financial lessons

Financial Lessons To Teach The Kids Over Summer

With just over a month until the UK summer holidays commence, it’s time to start planning the financial lessons and money lectures you’re going to introduce this summer. Despite the age of your children, or perhaps whether they understand the concept of money yet, slowly incorporating it into their daily lives will soon help them learn more and prepare them for adulthood. You might find yourself making smaller purchases of things like ice cream or attraction tickets as the weather warms up and your need for fun increases. So, why not take advantage of these family occasions and teach the children about some financial lessons that relate to things they find enjoyable? This will not only boost their money skills and financial thoughts but also allow them to start lifelong good habits.

There are many ways you can begin teaching your kids about finances without complicating it, here are some examples…

Set a Pocket Money Allowance

Depending on the age of your kids, you could begin by incorporating a pocket money allowance into their routine. This doesn’t have to be a lot, but it gives the children the opportunity to understand the concept of money at a firsthand level. After all, 65% of the population has been proven to be visual learners as opposed to auditory and kinaesthetic. It offers kids to understand the difference between needs and wants, whilst learning about how much they are able to afford when working on a restricted budget. On top of all this, it gives parents the opportunity to relax as the children work hard around the house for a little spare cash.

Having a Clothing Clear Out

At the moment, many people are distinguishing between their summer and winter clothes, but for those of younger ages, it’s likely that they may have grown out of last year’s wardrobe. So, perhaps it is time to start considering having a clearout and getting rid of the unwanted clothing around the house. Creating different piles of clothing will enable you to highlight which ones could be sold, which need to be thrown away, and which can be sent to a charity shop. With the increase in popularity of secondhand shopping and online marketplaces, it’s easier than ever to sell your clothes online. Sorting out the clothes with your children and talking them through the process will help them understand the concept of the value of their possessions.

Plan A Barbecue

Planning a barbecue is a great way to teach your kids financial lessons while adding an element of fun. Everybody loves a barbecue in the summer, from the planning to the eating, the whole process is enjoyable. So, why not try offering your children a budget and giving them the opportunity to plan the whole barbecue? Once they’ve come up with a plan, it’s time to head to the shop and allow them to pick out everything from the food to the coal. This way, they’ll be able to learn the concept of working on a budget.

With the kids out of school and entertainment in full swing, it can be easy to go over budget during the summer months. Here at BingoLoans, we offer payday loans in case of any financial emergencies or overbudget situations you may find yourself in. For more details, click here.