What happened to it all? Well, most of it would have just slipped through your fingers. Why? Well, schools are very good at teaching us many different subjects including maths, but the one thing they do not teach is personal finance and how to make money work for you rather than you working for money.

So where can our kids learn about personal finance? Well, it is up to us as parents to teach them. Trouble is many adults are not too good at looking after money either, again because we were not shown how to in our youth. Let us face it in most households money matters are not discussed between parents and children. Now I am not suggesting that we start showing mortgage and bank statements as some parents, especially with pre-teens and teens, may find an admission of their financial status embarrassing.

What we can do is advise our children of the pitfalls and dangers that await them in later life. Draw from your own life experiences and dealings with banks and other financial institutions. The fact that at certain times in our lives things are going to happen that will affect our personal finances. Certain things will be out of our control and not of our own making, but there will be times where a choice has been made that “seemed like a good idea at the time”. We have all been there, done that, only to pay a price at the end.

So, how and when do we start them off? As young as possible, usually by the time a child is about 3 years old they know about pennies and pounds and understand the concept of handing them over in order to purchase goods. Hand over enough pennies and they get the lollipop they want at the sweet shop.

Here are some tips and ideas to help your kids start on the right path to financial prosperity.

* Buy a piggy bank for your younger children. Allow them to choose whatever colour shape or size they wish. Invite them to put their pennies into their piggy bank. Occasionally they may count their pennies and reward themselves if they want.

* Once they have proved themselves adept to handling their pennies, take them to open their own bank accounts. Most major high street banks and building societies have special savings accounts for kids. Depending on their age group, they may be offered some incentives e.g. fun packs, money-off vouchers for CDs, DVDs, computer games, etc.

* Many kids think, “money grows on trees”. Let them know that YOU working brings about this paper and metal stuff called money. Whether or not you work or you have inherited a large fortune, do not encourage laziness in your child. I am sure there are loads of chores around the house, washing the dishes, cleaning the rooms, etc. Give your kids an allowance but let them work for it. They also need to be able to work for free sometimes to learn the value of hard work.

* Many relatives nowadays tend to give money for birthdays and Christmas especially for the over 10s. At this age, their tastes are constantly changing (what a 12 year old and a 60-year-old see, as being “the in thing” is usually very different!) Encourage them to save 10% of their money gifts. If they are older and have a paper round or something similar, again encourage them to save 10 % of their earnings. This may be only a small amount but it is a good habit to get into. If you are reading this now, as a middle-aged parent, imagine how much you would have in the bank today if you had saved 10% of everything you had ever earned. Scary stuff!

* Managing money does not mean hoarding it and locking it away forever. It simply means being careful, spending wisely, and acquiring a regular savings habit. Teach your kids that donating money to worthwhile causes is a noble thing to do. This could be to the local hospice, the homeless, or to a charity of their choice. This would help them become more rounded, more respectful of others regardless of the situation and become more appreciative of their own lives and their own prosperity. They would learn that the money returns to you in more ways than you could imagine.

* Encourage your child to purchase a journal or a diary where they can record their dreams and desires. This allows them to dream big and look forward to their lives ahead-filled with prosperity. There is nothing wrong with accumulating wealth to fulfil these desires. Money is not evil!

* “Filthy lucre” and “Money is the root of all evil” are phrases you will often hear people say. Ignore them. Money actually brings enormous good into the world. Creating wealth helps create jobs for others. Investing in business helps to bring solutions into people’s lives by way of innovative products and services. Acquiring a great fortune allows you to donate more money to charity – or even start your own trust fund. Therefore, as you can see money is neither good nor bad – it is what you do with it that makes the difference.

* One of the oldest wealth-creation maxims is, “It takes money to make money”. Unfortunately, it also takes money to lose money. Teach your kids the value of caution when entering into financial affairs. Remember the golden rule of any high-risk venture. Only invest what you can afford to lose. Moreover, let them know that many self-made millionaires started with literally nothing.

