During our childhood we learn so many good lessons like learning to swim, ride a bike and how to read and write. We also learn a few lessons about money. Your parents probably gave you an allowance, or encouraged you to do some extra chores around the house to earn some money. Although you might not have realised it at the time, these lessons are great foundations to making and handling your money. Although they seem incredibly childish, they are often forgotten by the time we are managing our own households, and we could all do with a fresh reminder.
Here are the simple lessons you learn as a child which you can apply to your life as an adult:
Give yourself an allowance
The first real money experience you had probably came from having an allowance. You were able to buy what you wanted, but you also learnt how fast money could be spent if you weren’t careful.
It’s a good lesson to remember – so try giving yourself an allowance. Set aside some spending money every month, and stick to it. Use your Monese account to keep a close eye on your spending. You’ll notice that you’ll stop spending unnecessarily and will hopefully have saved yourself a few pounds by the end of the month.
Manage your lunch money
Now this might sound obvious, but take a look at lunch time spending. It’s all too easy to spend £10-£15 a day just on your lunch, which comes in at £50-£75 a week! Over a year lunch could end up costing you just shy of £4000, which is a huge amount of money spent on rather forgettable sandwiches and drinks!
Set yourself a lunch limit and then feel free to spend it how you want, but remember once it’s gone, that’s it. Plan to bring in meals from home and change they type of lunches you buy to make your money last longer.
Did you have a saving jar or a piggy-bank when you were younger? Most children collect cash and have a place to put their spare change, ready for counting and then spending. This is something all adults should be doing.
However, instead of squirreling away loose change, use your Monese account to keep your money safe. Whatever you have left over at the end of the month, don’t go out and spend it all, so you’ll have a healthy buffer there, ready for when you might need it in an emergency.