Teaching my daughter money management skills (at an early age)

Recently we opened a children’s bank account for my daughter, who has just turned eight.  It’s one I technically control but which we’ve put her in charge of.  She’ll decide what to put in and what to take out.  There isn’t a bank card attached so I still have to press the button, meaning it’s pretty risk free, but it’s part of my master plan to get her to understand what money and how to manage it…something I didn’t quite get till my late 20’s and after more than one mistake with bank loans, overdrafts and credit cards.

101717-OM18FK-75We started off as everyone does I think with a Piggy Bank, and just the idea of money, what it is, how much you have and why you should save it up.  Each week, from when she was really small, we would give her a pound to put in the bank and any extra money would go in there too.  Once it was full, we would empty it, count it and she could go to the toy store to spend her ‘hard earned’ savings. Continue reading

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