“Money management tips for foster carers to share with their children”
Money money money!
A word that many of us find scary, even as adults. However, teaching a young person the importance of money management is a lesson that can benefit them hugely as they enter into adulthood.
Although the discussion of money is one that many tend to shy away from, it doesn’t have to be a scary conversation. We have compiled some money management tips for our foster carers that you can share with your young person to help them achieve financial success.
- Transparency – Be open and honest when having conversations about money to normalise the discussion of money. Being less secretive about finances helps your young person learn about money. Understanding the concept of what comes in and what goes out, how you manage your money and what your relationship with money is like ensures that conversations about money don’t have to be uncomfortable.
- Open a bank account – This will create a great sense of independence. Having the responsibility and trust to manage your own money, leads to better decision making about money. By having ownership of what comes in and out of their bank account, they will begin to understand the value of money.
- Pay your way – Yes! You heard correctly, let your young person pay their way. Allowing your young person to have some sort of financial responsibilities from a young age means that they will have a better understanding of how to manage their money. It could be something as simple as being responsible for buying the milk in the house, or paying the Netflix subscription. This allows them to feel like they are contributing and ensures that they budget their income accordingly.
- Teach the concept of saving money and budgeting – Having a budget and savings plan can help your young person to stay on top of their finances. Learning the art of budgeting and saving means that they will always be prepared for unplanned expenses or be able to save for things that they really want, such as a holiday or car.
By incorporating these theories into your young person’s everyday life, they will be on the right track to having a healthy relationship with money that will benefit them in their adult years.
We’ve also shared some more useful articles below:
Money money money!
A word that many of us find scary, even as adults. However, teaching a young person the importance of money management is a lesson that can benefit them hugely as they enter into adulthood.
Although the discussion of money is one that many tend to shy away from, it doesn’t have to be a scary conversation. We have compiled some money management tips for our foster carers that you can share with your young person to help them achieve financial success.
- Transparency – Be open and honest when having conversations about money to normalise the discussion of money. Being less secretive about finances helps your young person learn about money. Understanding the concept of what comes in and what goes out, how you manage your money and what your relationship with money is like ensures that conversations about money don’t have to be uncomfortable.
- Open a bank account – This will create a great sense of independence. Having the responsibility and trust to manage your own money, leads to better decision making about money. By having ownership of what comes in and out of their bank account, they will begin to understand the value of money.
- Pay your way – Yes! You heard correctly, let your young person pay their way. Allowing your young person to have some sort of financial responsibilities from a young age means that they will have a better understanding of how to manage their money. It could be something as simple as being responsible for buying the milk in the house, or paying the Netflix subscription. This allows them to feel like they are contributing and ensures that they budget their income accordingly.
- Teach the concept of saving money and budgeting – Having a budget and savings plan can help your young person to stay on top of their finances. Learning the art of budgeting and saving means that they will always be prepared for unplanned expenses or be able to save for things that they really want, such as a holiday or car.
By incorporating these theories into your young person’s everyday life, they will be on the right track to having a healthy relationship with money that will benefit them in their adult years.
We’ve also shared some more useful articles below:
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