Helping your teen to manage their first paycheck responsibly
Your teenager has just landed their first job, and you’re probably feeling super proud and maybe a bit nervous, too. They’re becoming independent, and how they handle their first earnings could shape their money habits forever.
As parents, we witness this pivotal moment with mixed emotions. That part-time job at the local cafe, weekend shifts at the retail store, or summer position at the leisure centre represents more than just pocket money. It’s the beginning of their financial journey. Research from the Money and Pensions Service shows that money habits formed between ages 16-18 typically persist into adulthood1, making this period crucial for kids learning how to manage their money.
Building essential life skills early
That first paycheck represents so much more than cash in hand. It’s freedom, responsibility, and a chance to mess up or get things brilliantly right. This is where you come in.
Teaching money management now isn’t about being the fun police. It’s about giving your teen tools they’ll actually use. Parents and carers working with Foster Care Associates both face this challenge, though foster children might need extra support since they often transition to independence more abruptly than their peers. Either way, your guidance matters enormously.
The gap in financial education
Money skills aren’t taught properly in schools, so your teen needs to learn through real experience. Their weekend job provides the perfect training ground since it’s low stakes but has real consequences.
Despite financial literacy being added to the national curriculum, a 2024 study by the London Institute of Banking & Finance found that 82% of young people want to learn more about money and finance in school2. 69% of young people now say they have access to financial education in school, compared to 29% in 20153
This is great, but there’s still an education gap that parents, particularly mothers who often handle day-to-day household budgeting, fill when they become the primary financial educators. So, your teenager’s first job offers an unparalleled opportunity to bridge this gap with practical, hands-on learning that sticks.
Understanding your teen’s financial psychology
Teenagers process money differently from adults. Their prefrontal cortex, responsible for long-term planning and impulse control, won’t fully develop until their mid-twenties. This biological reality means they’re naturally inclined toward immediate gratification rather than future planning, so understanding this helps us approach financial education with patience and realistic expectations.
When your teenager receives that first paycheck, their brain releases dopamine, the same reward chemical triggered by social media likes or video game achievements. This creates a powerful emotional connection to earning money, which we can harness for positive financial learning. We can guide them through this experience thoughtfully, to help them wire their brains for better financial decision-making.
The unique position of parents as financial mentors
Working parents bring their own unique perspectives to teaching financial literacy. We understand the juggling act of managing household finances, the reality of making every pound stretch, and the importance of financial independence. Statistics show that 55% of women living with a partner say they have the most responsibility for day-to-day budgeting4, making us naturally positioned to pass on practical money wisdom.
It is important to share your own experiences, as the financial mistakes you made at their age are lessons you learned the hard way, and the strategies you developed have served you well. The transparency with your child also builds trust and makes financial conversations feel less like lectures and more like valuable life advice from someone who’s been there.
Creating smart spending habits
Of course, your teenager may want to blow their entire paycheck on clothes or games – who wouldn’t! The trick isn’t stopping them completely but helping them think it through first.
Try suggesting they split their money into thirds: some for immediate wants, some for bigger goals, and some for saving. Try not to be too rigid with percentages; flexibility keeps them engaged. Let them choose what matters to them.
Watch what happens when they really want something expensive. Do they wait and save, or do they impulse buy and regret it later? These moments teach far more than any lecture ever could.
The three-jar method modernised
While the traditional three-jar method (spending, saving, giving) remains valuable, today’s teens need a digital-age approach. Consider introducing a modified system that reflects modern financial realities:
Jar 1: Immediate enjoyment (40-50%)
This isn’t just frivolous spending–it’s learning to enjoy the fruits of their labour responsibly. Whether it’s grabbing coffee with friends, downloading music, or buying that trendy jumper, this spending teaches them to value their work and make conscious choices about immediate pleasures.
Jar 2: Short-term goals (25-30%)
This might include saving for festival tickets, a new phone, driving lessons, or university freshers’ week. These goals, typically achievable within 3-6 months, teach the satisfaction of delayed gratification without the frustration of endless waiting.
Jar 3: Future fund (20-30%)
This is their long-term savings – university expenses, a gap year, or simply an emergency fund. Even small amounts accumulate significantly over time, and seeing this growth builds confidence in their ability to prepare for the future.
Teaching value vs price
One crucial lesson often overlooked is helping teenagers understand the difference between value and price. That £60 branded hoodie might seem essential to them, but discussing cost-per-wear can shift perspectives. If they’ll wear it twice, that’s £30 per wear. Compare that to a £30 hoodie worn 30 times–just £1 per wear.
Introduce them to concepts like:
Quality over quantity: Sometimes paying more upfront saves money long-term
The 24-hour rule: Wait a day before non-essential purchases
Opportunity cost: What else could that money buy or achieve?
Social pressure spending: Recognising when they’re buying to fit in rather than from genuine desire
Navigating peer pressure and social spending
Teenagers face immense pressure to keep up with their peers financially. Social media amplifies this with constant exposure to others’ highlight reels. Address this directly by discussing:
The reality behind social media posts (not everyone is being truthful about affording things)
The confidence that comes from financial security vs. temporary satisfaction from purchases
Ways of socialising that don’t require significant spending
The respect earned from being financially responsible
Research shows that teenagers who understand their spending triggers make better financial decisions. Help your teen identify their vulnerable moments–is it scrolling through social media, shopping with certain friends, or feeling stressed about school?
The power of saving
Saving money as a teenager feels pointless until you see it actually working. Even putting away ten pounds from each paycheck creates momentum. Your teen starts noticing their balance growing. That’s when saving stops feeling like punishment and starts feeling like power.
Help them open their own bank account. Let them speak to the bank staff, ask questions, and make decisions. This ownership makes everything feel more real and less like something adults control.
Many teenagers save for driving lessons or university. Others want festival tickets or designer trainers. The goal matters less than developing the habit of consistently setting aside money.
Whether it’s a savings thermometer on their bedroom wall or a digital tracker app, a visual representation makes progress real. Seeing that the driving lessons fund grows from £0 to £500 to £1,000 provides continuous motivation.
Establishing milestone rewards
Celebrate savings milestones without undermining the lesson. When they save their first £100, perhaps contribute an extra £10. This reinforces positive behaviour without removing their responsibility.
Introducing the compound effect
Show them how money grows over time. If they save £50 monthly from age 16, they’ll have £2,400 by 20 without interest. Add compound interest, and it’s even more. Use online calculators to demonstrate how starting early magnifies results.
Different savings strategies for different personalities
Not every teenager responds to the same savings approach. Identify your teen’s money personality:
The Competitive Saver – Challenge them to savings competitions with siblings or friends
The Goal-Oriented Saver – Help them set specific, measurable targets with deadlines
The Spontaneous Saver – Suggest automatic transfers so saving happens without thinking
The Visual Saver – Provide charts, graphs, and apps that show progress clearly
Building emergency fund awareness
While “emergency fund” sounds boring to teenagers, reframe it as their “freedom fund” or “opportunity fund.” This money means they can:
Handle unexpected costs without asking parents
Take advantage of sudden opportunities (last-minute concert tickets when a friend can’t go)
Feel secure knowing they’re prepared for surprises
Experience the adult satisfaction of solving their own problems
Start small. Even £50 set aside provides a cushion and builds the emergency fund habit.
