Following on from International Women's Day last week I thought it perfect that we talk about the importance of Women educating their children about money. You may think that sounds a little chauvinistic and why shouldn't it be a dad or a combined job. Why I think it's a great idea for Women to take on this role. We are great at imparting information and why not empower yourself and your child in the process talking and learning how to manage money. If you don't have children of your own then why not talk to your nephews, nieces, godchildren about money.
What is Global Money Week? It's an international campaign that promotes awareness around money and the importance of financial literacy. This years theme is 'Save Smart'.
Places you can start to teach your kids about money.
- At the ATM - explain where the money comes from and how you've earned it. Help them understand it doesn't just come out of a hole in the wall.
- At the supermarket - prepare a list, research prices and show them how you can save money if you shop around.
- Doing the family budget together - involving your kids in budgeting can help them learn the difference between needs and wants, costs and spending.
- Earning their own money - pocket money or a part-time job can help young people learn responsibility and the importance of setting financial goals.
- Mobile phones - discuss options for mobile phone plans and checking and managing data usage to control costs.