Teach your children how to manage money over the summer holidays with our tips

SUMMER holidays can be one of the costliest times of year for parents.

Keeping children entertained with days out and activities soon adds up . . . especially when your kids are yet to fully understand that cash does not grow on trees.

Now is a good time to teach them a little money management.

Here are some simple starter tips . . . 

GIVE THEM A PAYDAY: An allowance of £2 to £3 a week is enough to get kids used to the responsibility of managing their own finances, especially if you pay them on a set day — so they know when to expect it and plan ahead, like grown-ups have to.

You could pay them £1 an hour for cleaning the car, say, or 50p a day to clean the dishes for 30 minutes.

GO BARGAIN-HUNTING: Trips to charity shops and car-boot sales let you introduce the idea of second-hand items, how they can be cheaper and often as good as new. Try getting your youngsters to haggle for the best price.

ENCOURAGE SAVING: Piggy banks are essentially a child’s version of a bank account. Giving them pocket money in cash rather than into an account will allow them to grasp the concept of money more effectively.

LET THEM MAKE MISTAKES: Let’s face it, a child in a toy shop is going to buy as much as they can — especially if it is the first time they have been responsible for their own money. Let them buy what they want. They will soon grasp the value of money when they realise it takes another month to save what they spent.

MAKE IT FUN: Turn money-saving into a game. Practical tasks such as getting them to find the cheapest fruit or bread in a shop are a great way to get them involved and help them understand. Take them to the yellow-sticker aisle and challenge them to create a meal from what they find there.

  • PRICES on this page were correct at time of going to press. Deals and offers subject to availability.

Deal of the day

SCENT your home with this delicious Coral Peony Yankee Candle from George at Asda. Normally £14.47, it is now £9.

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Cheap treat

HERE’S something to put a grin on your face: McCain Potato Smiles are just £1 at Asda, down from £1.79.

SAVE: 79p

Treat yourself

AVOID food waste and get a cheap lunch or dinner in a Caffe Nero magic bag via the Too Good To Go app. For around £3 to £4, it is full of whatever the shop cannot sell that day. The chain has has sold more than 100,000 since February. Get yours today by downloading the app.

Top swap

FRAGRANCED shower gel always makes perfume last longer. You could try Molton Brown’s fiery pink pepper shower gel at £22.

But the pink pepper & orange shower gel for £7.50 at Marks & Spencer is a great swap.

SAVE: £14.50

Giselle’s little helper

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