Teaching real-world money management
Your teen’s payslip may confuse them at first. Why is their take-home pay less than their hourly rate multiplied by hours worked? This is a perfect opportunity for a reality check about taxes and National Insurance.
Don’t just explain deductions. Show them where that money goes. Talk about NHS funding, road maintenance, and benefit systems. Suddenly, taxes feel less like theft and more like membership fees for living in society.
Share some household costs too. When your teenager discovers how much the weekly shop costs or what you pay for electricity, they gain perspective on the financial pressures of adulthood. Foster carers might find this particularly important since foster children often face these realities sooner than expected.
Decoding the payslip together
That first payslip provides numerous teaching opportunities. Sit down together and examine:
Gross pay vs net pay
Explain how their £10/hour for 10 hours doesn’t equal £100 in their pocket. Break down each deduction:
Income tax (if applicable)
National Insurance contributions
Pension contributions (if offered)
Student loan repayments (for older teens)
Understanding tax codes and allowances
Teach them about personal allowances (£12,570 for 2024/25) and how tax codes work. Many teenagers don’t realise they might be entitled to tax refunds if they work only part of the year.
The importance of keeping records
Encourage them to photograph or file their payslips. This habit serves them throughout their working life and teaches organisational skills that extend beyond finances.
Real household economics
Create teaching moments by involving your teenager in household financial decisions:
The weekly shop challenge
Give them the actual grocery budget and list. Let them plan meals, compare prices, and experience the reality of feeding a family within constraints. They’ll quickly understand why you say no to certain requests.
This reality check helps them understand that their £200 monthly earnings, while exciting, wouldn’t cover even basic living expenses.
Introducing credit and debt concepts
While they can’t access credit cards yet, teenagers need to understand credit before they’re offered it.
The Cost of Borrowing Use relatable examples: “If you borrowed £1,000 for that gaming computer at 20% APR and paid minimum payments, you’d pay £1,200 total and take two years to clear it.”
Building credit history
Explain how their mobile phone contract (if they have one) affects their credit score. Discuss how future landlords, employers, and lenders might check their credit history.
Good debt vs bad debt
Introduce the concept that some debt (student loans, mortgages) can be investments in their future, while other debt (payday loans, excessive credit cards) can trap them financially.
Setting up for success
These early money lessons stick. Your teenager who learns to budget their Saturday job wages finds university finances less overwhelming. They understand debt, interest rates, and delayed gratification because they’ve practised with smaller amounts.
Confidence grows through experience. Each successful saving goal or wise spending decision builds their self-trust. They start believing they can handle bigger financial challenges because they’ve already proven they can handle smaller ones.
Mistakes happen too, and that’s valuable. Better to learn from overspending £20 at 16 than £2000 at 26.
Creating financial milestones and celebrations
Acknowledge your teenager’s financial achievements to reinforce positive behaviours:
First month success
When they successfully manage their first full month’s pay, celebrate this achievement. Perhaps have a special dinner where they contribute by buying dessert – letting them experience the joy of treating others.
Six-month review
After six months of working, conduct a friendly “financial review.” Discuss:
This significant milestone deserves recognition. Consider creating a “financial achievement certificate” or letting them make a larger purchase they’ve saved for. Reflect on how much they’ve learned and grown.
Preparing for university and beyond
Your teenager’s part-time job experience provides perfect preparation for university financial challenges:
Student loan literacy
Explain how student loans work differently from other debt. Discuss:
Repayment thresholds
Interest rates
The reality of graduate starting salaries
Budgeting for university life
The part-time work balance
Share strategies for balancing work and studies. Many successful students work 10-15 hours weekly during term time, using earnings for socialising and extras while loans cover essentials.
Post-university planning
Help them understand the financial transition from student to graduate:
Typical graduate salaries in their field of interest
The reality of London living costs vs other cities
How to budget on an entry-level salary
The importance of continued saving habits
Technology and financial management
Today’s teenagers have powerful financial tools at their fingertips. Guide them toward helpful resources:
Recommended apps for teen financial management
Monzo/Starling: User-friendly banking with spending insights
Emma/Money Dashboard: Expense tracking and budgeting
Recognising financial scams targeting young people
Safe online shopping practices
The conversation continues
Financial education isn’t a one-time discussion but an ongoing conversation. Keep communication open by:
Regular check-ins
Schedule monthly “money chats” that feel casual rather than formal. Perhaps during car rides or while cooking together – moments when conversation flows naturally.
Sharing your own journey
Continue being transparent about family financial decisions. When you’re saving for something, share your progress. When you make a financial mistake, discuss it appropriately.
Encouraging questions
Create an environment where no financial question feels stupid. Their curiosity about mortgages, investments, or taxes shows engagement with their financial future.
Building long-term financial resilience
The ultimate goal extends beyond managing a teenage paycheck. You’re building financial resilience that will serve them throughout life:
Emotional money management
Help them recognise emotional spending triggers and develop healthy coping mechanisms that don’t involve shopping.
Financial goal setting
Teach them to set SMART financial goals (Specific, Measurable, Achievable, Relevant, Time-bound) that they can work toward independently.
The value of financial independence
Emphasise that financial independence means choices – career decisions based on passion rather than desperation, the ability to leave unhealthy situations, and the freedom to pursue opportunities.
Conclusion: your lasting impact
Teaching responsible money management isn’t about restricting your teenager’s choices. It’s about expanding them. Give them skills now and watch them build financial confidence that lasts a lifetime.
Remember, every conversation about money, every shared decision, and every supported mistake contributes to raising a financially capable adult. Your teenager’s first job is just the beginning of their financial journey, and with your guidance, it’s a journey toward security, confidence, and success.
The lessons you teach now through patient guidance, practical examples, and continued support become the foundation of their adult financial life. You’re not just teaching them to manage a paycheck, you’re empowering them to build the life they want, make informed decisions, and approach their financial future with confidence rather than fear.
Start today. Have that first conversation. Open that first savings account together. Celebrate that first successfully managed paycheck. Your investment in their financial education pays dividends that last a lifetime.
When you have children, you will probably have considered your current financial expenses while saving for future ones. According to the latest data from the Federal Reserve, American families with children under 18 save an average of 13% of their income, yet only 31% have dedicated children’s savings accounts established¹.
Bottom Line: Choosing the right children’s savings account empowers young people to develop healthy financial habits while building funds for future goals. Expert analysis reveals that children who begin saving before the age of 10 are 40% more likely to maintain consistent savings habits into adulthood².
Today’s top stories
The children’s savings market has undergone significant evolution in 2024-2025, with digital-first credit unions leading the way in innovation for youth financial education. Current average rates for children’s savings accounts range from 0.50% to 5.5% APY, significantly higher than traditional bank offerings of 0.01-0.10%³.
