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Paul Mason, our Independent Financial Adviser,shares his practical approach to teaching his children about saving:

It is never too early to teach children the importance of money, particularly in a world where things are so accessible.  I heard this idea a couple of years ago and have used it with my children ever since.

The concept involves my son and my daughter deciding what they do with the money they receive from birthdays, pocket money, jobs, and special occasions.  This no-expense exercise has opened up so much discussion about priorities and what they want to share, spend, or save.
For example:

Sharing – This jar of money is designed to encourage them to think of others and to appreciate the joy of giving.  It is not limited and can be used to share with siblings, friends, or those less fortunate, such as donating to charity or buying a friend an ice cream.

Spending – I do not believe children would understand money if they did not have the option to spend some of it.  Allowing them to treat themselves and enjoy their purchases is crucial to understanding how money works in practice.

Saving – Initially, this jar did not get much attention.  However, as the process has progressed and their understanding of saving for bigger goals has increased, it has become far more important to them.  When my son wanted something significant, he was motivated to save more and spend less, learning that if he really wants something, it can be worth waiting for.  He now thinks more carefully before spending on smaller items.

Observing my son and my daughter thinking about their money and prioritising what matters to them has been both rewarding and reassuring.  As adults, we learn that we cannot have everything at once and must make decisions about what we spend now and what we are prepared to wait for. This simple approach provides a strong foundation for the future.

For more information on saving, spending and sharing your money contact one of our experts, we are based in four different offices Dalston, Dumfries, Penrith and Workington.