A SAVVY mother has been teaching her children about money since they started school – to avoid financial problems when they are older.
Tunbridge Wells’ 37-year-old Naomi Willis and husband Ricky have raised a whopping £ 40,000 – but they did it in just four years with a few simple tips.
4th
Savvy mother Naomi Willis (37) from Tunbridge Wells has shown the right approach to pocket money with which her daughters Daniella (16) and Chloe (9) can learn money
Now the money-saving mother says she refuses to give her children pocket money and instead lets Daniella (16) and Chloe (9) work for their money.
Daniella has already been educated about mortgages and investing – something many adult adults don’t quite understand – and has a huge savings account from selling unwanted toys and books.
Naomi and Ricky, who have a combined income of £ 55,000, were already spending pocket money when they were five – but soon discovered they couldn’t afford it.
Now they say it is not about “pocket money” but about teaching your child how to make a living.
4th
Naomi and partner Ricky have paid off their own £ 40,000 debt and are now sharing tips online at Skint Dad
“We don’t have set rules for spending money, but instead give them a certain amount when they complete a task or do something thoughtful. It’s more of a reward,” Naomi told The Mirror.
“This could be for housework, but we don’t reward all housework as everyone is expected to help keep the house clean.”
Naomi announced that the amount they give depends on what they can afford at the time – but it’s usually always a small amount, like 1 pound per task.
The couple have a £ 10 a month budget allocated to the reward system – and sometimes it’s a reward instead of cash.
Naomi said they want to teach their girls the “value of money” and that “achieving goals can lead to victories”.
4th
Naomi wants her girls to understand the value of money, so she refuses to hand over cashPhoto credit: Twitter
She also said that she thinks the best way to go is by not having set amounts or dates to pay – and they believe it will work.
Daniella ran out of budget for the first time recently when she spent too much for Christmas.
But the mother of two insists that “a big part of learning is overcoming your own mistakes,” and while she and Ricky don’t want their daughter to struggle, “a few little slip-ups can help her understand better”.
Naomi also taught her daughters how to balance budgets, which means they had money to cover activities and expenses, as well as “fun money”.
4th
Parents have taught their children everything they need to know about finances to make sure they don’t get into trouble
Naomi’s Tips To Teach Your Kids About Money
- First, look at your budget – can you afford pocket money?
- Younger children spend less money than older children, so expectations of pocket money will increase with age
- Take a look at what the money is likely to be spent on and limit it if you need it
- Instead, save on behalf of your children – set aside money for driving lessons or a home security deposit
- Try shopping online – give them a shopping list and budget, and let them practice running a grocery store online
Recalling the time she and Ricky had their own financial troubles in 2013, Naomi admitted that it was “the worst financial situation we’ve ever been in”.
Knowing that something had to change, the couple changed their behavior to reduce debt and realized “the importance of financial literacy”.
Naomi said, “Being better off financially is something that we can all achieve and that we should strive for all of our lives.”
“Financial literacy starts at home and essentially at birth you can start doing things as simple as counting that you can reinforce as they grow up.”
Naomi and her husband Ricky run an online blog called Skint Dad, where they share tips for other parents.
ROYAL RIFT
Prince William breaks silence over Harry & Meghan’s allegations of bombing racism
You are bent
The woman’s dirty plan to surprise the husband fails after she lights up the father-in-law
ROAD SAFETY
Warning: NEVER approach your car with anything attached to the door handle
MUMBELIEVABLE
We are the UK’s closest mother and daughter – we talk about sex, nothing is forbidden
MYSTIC MEG
March 11th: Venus leads existing partners through a labyrinth of possible changes
HUGE MISTAKE
Wife will “never go to restaurant again” after shaming the waiter for a moment
In other news, this money-saving mom is using the secret grocery website to save a fortune on groceries while packing 10p chips and fancy granola for 1 pound.
Last year, the same woman announced that at 35, she was mortgage-free thanks to her smart spending.
In the meantime, a frugal shopper is sharing the grocery store hacks so you can save on your store – from downshifting to ignoring multi-packs.
The money-saving mom shares the secret baby website where expectant mothers can get everything they need for free