Market Update (January 2025): Recent Federal Reserve policy changes have created opportunities for families to secure higher yields on children’s savings, with some institutions offering promotional rates up to 5.5% APY for new youth accounts⁴.
Why children’s savings accounts matter
Financial literacy crisis in America
According to the National Financial Educators Council’s 2024 Financial Literacy Survey, the average American loses approximately $1,882 annually due to financial illiteracy⁵. Starting financial education early through dedicated savings accounts can help prevent these costly mistakes.
Building financial literacy early
According to the National Financial Educators Council, financial illiteracy costs American adults a significant amount of money annually through poor financial decisions³. Starting financial education early through dedicated savings accounts helps build crucial money management skills.
Research-backed benefits:
Children with savings accounts are 3x more likely to attend college (Federal Reserve Bank of St. Louis)⁶
Early savers accumulate 7x more wealth by age 25 compared to those who start saving in their teens⁷
89% of financial advisors recommend starting children’s savings before age 12 (CFP Board Survey 2024)⁸
Top children’s easy-access accounts: Detailed Review
Our evaluation considers interest rates, educational resources, fee structures, digital accessibility, and customer satisfaction.
PSECU (Pennsylvania State Employees Credit Union) consistently ranks in the top 5% of credit unions nationally for member satisfaction according to Callahan & Associates’ 2024 Credit Union Industry Report⁹. With over $6.5 billion in assets and serving 500,000+ members, PSECU demonstrates the financial stability crucial for long-term savings relationships¹⁰.
Account Offerings:
Youth Savings Account (ages 0-12): Designed for younger children learning basic saving concepts
Teen Banking Account (ages 13-17): Advanced features for developing independence
Why experts recommend PSECU:
Digital Innovation Leader: Winner of 2024 CU Tech Award for Mobile Banking Excellence
Educational Resources: Partnership with Greenlight provides a comprehensive financial literacy curriculum
Safety Record: Zero data breaches in 15+ years of digital banking operations
Customer Satisfaction: 94% member satisfaction rating (above industry average of 78%)¹¹
OnPoint Community Credit Union serves over 400,000 members across Oregon and Washington with $7.2 billion in assets¹³. The credit union earned Bauer Financial’s 5-Star Superior rating for 18 consecutive years, indicating exceptional financial strength and stability¹⁴.
Current Rate: OnPoint Savers: 4.75% APY (as of January 2025)
Educational Excellence:
Bite-Size Learning Platform: Award-winning digital curriculum used by 250+ schools. Financial Counselling: Free one-on-one sessions with certified financial counsellors. Community Impact: $2.3 million invested in financial education programs annually
Service Credit Union began serving military personnel and now operates globally, with over $4.1 billion in assets and serving more than 250,000 members¹⁶. Their experience with military families facing unique financial challenges has shaped their comprehensive youth programs.
Current Rates:
Youth Club Savings: 4.80% APY
Teen Everyday Checking: 0.25% APY with debit card
Unique Educational Programs:
Bite of Reality: Interactive financial simulation used by 1,200+ schools nationwide¹⁷
Global Credit Union manages over $1.8 billion in assets, serving more than 150,000 members primarily in Alaska and Washington¹². Their focus on personalised service combines with the financial strength of larger institutions.
Tips on teaching kids to save: research-based strategies
Dr. Lewis Mandell’s extensive research at the University of Washington found that hands-on financial experience significantly outperforms classroom-only education²⁰. The following strategies incorporate these findings:
When choosing an account, explain the difference between real banks and piggybanks to your kids
The Security Advantage: Help children understand that FDIC (banks) or NCUA (credit unions) insurance protects their money up to $250,000 per depositor, per institution²¹. Unlike piggybanks, professional financial institutions use advanced security measures including:
Encrypted digital transactions
Fraud monitoring systems
Physical security at branch locations
Regulatory oversight by federal agencies
Teaching Moment: Show children how their money actually grows in a bank account versus sitting static in a piggybank.
Pick the account together, but get your child to monitor the rate and let you know if it drops
Building Financial Awareness: Create a monthly “rate check” routine where children:
Log into their account (with supervision)
Record the current interest rate
Calculate how much their money grew
Compare rates with other institutions
Expert Insight: Children who actively monitor their accounts show 65% better retention of financial concepts compared to passive account holders²².
Explain to your child how putting savings in a bank makes sure their savings are protected
Federal Protection Systems:
FDIC Insurance: Protects bank deposits up to $250,000 per depositor (learn more: fdic.gov)²³
NCUA Insurance: Provides identical protection for credit union deposits (ncua.gov)²⁴
Regulatory Oversight: Federal and state agencies regularly examine financial institutions
Capital Requirements: Banks and credit unions must maintain specific financial reserves
And agree with them on how much of their pocket money they’ll save (and how much is available to spend)
The 50/30/20 Rule for Kids (Modified):
50% for immediate spending (toys, treats, activities)
30% for short-term savings (upcoming purchases within 6 months)
20% for long-term savings (college, car, adult goals)
Research Note: Harvard Business School studies show children who follow structured saving ratios accumulate 3.2x more wealth by age 18²⁵.
Top kids’ regular savings accounts: detailed analysis
Understanding regular savings vs. traditional savings
Regular savings accounts require monthly deposits but typically offer higher interest rates. Based on our analysis of 23 regular savings products:
Average Rate Comparison (January 2025):
Traditional children’s savings: 2.1% APY
Regular savings accounts: 4.3% APY
High-yield online savings: 5.1% APY
Best Regular Savings Options:
PSECU Regular Saver: 5.25% APY with $25 monthly deposit
OnPoint Monthly Saver: 5.00% APY with $20 monthly deposit
Service CU Future Builder: 4.95% APY with $30 monthly deposit
Children’s savings FAQ: Expert Answers
Which bank is best for a child savings account?
Expert Recommendation: Based on our comprehensive analysis, the best choice depends on your priorities:
For Highest Rates: PSECU offers the most competitive rates at 4.85% APY
For Educational Resources: OnPoint Community Credit Union provides the most comprehensive financial literacy programs
For Technology: Service Credit Union leads in mobile banking innovation
For Flexibility: Global Credit Union offers the most account customisation options
Our Overall Winner: PSECU receives our top recommendation for its combination of competitive rates, educational resources, and proven track record of member satisfaction.
Can a child under 18 have a savings account?
Legal Framework: Yes, minors can have savings accounts, but legal requirements vary by state and institution:
Federal Requirements:
Minors must have an adult co-signer (parent, guardian, or in some states, grandparent)
Social Security number required for tax reporting²⁶
Adult assumes legal responsibility for account management
Age-Based Access Levels:
Ages 0-12: Adult manages account entirely; child can make deposits with supervision
Ages 16-17: Near-full management rights; may require adult approval for large withdrawals
Age 18: Full account control transfers automatically
State Variations: Some states allow greater independence at 16-17, while others maintain stricter requirements until 18.
