Summer Holiday Money Lessons for Your Children
31 Jul 2015
Posted in: Everyday Banking
The summer holidays are always a fun time for children with loads of free time and opportunities to try some new things. In this blog we’re bringing you some simple ideas to help encourage your children to earn and save money in their spare time. As a parent, it’s sensible to use this time to your advantage while teaching your children about money and the importance of saving.
If you recognise the importance of getting your children thinking about saving and earning this summer, here are a few pointers on the best ways to do it.
Summer holiday money lessons for primary school children
The incentive of doing something they enjoy and earning some extra pocket money while they’re at it is often a good incentive at this age. Motivate them by explaining to them the possible outcomes of their earnings, like a game or toy they’ve wanted.
Earning tips for primary school children:
- Incorporate their interest because they’ll be more motivated when
they enjoy earning.
- When giving them pocket money for doing chores, think about what amount you’re willing to pay, what’s appropriate for their age and how long will they take.
- Enable them to earn smaller amounts more frequently than big sums less often as this makes these efforts become a habit for them. Make it your goal to provide one small earning task each week.
Summer holiday money lessons for secondary school children
By the time your children are in secondary school, they’ll probably already know that the summer is a great time to make a few extra bob. Most teenagers will be open to earning extra money in their spare time by taking on a part-time job. As their parent or guardian, it can be of great help to them going forward if you show them the benefits of earning and help them develop their entrepreneurial skills.
Earning tips for secondary school children:
- Make a decision on whether you feel your teenager is ready to get
their first proper part-time job or whether you are happy to pay them
for small jobs at home until they reach working-age.
- If they’re eager to get their first job, assist them with putting their CV together, identifying their strengths, identifying where to find a job and preparing for any interviews they may have.
- Help them to understand the value of what they’re doing if you’re paying them for helping with house hold chore. An example of this could be where they’re washing the dishes at home and you pay them what they would make for doing this task in a café.
- Nurture their entrepreneurial spirit by encouraging them to find ways to earn money through interests and activities they’re passionate about.
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