Helping children understand money is right up there with the most important things you can teach them. They need to know its value, where it comes from and just how fast it can go if you don’t keep an eye on your bank account regularly. But like with most things, just because it's important, doesn't mean it's easy. But hopefully these tips and advice will help you to teach your children a little bit more about money.

The younger they start, the less fear children have of money as they mature. A bonus is that kids also grow up feeling confident about working with numbers, from basic adding and subtracting to more complex financial aspects such as interest rates. It can pave the way to future success, and could even lead them to investigate a career in accounting, or simply guide them towards wiser spending decisions as adults. 

It’s Never too Soon to Start

In today’s cashless society, small children might not see you handling actual coins very often - something that was made very clear to me when I was trying to teach money during home learning last year. The disconnect between earning money and spending it starts even earlier than it did in previous generations that used cash more. So, while you might always pay for groceries with your debit card, it could be an idea to carry a small amount of cash and let young children buy something they want, hand over the cash themselves, then get their change.

This brings us to another common problem children often have with money: they don’t automatically understand that having more coins isn’t the same as having more money. Games with coins can help here. Have piles of coins in different denominations and show them how, for instance, one 5p coin is the same value as five 1p coins. Of course they cover this at school, but it's always great to follow this through at home too.

Make Spending Decisions Out Loud

We all know that children learn best through watching and repeating. So why not take this advise when it comes to money too? In supermarkets you could: 

• Reason verbally so your children can hear why you’re choosing one brand over another. 
• Compare the prices on a couple of similar items such as one branded and one generic. 
• After checking out, go through the receipt with them before you leave the shop. 
• Show them how, by choosing a just-as-good but cheaper alternative, they could then afford to buy something extra. 

You can also include children, especially older ones, in family decisions about days out or holidays. Discuss prices, how much and for how long you’ll need to save up, what the daily budget might be, the various costs of different types of travel and how your budget might influence your decisions. It doesn’t have to be a heavy or judgemental conversation, just make it open and inclusive. Children will soon accept money as a natural and important part of decision-making. 

Encourage Saving and Budgeting

Confidence with money comes from building up a history of successfully managing it, and this is something you should ideally set up at a very young age. You can start with a money box, move on to a children’s savings account with a bank, and maybe progress to a debit card when both you and the older child are confident enough. 

Instead of handing out a fixed amount of pocket money each week, give children the chance to increase their earnings by doing jobs round the house. Keep a tally score and jobs list available (maybe pinned to the fridge) so they can see what needs doing and claim tasks if they feel like it. With each job having a fixed ‘wage’, ticking off the job as it’s done increases their weekly allowance by that much. Remember to keep track of who does what, or have a separate tally for each child. 

One way of encouraging older children to take responsibility for their spending is to put them in charge of their regular purchases. It could be toiletries or makeup, hobbies, social activities, clothes, or anything else. Agree an area of spending with your child, then decide on the amount of allowance by figuring out what you’d spend over a year then dividing by 52 (or 12 if you want to pay monthly). Having a personal pot of money is a great way of encouraging ownership and responsibility. They'll soon learn that life isn't as much fun when all their money has run out!

Share your Household Budgeting

This might seem a bit radical, or even ‘oversharing’. Most parents wouldn’t dream of letting kids in on their credit card spends, savings, bill amounts or mortgage and interest payments. It’s a personal decision and wouldn’t work for everyone. But by doing it, however, it demonstrates that even adults must live according to their budget, and sometimes maybe go without one thing to pay for something else. While you don’t want to burden children with grown-up concerns, it can help them develop a mature attitude towards managing their own money. It can also banish any feelings of unfairness as they realise they’re not the only ones who can’t always have things the minute they want them. Very often, real world finance isn’t taught to any great depth in schools, so we end up learning by trial and error unless we choose to deliberately study for a career in accounting or finance.

Making money talk a regular part of family discussions and trying to include children in money decisions when it’s appropriate, is a fairly painless way of ensuring they grow up feeling comfortable and confident when making their own financial decisions. 

What other tips and advice would you add?

This is a collaborative post.

How to Budget Properly as a Big Family

When a big family purchase comes up, it can be nerve-wracking to think about spending all that money. You might be in need of something essential (we just had to purchase a new family car), or you might be wanting to plan a big family holiday. Whatever it is you're planning to buy, you need to get ready for the purchase to ensure it will fit into your family budget. You don't want to get yourself into financial trouble when there are ways around it! In this post I'm going to share a few tips for budgeting and buying as a family.