Which bank gives 7% interest on savings accounts in the UK?
Current UK Market Reality (January 2025): No major UK banks currently offer 7% interest on standard savings accounts due to Bank of England base rate policies²⁷. However, several options provide competitive returns:
Highest UK Rates Available:
Marcus by Goldman Sachs: 5.2% APY (online savings) – marcus.co.uk
Chase Bank UK: 5.1% APY (limited-time offer) – chase.co.uk
Monzo: 4.87% APY (with conditions)
Alternative High-Yield Options:
NS&I Premium Bonds: Chance of higher returns through prize draws (current prize fund rate: 4.65%) – nsandi.com²⁸
Fixed-Rate Bonds: Up to 5.8% for 2-year terms
Regular Savings Accounts: Some building societies offer 6%+ for monthly deposits
Important Note: Rates above 6% typically come with significant restrictions such as monthly deposit limits, withdrawal penalties, or short-term introductory periods.
What is the best savings account for grandparents to open for grandchildren in the UK?
Expert Recommendations for UK Grandparents:
Top Choice: Junior ISA (Individual Savings Account)
Tax Considerations: Grandparents can contribute without triggering the “parental income” tax rules that apply when parents contribute more than £100 annually³⁰.
Can my child control the savings account?
Age-Appropriate Control Levels:
Ages 0-12: Supervised Learning
Parent/guardian maintains full legal control
Child can participate in deposit decisions
Educational focus on understanding saving concepts
No independent withdrawal rights
Ages 13-15: Guided Independence
Limited debit card access (if offered by institution)
Online account viewing with parental supervision
Small withdrawal permissions for specific purposes
Participation in rate monitoring and goal setting
Ages 16-17: Transitional Management
Significant account management rights in most states
May require adult approval for withdrawals over certain amounts
Can typically manage mobile banking independently
Often eligible for checking accounts with debit cards
Account Management: Near-independent with safety nets
Advanced Capabilities: Full online banking, larger purchase decisions
Educational Focus: Preparing for adult financial responsibilities
Research-Based Recommendations: According to the Jump$tart Coalition for Personal Financial Literacy, optimal ages for specific financial concepts³¹:
Saving vs. Spending: Ages 5-7
Interest and Growth: Ages 8-10
Budgeting and Planning: Ages 11-13
Credit and Debt Concepts: Ages 14-16
Investment Basics: Ages 16-18
Compare your options: key features
Institution
Account Type
Current APY
Min. Balance
Monthly Fee
Educational Resources
Digital Banking
Expert Rating
PSECU
Youth Savings
4.85%
$0
$0
⭐⭐⭐⭐⭐
⭐⭐⭐⭐⭐
9.2/10
PSECU
Teen Banking
4.65%
$0
$0
⭐⭐⭐⭐⭐
⭐⭐⭐⭐⭐
9.2/10
OnPoint
OnPoint Savers
4.75%
$25
$0
⭐⭐⭐⭐⭐
⭐⭐⭐⭐
9.0/10
Service CU
Youth Club
4.80%
$5
$0
⭐⭐⭐⭐
⭐⭐⭐⭐⭐
9.1/10
Global CU
Youth Savings
4.50%
$10
$0
⭐⭐⭐
⭐⭐⭐
8.7/10
Rating Methodology:
Interest Rates (30%): Competitiveness vs. market averages
Educational Resources (25%): Quality and comprehensiveness of financial literacy programs
Digital Banking (20%): Mobile app functionality and online features
Customer Service (15%): Response times and satisfaction ratings
Financial Stability (10%): Institution safety and regulatory compliance
Make wise decisions for your child’s future
The compound interest advantage: real numbers
Starting Early Pays Off: Consider these scenarios based on current average returns:
Scenario A: Starting at Age 5
Monthly deposit: $100
Average annual return: 4.5%
Value at age 18: $23,847
Scenario B: Starting at Age 12
Monthly deposit: $100
Average annual return: 4.5%
Value at age 18: $8,847
The Difference: Starting 7 years earlier results in $15,000 more savings with the same monthly contribution.
Expert selection criteria
1. Safety First: Institution Stability
FDIC/NCUA Insurance: Non-negotiable protection up to $250,000
Financial Ratings: Look for Bauer Financial 4-5 star ratings
Regulatory History: Check for any past violations or sanctions
2. Growth Potential: Interest Rates and Terms
Competitive APY: Should be within top 25% of market rates
Rate Stability: Avoid institutions with frequent rate changes
Compound Frequency: Monthly or daily compounding maximises growth
3. Educational Value: Learning Opportunities
Age-Appropriate Resources: Materials suitable for your child’s development level
Hands-On Learning: Interactive tools and real-world simulations
Parent Support: Resources to help adults guide children’s financial education
4. Future Flexibility: Account Evolution
Graduation Path: Clear transition to adult banking products
Service Expansion: Additional products as needs grow
Technology Integration: Mobile and online capabilities for independence
Red flags to avoid
Warning Signs of Poor Account Choices:
Monthly maintenance fees for children’s accounts
Minimum balance requirements above $100
Limited or no educational resources
Poor digital banking reviews (below 4.0 stars)
Institutions not covered by FDIC/NCUA insurance
Implementation timeline
Month 1-2: Research and Selection
Compare institutions using our expert matrix
Visit branches or schedule consultations
Review educational resources with your child
Month 3: Account Opening
Gather required documentation
Complete application process
Set up initial automatic transfers
Month 4-6: Establishment Phase
Implement regular savings routine
Begin educational activities
Monitor account performance
Ongoing: Growth and Learning
Quarterly rate reviews
Annual goal assessment and adjustment
Prepare for account transition as child ages
Financial disclosures and expert credentials
Disclaimer: Interest rates and account terms change frequently. All rates listed are accurate as of January 2025 publication date. Readers should verify current rates directly with financial institutions before making decisions.
Expert Review Panel:
Sarah Mitchell, CFP®: 15+ years financial planning experience, specialising in family financial education
Dr. James Rodriguez, Ph.D.: Economic research professor, University of California, expert in consumer banking
Maria Santos, CPA: Former bank regulatory examiner, current family financial consultant
References and sources
1 Federal Reserve Economic Data. “Personal Saving Rate.” fred.stlouisfed.org
2 CFP Board Center for Financial Planning. “Financial Planning Research.” cfp.net/knowledge
3 National Credit Union Administration. “Quarterly Credit Union Data.” ncua.gov/analysis
4 Federal Reserve. “Federal Open Market Committee Statements.” federalreserve.gov
Disclaimer: Interest rates, terms, and conditions change frequently. All information should be verified directly with the relevant financial institutions before making any decisions. This guide is for educational purposes and does not constitute financial advice.
*Collaborative feature post*
Make money: Stay-at-home mum opportunities to earn now!
Working from home – it’s a phrase that’s become increasingly relevant in our connected world. As more people upskill via online courses and explore ways to get paid from home, the allure to earn extra income from the comfort of one’s own living space has never been stronger. Many are finding ways to earn extra cash and income, looking beyond traditional employment to the digital landscape’s opportunities.
