real-life skills of earning, saving, spending and investing. (Paid content)
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