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In this section

• Post Summer Divorce Boom
  In their fourth article for Family Time Magazine, Susan Davies, partner at Staffordshire law firm Ansons LLP looks at the reasons why the nextcouple of months are likely to be busy for divorce lawyers.
• The Importance of Making a Will
  In their third article for Family Time Magazine, Marie Tisdale, Wills & Probate Partner at Staffordshire law firm Ansons explains why it is important to have an up-to-date Will in place.
• Consolidating debts
  Consolidating debt is when you take out a single, new loan to pay off several existing debts.
• Show me the money
  How many times have you heard the words "can I have this please?" and "Auhhhh" when you say no? Children will pick up on their parents spending habits, so if we constantly spend on new toys and sweets then how can we expect our children to be sensible with their own money? It dawned on me this Christmas, seeing all the presents and with the house looking like Hamley's department store that it was really time to start teaching my children the value of money instead of it constantly "burning a hole" in their pocket.
• A guide through the mortgage 'bad news'
  Mortgages are in the press and on the news on a daily basis and very rarely is it uplifting news.
• Don't let the January blues put you in the red
  With Christmas coming around again, it seems the cost of celebrating gets more and more each year.

Show me the money

How many times have you heard the words "can I have this please?" and "Auhhhh" when you say no? Children will pick up on their parents spending habits, so if we constantly spend on new toys and sweets then how can we expect our children to be sensible with their own money?

It dawned on me this Christmas, seeing all the presents and with the house looking like Hamley's department store that it was really time to start teaching my children the value of money instead of it constantly "burning a hole" in their pocket.

With debt becoming a large part of modern culture it is suggested that teaching children how to responsibly handle money could be the answer to future debt management. For me personally,  I just want to see my children grow into adulthood and have a good financial sense about them. 

I set about searching out how to teach my children the value of money. One of the main things to start with is  making saving fun, invest in "fun" moneyboxes, this doesn't have to cost. Make one out of a shoe box and get them to decorate it themselves, a glass jar can be very rewarding to them as they can watch their money grow. One moneybox we have eats the money and burps. My children just want to feed it all the time. I have also opened them a bank account each at the local bank (within walking distance) so that they can deposit and withdraw their own money. 

They have chores where they can earn pocket money, this should help reinforce the fact that 'money doesn't grow on trees'. They are aware of what they can earn and when it is to be paid, to help them manage their money and in our house they have to save half of what they earn and the other half they can spend. Although I'm trying to discourage them from spending it all in one go or something they're not really bothered by.

One idea that I plan to do when the children are a little older, is to involve them in the food shopping, set a budget and make a list, it may be they have to choose between two of their favourite items. 

I hope this approach to money will see my children grow up to be careful with what they spend and be sensible with what they save. However, must go now, the ice-cream man has just pulled up outside.