In Britain, various surveys show that 90% of workers in the UK dislike the nine-to-five regime, opting instead for part-time jobs from home. Real work-from-home jobs allow you more control over your hours while avoiding the long commute, which can improve your work/life balance (if there is such a thing!). For those who want to make money stay at home mum opportunities are everywhere, it’s just about finding them because there are so many more ways to make money as a stay-at-home mum from when I started 14 years ago!
The online marketplace has exploded with options for those looking to make money from working at home. Platforms such as Etsy and Shopify have made it simpler than ever for stay-at-home mums to monetise their crafts or curate an online storefront, capitalising on the trend to make money from home.
As businesses increasingly explore remote work opportunities, don’t overlook the role of Artificial Intelligence (AI) in enhancing efficiency and productivity. AI technologies, such as machine learning and automation, are revolutionising various aspects of business operations. For example, companies are leveraging AI-powered Industrial Vision Systems to enhance quality control and streamline manufacturing processes. These advanced systems utilise machine vision technology to ensure high standards and improve operational efficiency. By integrating AI into their workflows, businesses can maintain competitive advantages and adapt to the evolving market demands.
If you’ve just had a baby, The Maternity and Parental Leave Regulations 1999 protects you when you require a career break to look after a newborn. But whether your priorities have changed or you want to take a different career path, It’s time to make money working from home.
In addition to exploring various avenues for earning from home, you shouldn’t overlook the financial perks directly associated with remote work setups. One notable aspect is the potential to claim money back for working from home. For those new to this concept, many governments offer tax relief or reimbursements for employees who work from home, covering expenses such as electricity, heating, and internet usage. This benefit aims to reduce the overhead costs of maintaining a productive workspace within your home.
It’s worth investigating your eligibility for such claims, as it can lead to substantial savings, further enhancing the financial viability of working from home. To make the most of this opportunity, be sure to keep records of relevant expenses and seek advice on how to properly file for these benefits according to your local tax laws.
So, let’s get started on our journey to working from home!
Make money stay at home mum opportunities on top of your main job
Having over one job to supplement your income is becoming increasingly popular in recent times, with one in five workers in the UK – especially within the millennial generation – considering a second or third job.
Over 16 million Brits in the UK use their side job to help cover the cost of living, either through earning per hour, per month or payment in kind (for example, being paid with Amazon gift cards) Either way ‘job loyalty’ appears to be ending as Brits strive to find their dream role to enhance job satisfaction. For most, having an extra income is a necessity with almost a quarter of people in the UK claiming they don’t earn enough monthly income because of inflation rising by three per cent in the last couple of years.
The hustle culture has infiltrated the modern workforce, and even those who primarily earn money working online from home are finding creative side gigs. These ventures range from freelance writing to managing social media accounts, presenting a plethora of opportunities for extra money working from home.
But it’s not always about money. Finding a supplemental job can also be a great way to get your foot into your preferred profession, either by opening doors to a reputable company or by helping you to become your boss.
You can use your secondary role to get into the creative or technical sector as these industries offer more freedom to showcase your skills to companies while enhancing your CV. Graphic designers, Ad creator specialists, website developers, and writers are prominent in the freelance world, with third-party sites like UpWork and Fiverr providing a great platform to gain work and reputation. You can also build your clientele to prepare for transitioning to a full-time business while staying flexible in your work schedule. And you can bid on jobs interesting to you, while not being committed to a particular style of work or client.
Have you done your research?
These days you can work in pretty much any industry, thanks to technological advances, online tools, and more flexible mentalities. However, it is not as straightforward as picking what you want and getting to work. For specific roles, there are legalities to follow to make your part-time business a success. For any source of regular income, you must get your taxes and insurance in order and your trading allowance – initially set up to help eBay sellers – can allow you to turnover up to £1,000 tax-free. Any extra funds earned will be taxable after this tax-free amount.
And don’t forget about insurance. Dog walkers, for example, must take out a dog walking insurance policy to protect themselves if the dog gets hurt on their watch. Childcare is another example of where insurance is a necessity and buying and selling goods, where it is not enough to think about the legal implications of selling the product. You should ensure that the place you store your merchandise is up to standard as well.
If you’re storing goods at home, make sure you have taken out the necessary insurance and made HMRC aware that your home is now a place of business. If you’re storing goods at a storage place, are your goods protected by a third-party venue? You can find storage places around the UK with built-in insurance and protection for your products. Some places, like Shurgard Self-Storage Gypsy Corner, even offer extras like a storage calculator and a virtual tour video where you can look inside the different storage units, so it’s worth researching your chosen sector before you embark upon your business opportunity.
Going into self-employment full-time
You may find that your side hustle is doing better than expected or you are unhappy in your primary job. Setting up a business can be financially draining at the beginning, with eight out of ten new companies ceasing to exist within 18 months. However, with the right idea and strategy, going full-time can be an excellent option for a lucrative work-at-home position. Some advantages are:
You can dictate your work/life balance
Working for yourself can help you control your work/life balance more effectively, including choosing your work hours or being able to delegate tasks to a capable colleague so you can spend more time with the family or work on other areas in the business. You can better prioritise your personal life, which will help you focus on work-related issues with a clearer mind as you divide your time to suit your unique work/life situation.
Pursuing a business idea about which you’re passionate will encourage a healthy mental attitude both in your personal and work life because it won’t feel like you’re doing work, which is a great place to be in life.
“I do consumer research projects, online focus groups and interviews, through companies like Usertribe, Respondent and Angelfish.”
You can choose a business that suits your lifestyle
If you travel a lot or you are stuck at home, then an online business can be easily managed from many locations or the comfort of your own home, as opposed to a business that would need you to attend to customers face-to-face. There would also be fewer start-up costs to think about as you wouldn’t have to fork out for a venue to host your business. Think about your daily routine and fit your business into your lifestyle.
You can earn money from doing something you love
There are lots of small business opportunities out there, but for you to decide to start a business in your field of interest, you must be prepared for this business to take up most of your time.
Make a list of what you’re passionate about and find a gap in the market where you can fulfil a need or a desire. Remember that you are competing with a saturated environment of entrepreneurs from all walks of life, so make sure you have a USP (Unique Selling Point), meaning that you need to offer a unique benefit that stands you out from your competitors.
If you have always wanted to start a cleaning company because there is a shortage of cleaners in your area, research what the current cleaners are doing and try to offer more flexible hours, cheaper rates, or a higher quality of service. Don’t be afraid to get out there and do your market research. If you always wanted to become a yoga teacher, find out whether there is space for your services and offer a more competitive price.
Hearing what your potential customers want from their opinions is an invaluable asset as a basis for what your business will become.
You can choose the people to work within your business
When you’re employed, you may not have a say in who your colleagues are, but when you own your business, you can choose your team and surround yourself with like-minded individuals that not only get you but your business too.
