Teach Children the Value of Money
Published / Last Updated on 26/09/2019
Getting children to understand the basics of money – e.g. employ them, pay them an hourly rate for each day they are at school e.g. Apprentice = £3.90 per hour, below 18 = £4.30 ph so call it £4 per hour. Say 25hrs a week at school = £100 per week.
Not just free pocket money.
Get paid to go to school.
Off school sick = no 'sick pay' but still have to pay their bills.
Fines - penalties for not doing homework.
Share of the household bills. They must pay their share:
E.g. food £30 a week, rent £40 a week, mobile phone £10 a week, TV etc £1 a week, electricity £5 a week, council tax say £8 per week = £94 a week expenses with £6 left over to spend/save.
They can spend on clothes, holidays, savings etc. Do they save it, spend it? It's their choice.
If they want more money, they work overtime e.g. chores or they borrow it from you – but have to pay any loans back from coming wages or doing overtime.
If they do really well at school e.g. get an A or 'gold star' then do they get a bonus?
Try it for a month? Just sit down with your children and talk about it - let them work out the rules - it may just for a week or a month give them some knowledge of how looking after money works.
