We all like to think we can manage our own finances well and we can be mature when it comes to having enough to pay the bills each month, but the harsh reality is that most of don’t have any money skills at all. With the United Kingdom being one of the worst countries in the world in regards to debt and bad credit it is important that we teach our younger generations how to spend, and save, wisely.

All children always have something that they “must have” whether it be in the form of a new toy, the latest CD or the most up to date fashion accessory for school and the majority of parents are able to either cater for these via the odd treat or pocket money. Pocket money on a weekly allowance is an ideal way to introduce your child into the world of money and value of currency, but if you find yourself giving “advances” or being badgered for extra cash you should try to gently put your foot down and tell you child they should save up for a week or two in order to afford their purchase.

By giving your child the responsibility of choosing what they spend their money on and having to learn that they must save and you don’t give in and buy them extra things is a very real lesson, and should not be seen as unfair. You should of course keep the process within reason, as one day they won’t have a parent to help them out. If you child wants a particularly large item why not offer to meet them half way?

There are loads of savings accounts out there specifically designed for children and teenagers that you can take advantage of too, so your children’s money will earn them interest while they save for that special item.

Savings are always going to come in handy, and savings accounts for kids offer great rates. Open a savings arrangement for you child today!