Elizabeth has always enjoyed spending money yet Alison was a lot less reserved and tended to spend a little and save a lot. Having spent the whole summer basically on holiday it feels as though it has been a constant battle against gift and souvenir shops. I have come to the realisation that I need to show more restraint and not give them any money to spend in these places, after all they only ever buy rubbish that ends up in the bin a few weeks later.
I decided that in future we will not visit the gift shops at all if we can help it. They need to learn that money is to be used for more important things and if we can find something big that they want they can save their money for that. With this in mind I have given them both a money box to save into. We have been very successful doing this in the past when Elizabeth got to spend all her hard earned money so hopefully it will be successful this time round.
I want to stop my kids falling into this trap but I also want to give them a little nest egg to help them on their way to adulthood. My kids were lucky as they were born when the government was handing out free money for the childrens trust funds. We have also continued to pay £10 a month into each of these. Its not much but at eighteen I don’t want them to be handed a huge sum of money and really would prefer to keep it from them until they were twenty one. I know at eighteen any money I had would not have been used sensibly.
As well as the trust funds we have also set both children up with a savings account that we pay their child benefit into. We then use this money for school uniform, new clothes, coats, school trips and anything else that they need.
After our holiday and with other adventures looming I have set myself a challenge. I am going to lead by example and I am therefore putting all unnecessary spending on hold. I will be sending hubby to the shops with a list instead of going myself (I always buy extra stuff) and I have created a list of meals that we can make based on what is in our freezer. Hopefully we will only need to buy fruit, vegetables, milk and bread in the coming weeks.