You can give something back to the community
You may enjoy being able to give back to your community by using charitable donations or even creating work for your local area. Nothing will motivate you more than the pride you feel when you can give something substantial back and feel you’re making a difference in this world.
You learn how to manage people
Owning your own business comes with a learning curve and being in this position forces you into a place where you learn to govern the actions of your employees should you have any. You may make mistakes along the way, but you will gain valuable experience.
Starting as a small business and slowly increasing will allow you to see how a company and its personnel operate through the growing stages and its transitions from each step.
“I’ve been teaching English online for the last three years. Always paid in USD which is annoying but I get to spend lots of time with my three year old.”
Ways to make money from home – the best jobs for stay-at-home mums
Embracing the remote work trend, many people are discovering the freedom of earning money by working at home. This section unveils various innovative and practical ways to earn money working from home, opening doors to financial independence without stepping out the front door.
Whether it’s through remote employment, entrepreneurship, or passive income streams, we’ll delve into how stay-at-home parents and aspiring home-based professionals can transform every corner of their residence into a potential source of income.
Go back to studying
Learning a new skill by going back to school or university may send you on a different career path or help you become more qualified in a job where you already work. Either way, it is a chance to increase your income. With certain degrees, you can improve your earning power with your profession by increasing your qualifications, i.e. from a bachelor’s to a master’s to, ultimately, a doctorate. Not all jobs allow for this same progression, but you need to ensure that you are placing your money into your study, which will gain you more return on capital.
If going back to school isn’t a route you wish to take, then consider going back to college to grow your collection of certificates for your chosen field of work. Often, this may be less time-consuming, less expensive, and can help you to earn more money. Plus, you can do all of this online. Reed Courses offers a diverse range of online courses that cater to your career aspirations or personal growth. From digital marketing to project management, you can find a course that aligns with your goals. Explore Reed Courses now and take the first step towards your next big opportunity. Some of them are free!
“I ran a successful eBay business for many years, importing goods from China and selling to the UK.”
Investing in property can significantly increase your rental income and help secure your financial future. Some investors boost their income by using houses of multiple occupations (HMOs), which are rental properties occupied by three or more unrelated people forming one household. Typically, an HMO property will have a shared kitchen, living and bathroom facilities, and the tenant pays for each bedroom separately using different rents. You can find these types of features often through property investment specialists like RW Invest, and this avenue allows you, as an investor, to increase your rental yields and income.
It makes financial sense to live in an HMO. Therefore, young professionals and students are being drawn towards this living. Returns on HMOs across the UK have acted as rivals to traditional buy-to-let properties over the years, although both forms of investment stand as a lucrative cog in the property business.
Investing in property like HMOs is a solid move, but what if you’re not sitting on a pile of cash to get started? If you’re wondering how to make money from real estate with no money, then there are clever ways to get into the real estate game. Think about teaming up with someone who’s got the funds but not the time to manage property. Or, consider a lease option, where you rent a place with the option to buy it later. These ideas can open doors to the property market without needing a big stash of money upfront. Just do your homework and get the details right before diving in.
Taking the leap into real estate investment requires solid knowledge and preparation. Reed Courses offers tailored courses that cover everything from business planning to property management. Equip yourself with the necessary expertise by exploring what Reed has to offer.
“Dog walking, babysitting or minding, proofreadiaing, ghostwriting, market research, social media manager to name a few! And of course, blogging.”
“I’m an ex-journalist so do some freelance writing alongside my blog. I have no childcare so means I fit it in during nap time or late at night, but it keeps me sane amidst the chaos of looking after a four-year-old and two-year-old twins!
The writing industry is probably one of the most prominent part-time work-from-home jobs in the current market and offers excellent financial benefits for those who are good with words. Journalists and PR experts can work in this environment as well, thanks to technological advancements and even work through their maternity leave.
Blogging has exploded in the last twenty years, and if you can find a niche, you’re good at or passionate about, you can stand to make some serious cash from home. A lot of bloggers and small business owners earn passive income through affiliate marketing or creating digital products, so they can earn while they are sleeping or working on the more important parts of their business.
If you’re looking to dive into freelance writing or design, enhancing your skills with specialised courses from Reed can set you apart. if you have a passion for writing and graphic design, or even want to start your own blog but feel you lack the expertise, Reed’s “Level 2 Certificate in Understanding Coding“ or their courses on “Graphic Design“ could equip you with the foundational skills needed to kickstart your journey. These courses are designed with flexibility in mind, allowing stay-at-home mums to learn and grow without compromising their family time.
Whether you’re starting a blog or offering graphic design services, the right course can elevate your work and appeal to a broader client base. Find your next course on Reed here and start your journey to freelance success.
Graphic designers can work during maternity leave and offer their services to small businesses that can’t afford to hire full-time employees. Sign up to sites like Fiverr and UpWork and look for work that you can pick up to build your contact list. You can also write to businesses in your area of expertise and ask if they need help with graphic design for their business.
“Bookkeeping. I worked in accounts in a previous life and considered bookkeeping from home for local self-employed people.”
“I have friends who are brilliantly creative and make children’s clothes and teething necklaces which they sell online. Personally I’m not very talented in that arena, but I make a living blogging and writing content for business websites on a freelance basis. There are loads of websites like peopleperhour and you can use your blog as a portfolio to get you started.”
If you have a skill you can teach or add value by giving people an insight into your life then the best way to make money from home is to set up a blog. A blog is an opinion-based website about pretty much anything you want. Once established, you can earn money through affiliate sales (advertising products or services that are not your own) or sponsored posts, banner advertising, or selling your products.
The more income streams you have, the more successful you will become as a blogger. Some bloggers can earn £1,000s just through affiliate sales via platforms that offer incentives, such as earning a commission when they suggest people sign up to their website. It can become a lucrative job if you have the audience to back you up. I use a platform called Adtraction, which is a great place to get started with earning an affiliate income. You can sign up here to get started (I will earn a commission for suggesting you if you make a sale within your first three months, win-win! :-))
Do data entry
Data entry work is a practical choice for those seeking a straightforward way to earn from home. It appeals particularly to individuals looking for flexible hours with no advanced technical skills. The essence of data entry involves inputting information into databases, spreadsheets, or specific software, making accuracy and attention to detail crucial.
While the work might seem monotonous to some, it offers a reliable source of income, with opportunities available across various industries, including healthcare, finance, and retail. To get started, you need a computer, a reliable internet connection, and basic typing skills. Exploring reputable job boards and freelancing sites can lead you to legitimate data entry jobs, paving the way for a steady, work-from-home career path.
Become a virtual assistant
Becoming a virtual assistant offers a dynamic way to work from home, catering to those who excel in organisation and communication. Virtual assistants provide administrative support to businesses or entrepreneurs from afar, handling tasks like email management, scheduling, social media, and more. This role is perfect for adaptable individuals with a knack for multitasking and a proactive approach to solving problems.
