Top 10 money tips for kids

It's all over... the opulence or gluttony of the festive season is gone...Time for HootLoot's New Year resolutions:

Top 10 Money Tips For Kids

Here at HootLoot we love lists and we have created a list of actions to help you and your kids manage the very delicate relationship with money. 

We hope you can find this useful ! 

  1. Encourage them to set achievable savings goals.

    A book or a new video game are good to start with as not too expensive. They might quickly loose patience if the reward takes too long to arrive.
  2. Help them choose some meaningful ones.

    The more they want it, the easier is going to be to save.
  3.  Praise them and make a deal if they save something each week.

    HootLoot calculates how much to save every week for each goal. Otherwise you can calculate it for them. Knowing the target makes it easier to save !
  4. Keep savings separate from spending money.

    Do not mix them up. You can use different jars to start with. See how we introduced this concept to our preschooler here.
  5. Store savings in a bank.

    Banks are the place to keep savings and they pay interest. Banks also provide free ATM cards for children 11 and above.
  6. If you hold the money for them, pay them a little interest.

  7. Reward them when they achieve milestones.

    You can add a small sum to their goals every time they reach a milestone. HootLoot shows you what % of the goal is achieved. You can set milestones at 25%, 50%, 75%. 
  8. Get family and friends to help out.

    Who's better than granddad and grandma to ask for a pocket money top up? With HootLoot kids can make their own e-cards to raise funds for what they are saving for, and collect the money via PayPal!
  9. Encourage them to keep on top of it.

    Checking their balances every week for each goals will boost their motivation and remind them to save.
  10. Let them borrow off you

    If they want to buy something early so they start to understand about the cost of debt. Charge them a little interest (and then put it into one of their long term goals).

 

This is really all you need to get your kids on the road to financial responsibility. You can just use pen and paper to keep track of the progress.However HootLoot allows you to do all these steps in a very easy and playful way, as it keeps track of all the saving goal, pocket money decisions and cash withdrawals.

It also helps you and your kids getting family and friends involved via cute e-cards with a breakdown of each saving goals, allowing them to easily contribute via PayPal or GoCardless.  ALL THIS and much more comes for FREE, so get started now or learn more about how it works!!

 
 

 

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