Set Savings Goals
When you need to make a big purchase, you could spend the money and pay it off later. But I always personally think it's a better option to save for the item beforehand. If you don't desperately need to make the purchase now, giving yourself time to save up instead could be the healthier option. Setting a savings goal can help you to consistently put money aside so that you can save up what you need. Work out home much you can save each month and try to automatically put it into a savings account or somewhere else for safe-keeping - this way usually means you don't have to think about the money before it's put into savings too.

Look for Affordable Financing Options
Sometimes it is necessary or makes more sense to finance a big family purchase in another way though. If it's something you need or want to get sooner, buying it and then paying it off can help you. This is probably going to be the case if you need to finance a car or buy something else that's essential to your daily life. If you're going to borrow money to finance a purchase, it's essential to be careful about how you choose to do it. Be diligent about checking interest rates and the terms of the financing so that you can afford to make the payments. Shop around for the best deals for you, and ensure you set up a proper repayment method straight away.

Outline your Needs
Before you make a big family purchase you should outline what you need from it. When you're spending a lot of money, whether it's on a house or a holiday, you don't want to make a mistake and have buyer's regret. Start with the essential things that you need to get out of your purchase, such as how many car seats you need to fit into a vehicle. You can then consider the things that might not be necessities but that will make the purchase right for your family. You might find that the item isn't something you actually need, or that you find a better version (or price) whilst your holding off too.

Look at Ways to Save
When you're spending a lot of money, it's always sensible to look for ways to save money. You might be able to save on a big family purchase by buying second-hand, looking for discounts and sales offers, or even paying up-front instead of spreading the costs. Sometimes all it takes to save some money is to rein in your expectations or settle for something simpler, instead of going all-out on your purchase. This way can help you to have more budget left for future purchases!

This is a collaborative post.

4 Ways to get More from your Unwanted Belongings

I'm sure we're not the only family to have cupboards and boxes piled high with 'stuff'. Over the years we hold on to so many things, usually 'just in case', or because of sentimental value. But sadly, we can’t all hold onto all of our belongings forever - especially if you don't have the room to store anymore things. It’s not all bad though, as you can gain from it too!

Selling things online can be a great way to gain some extra cash here and there, which is perfect if it’s from things that you no longer want or need. The troubling part is putting in the effort to sell them, as it can take time and hard work if you really want them gone. But once you get going and start reaping the rewards, it will be 100% worth the time and effort put in.

In this post I'm going to share 4 ways in which you can get more from selling your unwanted belonging.

Compare Prices
If you’re going to start listing items online, you should make sure you’re not under or overvaluing them, otherwise you’re going to struggle to make any money. No one is going to buy your belongings if there are many others who are selling those same items at a cheaper price! Keep in mind that these things are worthless to you, so any price that others deem reasonable is a great gain for you. There are many different sites where you can list your items, so you have plenty of different options to compare with. Be careful to not undersell items though, as holding out for that bigger payout can be worth it.

Fix Items Before Selling
It goes without saying that the items you want to sell need to be in good condition - no one is going to want to buy a broken, dirty item are they? Getting rid of your clothing or other expensive items might be more difficult if they’re visibly unclean or damaged. Make sure to take plenty of photos so buyers can really see the quality of them item before purchasing. While upcycling antique furniture might not be a skill that you have, if at all possible it can help you fetch a much higher price if your items are in a better condition. You could even have a professional repair your items for you if you feel like the cost isn’t going to take your gains into the negatives.

Know the Right Site for Selling
As you have a lot of different sites that you can list your items on, there are going to be different demographics on each one. While you can list your item on each site, you should make sure you don’t risk overlapping any. If you have something being auctioned on a site like eBay, then you don’t want to be talking to someone on a different site about how much they’re willing to pay for it. Every site has rules, so reading up on them briefly before starting your sales can help to make sure you get the best sale.

It's NOT Always about the Money
If you are in a hurry, considering charity isn’t a bad idea either. While you’re not going to be making any money from your donations, it’s great to give back. Those items are going to be sold at a cheaper price, and the money from them is going to go straight to the charity that you chose. Of course if you’re looking for quick cash this isn’t ideal, but giving to charity has its own rewards too. If you are looking to gain at least a small amount financially, then why not consider a boot fair or thrift sale instead!

