35 ways to make kids money savvy

piggy bank and moneyWe all want our children to have a good understanding about money matters as they grow up. 57% of people agree parents are strongest influence on kids? money skills. Are you helping?

At our #BritMumsMoneyAdvice Twitter party, we talked about how we teach kids about money, sharing tips and advice. The party was sponsored by Money Advice Service, which offers free & impartial advice in person, over the phone and online about everything from savings accounts to prepaid cards, from good money habits to peer pressure spending. (See their videos and advice on how to talk to children about money.)

Research from the Money Advice Service shows that talking to kids about the value of money from an early age can stand them in good stead for the future, yet finding ways to have these conversations can be difficult.

See the tips other parents shared at the party and visit Money Advice Service for their help to ensure your children grow up money smart.

Saving

1. If I sell old toys my boy gets half the money but has to save it for something nice. @thesoupdragon44

2. We use our money tree for weekly target saving. Helps with behaviour too @JuicysBack

3. Don?t use piggy banks as they don?t give kids any visual. Use a clear jar so they see the money growing. @Mr5_Fox

4. My parents used to give us incentive to save  for every 10 pounds we?ll add another 2 pounds @JaneDavies9

5. Try saving a regular amount each month to get into habit in later life when saving for house deposit @finchale16

Happy thoughts of hard-earned savings

6. My son buys food for the food bank for those who can?t afford food or donates unwanted gifts @notallaboutme1 

7. I remember buying a stereo with my first 2 wages. I paid half out of each! I loved that stereo for many years @V82CHRIS

playing shop for #britmumsmoneyadvice partyGiving them shopping savvy

8. This was so basic but we played shops with real money. Making money fun. #BritMumsMoneyAdvice http://t.co/g19FSeHlzn @JuicysBack

9. We let the littles pay at the till and check change and it is good for maths @MSEDOllyp

10. I help my son to make smart spending decisions & encourage him to put money towards things @lovell020606

11. We have the ?birthday list? on the notice board. Anything she wants gets written up there so she learns to wait @vykisparkes

12. I taught him to read the labels so he tells me which item is best value per 100g! @thesoupdragon44

13. My son saved for his fencing kit. He has more respect for it because it was his money and looks after it @QwiddleUK

14. I?ve trained my kids well  they know we will visit a toy shop and leave with nothing. Important to learn this @Luckysammystarr

Organising allowances and pocket money

15. My 4-year-old gets £2 pocket money weekly for keeping her room tidy. @sarahellis114

16. I think when they start school is a good time to start with a basic £2 a week @pootlepops

17. They do chores I don?t like, and get money in return. Then use it to buy apps for their tablet. @softthistle

18. They both get £5 a week but it goes into savings accounts for holidays @TiredMummyofTwo

Money strategies for older kids

19. I will top up mobile once every two months with £10 for my children. If they spend it faster they have to pay @LindseyinHull

20. My daughter has had her first mobile which we bought. It was low range cost and pay as you go. She has to fund top up from pocket money @MSEDollyp

21. My eldest two had part-time jobs. I set a budget also for clothing. They want to spend more they add to it @chickenruby

kateonthinice tweetWhere we occasionally go wrong

22. I think I?ve caused my own problems by buying and spoiling my son too much, I need to start pocket money and let him save @VickyandMick

23. My daughter thinks money is an unlimited resource that springs from mummy?s purse @CalifornianMum

24. Sometimes I feel like a hypocrite always telling my kids to save when I?m so bad at it myself @V82CHRIS

25. One of my fears is that I will raise a spoiled child with a sense of entitlement and no work ethic @domesticgoddesq

26. I think cash machines emblazoned with ?Free cash/money? don?t help educate our kids either! @kateonthinice

Special spending tips that work

27. Begin school holidays with a pot of spending money so kids determine which treats they want @stressedofDevon

28. Help children give some of their pocket money away to others in need ? teaches generosity and appreciation @notallaboutme1

Time to give a reality check

29. They need to know the value of money! Their shocked faces when we told them how much a house costs spoke volumes @MummyKV

30. We all pay for our own mobiles but I pay all the bills. My children are 23 and 26 years old.@misskatietweets

31. I think it?s good for kids to grow up occasionally hearing ?we can?t afford that? @jhowze

32. They need to understand money isn?t freely available and ATM?s are not giving out free money @Mr5_Fox

The last words

33. After you speak with kids do a financial test with them. Do they blow what you give them or save it? @Mr5_Fox

34. Slipping it into natural conversation is better, so I don?t want to seem like I?m lecturing them @Mummy_Central

35. My Grandma told me as a child look after the pennies and the pounds will look after themselves. Still my motto. @CardiffMummy

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