Newspaper article The Journal (Newcastle, England)

Cash Tips

Newspaper article The Journal (Newcastle, England)

Cash Tips

Article excerpt

There's a lot that parents can do.

Although there are few resources available in the UK, you can get plenty of expert ideas on teaching kids about money from US websites such as www.momshelpmoms.com and www.richdad.com.

In the meantime, here are some handy tips.

Encourage: On your child's behalf, open a young savers account, such as the Universal's, which pays 3.15pc.

Other children's accounts include Alliance & Leicester's First Save paying 5.05pc on sums over pounds 1, Halifax's Monthly Saver with a rate of 5.15pc on pounds 5 or more and Yorkshire Building Society's One Day at 4.40pc on a deposit over pounds 10.

Motivate: Give incentives for saving ( for example, for every pound of pocket money saved, offer to match it. Alternatively, you could have two money boxes, one for spending and one for saving up for things like toys.

You can agree to pay interest on money in the second money box, so children can see their money grow. …

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