A Credit to My Boys

My mum and dad have such a healthy attitude to finances. I need to take a leaf out of their book. I want to be a good role model and teach my boys all about money. Preferably I would like them to live within their means, only spending what they earn and saving for everything else. But life is not a fairy tale of ideals, sometimes you need to buy something big, the washing machine decides its time to go or in my case I have to book a nice holiday to cope with the trials and tribulations of life with a young family who could seriously do with sleeping more!!! Okay the last item is not a necessity but it does help sweeten life considerably!

To have the best chance of obtaining credit, I found it helpful to find out more online. Seriously, the thought of getting away from it all for a few days would be very therapeutic. Fingers crossed we have no mechanical breakdowns on the horizon and our boiler is quite recent so any credit we need should just be for those naughty luxuries I so love.

Here are my boys with their piggy banks

However it is harder than it used to be to teach children about money. A lot of banking and buying happens online and visually they miss out on seeing transactions taking place. I read an interesting article on teaching children the value of money in the digital age, which goes into more length about some of the difficulties of this. To try and help them understand more I do give them coins to pay for their treats when we are out shopping – coins they have earnt themselves linked in to their reward charts. So they have spent what they have earnt, but they too have eyes for more (just like mummy!), so I taught them about credit too. Eldest wanted a bigger purchase (a membership to an online game) so I said I would buy it upfront but he could pay me back in instalments through any money that came his way.

It was not entirely successful, as he lost interest before he paid it back! But we can learn from the mistakes we make. Now he might think harder about what he wants to buy in future, which might aid him well when he is older. He will obtain credit for only the purchases that really matter!

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