Wednesday, 6 May 2015
Pennies to pounds
Saving is something i find really hard to do. I do try and we have a savings account set up, but if i manage to earn a little bit of extra money, there is always something it needs to go on. The girls, however, seem to relish in the thought of saving! Elle has been asking if she can start doing a few things around the house to help so she can have some pocket money and Mia just thinks that money is handed to her because she looks cute and does her big eyes when asking for some!
Because i photograph the girls a lot, i have started to give them a little bit of pocket money at the end of shoots. If it is a paid job or a product photography job, i will give them each a £1 at the end for their money boxes and Elle in particular has really taken to this. She currently has nearly £7 in her money box and i am so proud that she hasn't asked to spend it once! She has asked to save up for jewellery and i think for her that knowing she has the money is the most exciting thing! It has got me thinking about children's savings account. I remember having a little account at school that i would take my £1 to in the hall and they would stamp my book for me. I kept it in a plastic wallet and i loved the idea of saving and knowing i had all of those pounds adding up.
For now, i think just keeping their extra money in their money boxes is a good idea because i know that they will want to spend it once they reach a good amount and asking them to save everything and not spend it isn't really fair at this age, especially if they are earning it from modelling for mummy! As they get older, i would love to set them up both an account where they can choose how much of their pocket money they can save and to actively encourage them to save also. Helping them to understand about saving now is very important to us and will be giving them a great foundation of understanding for the future. TSB do a great under 19's bank account that is perfect for when they are a little older. It offers them a debit card, interest and weekly balance alerts which is perfect for them to keep track of how much they are saving or spending.
Because i didn't save as a teenager and wish more than anything that i did, i am going to make sure the girls understand all about money and saving as they grow and hope that they can be wiser than i was. As a family, we will be talking about the importance of saving and also the importance of doing a good job to earn your money. I want them to know that hard work pays off. If they want to earn some pennies by tidying their rooms, i don't want to find all their clothes stuffed in the cupboards or under the bed ;)
(this is a collaborative post)
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