In true RoosterMoney fashion, we’re back to give you more ways to bring money lessons into your everyday life. Here are some ways to teach kids about money this September!
1) Seasonal Supply & Demand 🗓 🍓 🍒
Seasonal veg is often cheaper so it can be a great way to introduce the topic of supply and demand.
Encourage your kids to research which fruits and vegetables are in season and hunt together for them next time you go out (or online) for a food shop!
You can explain to them that certain fruits and vegetables are cheaper as there’s more supply of it this time of year. When there is more supply of something, prices remain low or even start to fall because people won’t want to pay more for items that can be found easily. When it’s out of season, it’s harder to find, so people are willing to pay more. So you can eat fresh and save money at the same time!
2) Set a savings goal 🎯
Setting a goal gives your kids a reason to start saving!
Ask them what they really want to buy and discuss a goal that’s realistic. You can even get your kids to do the math – for example, if they’d like a new lego set that costs £40 and they get £4 pocket money a week, they’ll need to save up for 10 weeks to buy it.
You can also check out our Primer on talking to kids about saving for goals for more ideas on how to kick start the conversation and some inspiration on having fun with it too. Once they can picture their goal, you’ll be surprised how quickly they get there!
Don’t forget that in the RoosterMoney app you can set a savings goal so both you and your kids can keep track of their progress.
3) Get budgeting for Christmas now 🎄
This one’s for kids who want the independence to buy their loved ones a Christmas present with their own money. With the big day only 14 weeks away, it may be a good idea to start thinking about budgeting for all those gifts.
Discuss how many presents your child would like to buy, the average cost per present and let them calculate how much they need to save each week to get there. Do they need to do some extra chores around the house to top it up? Or do they need to reduce the spend per present?
4) Spark their entrepreneurial spirit 🌟
If your kids have a savings goal in mind but need an extra boost to get there – why not spark their inner entrepreneur and help them sell things they no longer need or use? Think toys, books, old clothes etc.
If you have more than one child, you could even set a competition to see which one ends up selling the most and maybe even consider matching what they make (only if you’re feeling generous, of course). It’ll be your own version of Dragon’s Den!
5) Shop second-hand to save money and reduce waste! 🌎
Need to update the autumn wardrobe? Try second-hand shopping! It’s a great way to teach kids how to find good products while saving the planet and money at the same time.
Explain that by buying second hand, they’re helping to keep the resources invested in all of these clothing items from going to waste and they’re helping decrease the worldwide textile demand and future waste that comes with it. Try talking to the shop owner about what charities the money will go to as well, it could be a great way to start the conversation on giving.
Of course, there’s also the thrill of the hunt as you never know what brilliant bargains you’re going to find!
6) Hack your housing costs 🏡
Get your kids involved in looking for ways to cut back on your household costs. It’s a great way to sharpen their research skills and give you some inspiration on how to get those bills down – a win win!
Here are some sites they can start their search on:
- https://www.comparethemarket.com/utilities/
- https://www.simplyswitch.com/
- https://www.moneysavingexpert.com/utilities/you-switch-gas-electricity/
We hope this helps and if you’ve got any other ideas on what you’d like us to cover next, let us know at hello@roostemoney.com! 🤗