This is a collaborative post.

15 Money-Saving Tips & Tricks

Falling into debt is a very stressful situation for anyone to be in. Not only can it have an effect on your finances, living situation, and career, it can become all-consuming. For most people affected by this problem, mental health problems won’t be far behind. If you're worried that you might fall into debt, then hopefully by following the  budgeting tips below you’ll be able to stay on the right path.

So, what are some tips for getting out of this debt? Better yet, how can you avoid the civil litigation lawyers, and steer clear from being hounded by debt collectors all together? The trick is to not get into debt in the first place! Of course for someone who’s not used to saving their money, this can seem almost impossible. But, it’s really not, and these simple budgeting tips will help you to do just that!

Set a Budget
First and foremost, it’s really important that you set a budget for every month once you get paid on payday. This should include all your necessary expenses, and everything you are planning to spend in the month ahead, leaving room to treat yourself and for socialisation. A really good way to do this is by using the 50/30/20 method. This takes into account all the compulsory expenditures you’ll require, plus savings! So, you can use:

50 percent of your money for necessities (or however much you need)
30 percent of the leftover for any extras, like dinners out and new clothes
And the remaining 20 percent for savings.

Not only does this give you the opportunity to treat yourself, so you don’t feel like you’re missing out, but you’re also putting money aside each month. Over time, this will tot up, and you’ll soon have more than you know what to do with!

Write Down your Outgoings
It can become so easy to treat yourself here and there on little things, but these little things will build up eventually. This is why writing down everything you spend each month in a budget planner, providing a visual of where it’s all going, is a really good idea. Whether it be simply writing each spend down on a scrap piece of paper or notes page on your phone, or setting up a fancy excel spreadsheet, anything will do. This way, you can tot up how much you’re spending as you go, and it’ll become glaringly obvious where you’re spending too much.

Distribute your Money out as Soon as you Get Paid
Most of us will have multiple bank accounts for different purposes. This might include:

A current account for spending 
A savings account for the future (like your pension or a holiday)
And an account for immediate savings, like a house.

You may even have more accounts where that came from, which is why distributing your money out immediately after payday is such a good plan. So, as soon as the money comes in, pop your rent, bills, mortgage payments, and food allowance all into one account. Then, that’s there ready for all your necessities.

Once that’s out of the way, add some money into your savings for your future house, or any other saving pots. I would recommend that you put aside a few hundred in your savings, if you can. Then, anything left in your current account is a free for all! This way, all your money is where it should be before you can even overspend.

Have a Savings Goal to Work Toward
I really great way to motivate you to save could be to have a goal to work towards. Perhaps you’re trying to save for a house, or a really nice holiday somewhere next year? Once you’ve got the saving bug, it’ll be really hard to stop, and you may even end up with more than you need, and you’ll become a pro saver. 

Delete Banking Apps
It can be all too easy to access our bank accounts these days, as we now have access to them on-the-go through our mobile phones and tablets. This means it can become simple to transfer money from your savings accounts into your current account, ready for an impromptu purchase. As you can imagine, this is a recipe disaster, so if this is something you do a lot, delete these apps!

Or Keep your Banking Apps if it’ll Motivate You
For some, however, having these apps easily accessible can be a blessing. As mentioned previously, the saving bug is a real thing, and once you’ve caught it, it’ll be difficult to stop. Having your apps downloaded so you can log in wherever you are, means you can see your progress at any point during the day. This might be that push you need to avoid that tempting spend. Make sure to make the right decision for you and your needs.

Don’t Save your Card Details when Online Shopping
Similarly, online shopping has become way too quick and simple, as most sites will give us the option to save our details on our accounts at the checkout. This is bound to make it way too easy to purchase things on a whim. Instead, try and refrain from making these payments automatic, and make it so you have to fill in your details every time. The process of filling your online basket, going to get your purse or wallet from wherever you left it, typing in your details, and clicking pay might be what you need to avoid the purchase. This applies for payment sites such as PayPal too.

Use a Debit Card
Credit cards are a recipe for disaster if you already have bad habits with spending. This is because it can become so easy to think that a little bit here and there won’t hurt, but over time it’ll build up. So try to use your debit card for all purchases, and only use a credit card if you can pay it back immediately after.