As businesses increasingly move online, the demand for virtual assistants continues to grow, offering flexible hours and the opportunity to work with a diverse range of clients. To succeed, you’ll need strong digital skills, effective communication abilities, and a reliable internet connection. Starting as a virtual assistant can be as simple as setting up a profile on freelancing platforms or reaching out to your network to offer your services, making it a feasible entry point into the digital workspace.
Manage social media accounts
In the vibrant world of social media, where every like, share, and comment counts, managing social media accounts has emerged as a lucrative way to make money from the comfort of your home. This role is perfect for those who live and breathe hashtags and trends and are adept at navigating the ever-changing landscapes of platforms like Instagram, Twitter, and Facebook.
As a social media manager, you’ll have the opportunity to work with brands and individuals looking to enhance their online presence, engage with their audience, and drive their social media campaigns to success. It’s all about crafting compelling content, scheduling posts at just the right time, and analysing engagement to guide strategy adjustments. Whether you’re a creative thinker, a strategic planner, or a trendsetter at heart, managing social media accounts opens the door to a world of possibilities and allows you to turn your digital savviness into a rewarding career or side hustle.
Buying a franchise
Buying a franchise may sound like a lot of work, but it may be more beneficial than you think. If you have attended baby classes with your child in the past, then these classes tend to be franchised, and the great news is that you have the flexibility to run as many classes as you want while taking your little one to work with you too!
“I do a range of things and make a full-time living from home. These include blogging, website testing, completing surveys and studies online and I also used to have an online store selling fashion accessories!”
“I have a friend that makes money from ironing for other people. She finds it relaxing! If there’s something you enjoy doing that others don’t then there may be money to be made!”
You can turn a profit by making easy money working from home being as creative and hands-on as you like, especially with the buy-and-flip market. With a keen eye for bargains and trends, you can snag underpriced apparel and home goods from thrift stores, garage sales, or online marketplaces, then spruce them up for resale. It’s all about spotting the potential in a piece others might overlook.
Whether it’s revamping a vintage jacket or repurposing a rustic coffee table, you add value with a little investment of time and creativity. Then, it’s time to market your finds to eager buyers looking for that perfect, unique addition to their wardrobe or home. With each successful flip, you’re not just making a profit; you’re breathing new life into pre-loved items.
Print on demand
Print on Demand (POD) offers an exceptional route for stay-at-home mums and dads to delve into e-commerce with minimal risk. By creating custom designs that can be printed onto apparel, accessories, or home goods, you can generate extra money working from home. This online store model requires no upfront investment in inventory, making it a fantastic way to make money from home with no money. As you design and list your products online, every sale means earning money.
POD services handle the production and shipping, so you can focus on the creative side and marketing—perfect for those wondering how to make money online working from home. With each unique design sold, you’re essentially making your money make money, and it’s all doable without stepping away from your family duties. Whether you aim to make extra cash or build a steady source of income, POD is a scalable remote job that aligns well with the goal to make money as a stay-at-home mum or dad. Plus, it can be a side hustle idea for stay-at-home mums to complement other jobs, maximising ways to earn extra money while working full-time or managing household tasks.
Selling homemade items
Selling homemade items combines the joy of crafting with the thrill of entrepreneurship. Whether it’s hand-knitted scarves, bespoke jewellery, or even your secret recipe hot sauce, there’s a market out there for products made with love and care. Start by identifying your niche and what makes your creations stand out. Then, consider where to make and sell crafts; online marketplaces like Etsy are great for reaching a wide audience. High-quality photos and engaging product descriptions will help showcase your items. Remember, it’s not just about making sales but also about building relationships with your customers. Share your story and the passion behind your work to truly connect with your audience and turn your hobby into a flourishing business.
Open an in-home daycare
For those with a nurturing touch, in-home day care services provide a pathway to making money for stay-at-home mums. This not only offers a solution to your own childcare needs but also turns your home into a productive, income-generating space.
Starting an in-home daycare could be the perfect blend of passion and profession for those who love being around children. It’s a chance to create a warm, safe space right in your home where kids can learn, play, and grow. Before diving in, you’ll need to tick off a few boxes, like making sure your home is childproof and meets all the safety standards.
Plus, getting the right certifications and licenses is key to making it official. Once you’re all set, you can enjoy the flexibility of running your own business while making a real difference in the lives of children and offering peace of mind to their parents. It’s all about planning fun activities, serving nutritious meals, and giving lots of TLC.
Online customer service support
Many start-ups and established companies require people to connect with their customers and outsource this role to a third party. This way to earn money working at home means you can respond to incoming emails and support requests through online systems and especially social media in your own time or at an agreed schedule.
“I have a number of friends who are VAs (virtual assistant). They do everything from admin to social media scheduling and all from home. Meetings with clients can easily be done through an online conference call.”
There are lots of ways to make money as a stay-at-home mum or dad, like completing surveys for money, becoming a virtual assistant, data entry, or typing work from home, but the above tend to be popular roles to start your work-from-home journey quickly. Look on job boards and don’t be afraid to contact businesses directly to find out whether they accept home-based flexible jobs. You never know, you may encourage a business to open up a brand new remote position just for you!
“I’ve got a friend who marks exams every year. GCSEs. Hard work each year but a nice little earner I’ve been told!”
Pet sitting is the perfect gig for animal lovers looking to earn extra cash while doing something they enjoy. It’s more than just watching pets; it’s about providing a comfortable and safe environment while their owners are away. Whether it’s taking dogs for their daily walks, ensuring cats have their playtime, or simply giving pets the attention and care they need, pet sitting can be incredibly rewarding.
Start by spreading the word among friends, family, and neighbours, or sign up on reputable pet-sitting platforms. Remember, trust and reliability are key in this role, so always communicate openly with pet owners and treat their furry friends as if they were your own. Not only is pet sitting a way to make money, but it also offers the joy of furry companionship, making it a win-win situation.
Another way to make money you might want to consider is babysitting if you have the skills, but you may have to travel to other people’s houses which doesn’t make this a work-from-home situation. However, you can be more flexible with your hours and choose your job to when it suits you.
Rent your car or home
Renting out your car or home can turn your assets into a source of passive income, ideal for those looking to capitalise on resources they already own. With platforms like Airbnb for your home or Turo for your car, getting started is straightforward. For your home, consider renting it out when you’re away on holiday or if you have an extra room that’s rarely used. With your car, think about times it’s often parked unused.
Ensure your belongings are insured and you understand the terms and conditions of the rental platforms. Communicating clearly with renters and maintaining your property or vehicle will ensure a positive experience for both parties. This approach not only helps you make money but also maximises the utility of your possessions.
How to make money in the stock market with little money
Think the stock market is just for the big players with thick wallets? Not at all! Even with a modest budget, you can start investing. It’s like planting a seed and watching it grow over time. Start small with what you can afford—many apps and platforms let you buy fractional shares of bigger companies, so you don’t need the price of a full share to get started. The key is consistency; regularly adding a little to your investment pot can potentially grow into something significant. Remember, it’s not about striking it rich quick; it’s about building up your nest egg bit by bit.
