Week 16 : How To Help Your Kids With Money

 

I was amazed this week to read that people are already having to dip into their savings and reduce their children’s pocket money to meet the rising food, fuel and utility bill prices.

 

It reminded me of how important it is to prepare your children properly for an independent future, especially financially, and this of course is one of the reasons that my daughter & I created Kids Money Packs.

 

The problem with being a parent is that decisions involving your children tend to rely almost entirely on emotions. For example who can resist that beaming grin, the glint in the eye, the “Oh pleeeeeease can I have one?” moment and of course the pleasure of being able to be a provider of joy to your children is naturally a very rewarding feeling.

 

With all those good intentions, charged with all those parental emotions comes a huge stumbling block when it comes to the dynamic trio of Parents, Kids and money.

 

First of all some sort of pride seems to get in the way of decision making, such as always being the provider of what your children want. Always being seen to be able to afford whatever is the latest “must have” gadget or gizmo comes largely from peer pressure and has very little to do with affordability.

 

Second comes consistency, or should I say lack of it. This weeks news item lays this one firmly out in the open for all to see and understand. The fact that parents have decided that in order to make ends meet at the moment, they are reducing the pocket money they give to their children sends out a very confusing message to the children and teenagers at the receiving end. It is confusing because it is completely inconsistent and because there is in reality no structure to the way parents interact with their children around the subject of money, this inconsistency spills through into other areas too.

 

Kids Money Packs are designed to SAVE parents money, they are designed to provide a consistent way in which Kids can learn ALL the advantages of early wealth building money management techniques at an age when they are young enough to be able to provide a sound basis on which to build as they reach the age of 18 and above.

 

As this is a TRANSFER spend product, it does away with any pride getting in the way of parental decisions, because your children will learn to make their own, and it is 100% consistent it’s delivery of a proven way to return to the principles of attaching effort on the children’s part, being rewarded by parental involvement.

 

The principles are likely to stay with them for life, and by making their own decisions they will become more confident, goal orientated and are highly unlikely to become yet another debt statistic in the future.

 

For the purpose of the Pay Off Your Mortgage Challenge, we have placed a very conservative saving of £15 per week by using Kids Money Packs. In reality it could run into thousands and thousands of pounds over several years. * we have added the savings to the totals as part of the year challenge

 

designated website at : www.kidsmoneypack.co.uk

 

Any savings that you make should be added to your Freedom Payment each month and used to Pay Off Your Mortgage in 3 Years or Less. Anything else & it simply will not work.