* Debt is one of the greatest social diseases of our time. The price to pay for the “have now, pay later” philosophy is that you certainly will pay later. Unfortunately, some high street banks have contributed to this philosophy. My own bank had posters in the branch stating “why wait, have it now!” Debt imprisons you in a job you do not like, creates stress and anxiety in your life, and erodes your wealth creation program. You will never become rich while you are in debt. Teach your kids the value of delayed gratification. “If in doubt, go without”.

* Your financial health is really the difference between how much you earn and how much you spend. It therefore makes sense not to pay any more money for something than you have to. Teach your children that bargain hunting does not make you a miser just a sensible individual. If you see the same item in two different shops with a 20 price tag difference, from whom are you going to make the final purchase?

* Eventually everyone is offered a “sure-fire” method of making a fortune, whether it is the three-card trick, an once-in-a-lifetime investment plan, or some time-limited business opportunity only available to a select few… Always check these “opportunities” with a fine toothed comb. Do not part with any money and remember – if it is too-good-to-be-true it is usually is. Teach your kids that wealth creation is a simple and timeless process based on common sense.

Silly question – If you had learned the above principles when you were 10 years old, and had applied them every day of your life, would you be financially healthier today?
What are you waiting for? Teach your kids the timeless truths of acquiring and keeping wealth. Like most parental advice, they probably will not appreciate it now. In later life, they will be thankful that you did. Knowledge truly is the most precious gift you can give.

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What is the best gift to give at a baby shower; if we all knew that everything would be hunky dory? Unfortunately we are not mind readers so stress lingers on while we rack our brains what to buy.

If gift choosing is the cause of your headaches then do not fret call mom-to-be and ask her what she would like. Doing it this way may spoil your intention of surprising the couple so you have a catch 22 situation. A good option is to ask the host what has already been donated this will help so you do not repeat buy. With this information you get to surprise as planned.

Baby shower gifts are usually useful items for the mother in help to raise her new born baby. But how do we know what she really wants. What if this mother has everything? A unique gift is a sure way of getting it right.

Fabulous shower gifts worth considering is announcement plates which you can have personalised with little ditty engravings. By doing this you gain assurance that the parents will not have another same. Designs markings and styles are plentiful. Having poems inscribed onto the plate is a nice gesture with your own choice of poetic wording.
Baby Blankets and pillows are high on the list of favourites given at baby shower parties. By adding more embroidery stitch patterns or a theme will give this gift a more unique look and feel.

Has the new baby got name yet if so have it engraved onto a guilt edged photo frame.
Making a small donation into babys first piggy bank is a rewarding gift and if you have money to burn then open a bank account and deposit some real cash into it.
Vouchers for different baby stores given to the parents to spend as they wish, is another practical gift idea. Mother gets to buy what it is she wants and more to the point needs.

Music tapes are worth a thought to give as a baby shower gift. Word has it that music can boost and enhance creativity and ease stress in babies. With the help of easy listening baby claims quality sleep therefore more intelligence. (Thats what they say)

Mum tells me there was no music in my day maybe this is the answer to why I never claimed quality sleep need I say more, I leave the rest to your imagination.

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How should I start teaching my child how to save? A good way to start is to follow some of these tips to assist you with helping your child to save:

1. Give your child an allowance which will provide your child with money that they can manage. Encourage your child to save a least half of their allowance.

2. Show your kid how much interest they can earn over time on their money when they save it! Especially the power of compound interest.

3. By saving money today, your kids would have money saved, for a future purchase they might want to make.

4. Make saving fun for your kid. Have your child put their savings in a piggy bank or jar so they can watch their money grow.

5. Open a bank account for your kid and let them deposit money from their allowance or other monies received into their bank account.

You say this is all good information, however, youre unable to give your kids an allowance because you just dont have enough money. What should I do, I really want my child to learn how to save? Dont fret, they can still save! You can have them save by collecting bottles and cans to earn money so they can start saving. No matter, how much money your kids earn, every amount adds up!

So, it seems easy, It really is! Get your kids into the habit of saving today, so they will learn how to manage their finances now and for the future.

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