Think kids need to know more about money? Kalpana Fitzpatrick literally wrote the book on it! Here are her top money hacks
When is a good time to start saving? As soon as you can! Having goals, ambitions and challenges is good for you, and saving gives you a sense of achievement. It makes you think, “I can do this.” Then, as you get older, you can work towards bigger goals.
Piggy bank or savings account?
It’s nice to put your money in a piggy bank because you can see it, but in a savings account you can watch it grow. A Junior ISA is a type of savings account that looks after your money until you reach 18. So these are good if you’ve got long-term goals like saving up for driving lessons or university.
Keeping your money safe
Don’t be tempted to take your cash to school. Think about how you’d feel if someone took it from you. If you use debit cards, don’t share your PIN or passwords with anyone, even your friends. Always ask a trusted adult for help if you want to buy something online.
Buying things you don’t need
If you want to buy something because your friend has it, ask yourself if you’d rather have something else that makes you happy deep down. Try understanding what you want and prioritising that. If you waste your money copying others it takes you away from your own goals.
How can I grow my money?
If you get pocket money, make a habit of saving the same amount every week. After a while you won’t even notice it’s gone. You could also create your own money journal with a notebook and colouring pens. Write down how much pocket money you get, where you spend it and what you save. Stick in pictures of things you’re saving up for, to inspire you.
It’s good to talk
Learning good money skills is so important that the Scouts give out a badge for it. Feeling comfortable talking about money and asking questions will help you as you grow. So don’t be afraid to ask parents, carers or teachers, and if they don’t know the answer try finding it out together.
Find out more about money and how to look after it in Kalpana Fitzpatrick’s book, Get to Know Money (DK Children)
Financial products for youngsters
Junior ISA ( JISA)
Cash JISAs grow your money by gaining interest, while Stocks and Shares JISAs invest your money in th
