Can Pocket Money Save Your Kids from Financial Ruin?

51ggbEpkoyL._SL160_Former financial consultant Julia Hedge wrote The Pocket Money Plan: A Practical Guide to Teaching Children about Money: Three Easy Steps to Help Children Learn About Moneyto help parents teach their children how to have a financially secure future by spending and saving money wisely. In the book Julie outlines the six principles that will help parents teach their children life skills that will stand them in good stead for their future:

  1. Stop giving your child stuff for free
  2. Start giving pocket money instead
  3. Give, save, spend
  4. Be consistent
  5. Link pocket money to ‘earning’
  6. Encourage extra earning

Julie believes that these practical steps can be adapted by parents to fit their children’s specific situations, and will make a real difference. “Rather than simply saving money for when their children are older, parents need to teach money management on a day-to-day basis. The rules in The Pocket Money Planare simple and easy to follow – you don’t need to be a millionaire or a financial wizard to make it work. In today’s world, one of the most precious gifts a parent can give their children is the ability to manage money and choose between the things they need and the things they don’t.”

Do you think pocket money can help your child learn to manage money?

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