Be Strategic with your Credit Card
I know for some a credit card is a necessity though - after all, we can’t deny that having one knocking about is great for building up your credit score. But make sure you use it correctly. Use it for work expenses, which means they’ll be paid off each month by your company. Don’t buy anything using your credit card that you wouldn’t be able to afford without it, and always pay it off in full each month.

Pack Lunches 
By cooking bulk meals at home, and saving some for lunches the next day, or packing a lunchbox with a sandwich, fruit, and crisps, you’ll be saving hundreds, maybe even thousands, every year. It doesn’t have to be anything fancy, but it’ll fill you up and do the job, without spending you a small fortune. Buying lunches out can cost an average of £15 to £35 a week… that’s nearly £1500 every month just on food. 

Use a Round-Up Banking App
Have you ever heard of those mobile round-up apps? They’re fantastic for helping you to save money without you even realising it! They do this by rounding up any spends you make to the nearest pound, and then putting the rest away for safe keeping. So, say you spend £3.79 on your morning coffee or lunch, the extra 21p gets put away into a small savings pot. It may not sound like much, but this money will soon amount to a fair bit of extra cash over time.

Always Compare Prices
When it comes to big spends, like holidays, train fares, or even trainers, you want to get the best deal out there. There are plenty of sites for you to compare different holiday prices, and different retailers are sure to stock your newest shoe obsession for a lot cheaper. By getting into the habit of surfing the web for the best deals, you can still treat yourself, but with a conscious mind.

Use Cash Where you Can
If you’re a frivolous spender and are always tempted by last minute buys, only carry cash. If you only leave the house with a certain amount of cash in hand, and without your debit or credit card, it will be impossible to spend anything more. Having the cash in-front of you will make you realise how much you actually have, and might make you realise you don't need to spend it!

Ultimately it’s all about having a good mindset with money, so don’t be scared to treat yourself every now and again. These personal budgeting tips above should give you that happy medium between treating yourself, but also being sensible. So hopefully you’ll feel like you’re getting the best of both worlds, catching the savings bug while you’re at it! Once you start, you won’t be able to stop.

What's your favourite money-saving tip?

This is a collaborative post.

4 Ways to Achieve Financially Stability

Growing up you aren't taught much about money and finances at school. But the reality is that these are two of the most important factors to consider in adulthood. There are a lot of ideas that play a role in helping you make the right choices with regards to your money, especially if you want to be financially stable and remain debt-free. Being debt-free is so vital for making sure you have a good quality of life, and I think with the current circumstances this may be harder to achieve than ever. But hopefully with the help of the tips in this post you can reach that goal. So here are my top 4 tips for financially stability.

Stop using Credit Cards
Credit cards are one of the easiest ways of getting into debt, so it is important that you do as much as you can to try to avoid them. If you currently have credit cards, try to make sure you stop using them as much as possible, and work on repaying what you have already used over time. You would be surprised by how much of an impact you can have on your credit rating and your financial situation by stopping using credit cards, and by clearing credit card debt as much as possible. Of course if used sensibly there are benefits to them, but they shouldn't be something you rely on.

Save Money at Home
Look at doing as much as you can to save money at home. It really helps to have a list of all of your finances - incoming and outgoing - so you can see where your money is going each month. Can you save money by not buying lunch out as often or switching which supermarket you shop at? Have a look at all of your energy suppliers too and see whether you can get a cheaper deal with another (this also applies for internet, TV and streaming services too). Save money and also energy by switching everything off that you're not using and never leave anything on stand-by!

Ask for Help if you Need it

Achieving financial freedom is something you are going to need to think carefully about, as you have to consider what it takes to work on making this process better for you and your family. There are different programmes that can help you get out of debt, but it's worth checking is DTSS legit, and if it's the right programme for you before you go ahead. Family and friends are a great place to turn if you need support too - even if it's just an ear to listen to your worries.

Start Saving More
It is always a good idea to save a little money each month - even if it's not a huge amount, it all adds up eventually. Being able to save more money is so important as it means you won't have to rely on other money sources if you suddenly have an unexpected payout. Having savings means that you have a bit of money to fall back on incase of long-term illness or you unexpectedly lose your job for example too. 

This is a collaborative post.