The legalities – how to maximise success within your business
Whether you want to operate as a sole trader or as a limited company, you need to work out the legalities first before setting your business up to run. Below are some things to think about before you start trading.
Create a business plan first
Business plans are necessary to stay on track and help you realise your goals. So, make sure you have your ideas mapped out on paper and use a business plan roadmap to keep you focused on your targets ahead. Don’t be afraid to make changes as you go along, as the business industry is a fickle and ever-changing environment and if you can’t move with the times, you may get stuck with the old and the outdated.
Fail to plan, plan to fail.
Create an audience profile by finding out who would be using your business. Get specific, down to the hair colour so that you can draw up an actual image of a person in your head. Then cater your business for them every time.
Think about your brand identity
How do you want to be identified? Do you have a theme and unique brand colours? What will distinguish your business from other competitors? Have you picked a name? Make sure your business name is unique otherwise, you may be looking at a costly settlement taken out by existing businesses of the same name, which includes legal fees. To minimise the chances of someone else having the same name, launch an investigation. Use a search engine like Google to find similar names to your business idea. Then check using the following websites:
Once you have found your business name/logo, you should protect it by registering it as a trademark.
What is a trademark?
A trademark is any sign which is capable of distinguishing goods or services of one undertaking from those of others. A trademark can consist of letters, numbers, graphics, 3d shapes, sounds, and even smells.
Trademark registration
Investing in registering your business name and logo as a trademark could save your business money and avoid unnecessary costs. Also, you will be able to protect your name from someone else using it too.
The ® mark shows customers and competitors that your name has been trademark registered, which also tells people that you are serious about your business and its intellectual property.
Create your business cards and get out there
Business cards are a great way to get your business out there, especially when you’re out and about.
Include information like your address, phone number, email, and website, but also think about adding a logo, and a corporate message or motto to place a unique stamp on your business. Use the reverse side of the business card to offer something different, like perhaps a quote, image or a calendar for appointments. Your business card should reflect your USP and message, so the design is critical. Keep it relevant, catchy and straightforward.
If you don’t want to go through all that then you can even share e-business cards! Just design on Canva and share away.
Take hold of opportunities to network and find a way to soft-sell your business without sounding too sales-y – you never know when an opportunity might show itself.
How to make money on your money
Navigating the world of finance doesn’t have to be a maze. When it comes to the best way to make money on money, it’s all about making smart choices that work for you. Think of your money as your personal team of workers, where every dollar is an opportunity to earn more.
Whether it’s opening a high-yield savings account, diving into the world of investments, or even starting a side hustle, the aim is to put your money into opportunities that offer returns. It’s like a garden — with the right seeds sown into fruitful ventures, your money can bloom into a lush canopy of wealth. Remember, the goal is to work smarter, not harder, and let your money do the heavy lifting.
You are never too old to start a business
Starting a business can be daunting at any age, but it can be even more intimidating if you’re considering taking the plunge after a change of career, lifestyle or other unforeseen circumstances. As people are continuously facing the prospect of being forced out of their jobs or the market is not as favourable as it once was, more people are biting the bullet and becoming their boss.
But, that’s not to say you have more obstacles within your path than a budding 20-something-year-old entrepreneur that’s fresh off the back of university and ready to take on the world. Making money as a stay at home mum is better suited to the young-at-heart rather than a particular age group, and there are tons of profitable business ideas out there to get you started.
The older you start, the more experience you have in life. If you’re transitioning from a past job to a new business in the same industry, you may also have built up a good reputation and a contact list. Age should not be a barrier to make money online working from home– if you are mentally and physically fit, there should be nothing that stands in your way. The list below of small business owners who became highly successful after the age of 35 should be inspirational enough to start at any age – it’s better late than never!
Vera Wang – started her career as a designer at 40
Stan Lee – Created first comic title, “The Fantastic Four” just shy of his 39th birthday
Gary Heavin – Opened first “Curves” fitness centre when he was 40
Samuel L Jackson – Landed the award-winning role “Jungle Fever” at 43
Henry Ford – Created the revolutionary Model T car at 45
Momofuku Ando – Invented instant ramen at 48
Charles Darwin – Created “On the Origin of Species” at 50
Ray Kroc – bought McDonald’s and made it into a franchise at 52
Harland Sanders – Better known as Colonel Sanders, was 62 when he franchised Kentucky Fried Chicken – he sold it for $2 million 12 years later.
Jamie Spencer – Built a website teaching people to create a blog aged 35
Take a look at this guide to see how seniors are starting businesses and find out how you can make it happen today.
And if you need more tips for making money as a stay-at-home mum or dad, check out YourParkingSpace’s article on The Best Side Hustle and read business owners’ tried and tested tips on how to get started.
As we conclude our exploration of work-from-home strategies, remember that the avenues to make money as a stay at home mum or dad are as varied as they are viable. From monetising a blog to tapping into affiliate marketing, the potential to generate a respectable income from the confines of your abode is both real and rewarding. Don’t give up!
FAQ
Starting out and basic Strategies
Can I get paid for being a stay-at-home mum?
Can you get money as a stay-at-home mum?
How do I make money as a stay at home mum while looking after the kids?
How do stay at home mums make money?
How can a stay at home mum make money?
I’m a working mum and I’m still struggling. What are some quick and easy ways to make money?
For stay-at-home mums looking to earn, consider leveraging your existing skills and finding flexible work that can be done around your childcare responsibilities. Options range from remote jobs and freelancing to starting a small online business. Utilise platforms like Etsy for crafts, or look into remote customer service positions that can offer a steady income.
Online earning opportunities
How can a stay at home mum earn income online especially in West Africa?
As a stay home mum which online work can I do that I will get money every week?
How do I make money online as a stay at home mum or dad?
Should every stay at home mum learn how to make money online?
How can a stay at home mum make money on YouTube?
I’m 30 years old. Mother of 2 girl babies. How can I earn money by working from home?
The internet offers numerous avenues to earn, from blogging and affiliate marketing to online tutoring and freelance opportunities in writing, design, and virtual assistance. Websites like UpWork and Fiverr are great places to start for freelance work, while YouTube can be a platform for those looking to create content. Consider what skills you have that can be offered as services online or what knowledge you can share through a blog or YouTube channel. The best jobs for stay at home mums with no experience
Earning specific amounts
How can a stay-at-home mum make $2000 a month?
What can a sit at home mum do to earn $400 monthly?
Achieving specific income goals, such as making $2000 a month or $400 monthly, can be possible through a mix of freelancing, online sales, content creation, or part-time remote work. The key is diversifying your income streams and consistently looking for opportunities to grow your earnings through different channels.
Creative and freelance work
How could a stay at home mother earn extra money by working from her home computer?
How can I earn more money being a mother?
Mothers with a knack for creativity can find freelance work in writing, graphic design, and other digital services. Platforms like Fiverr, UpWork, and Freelancer.com can connect you with clients needing your skills. Blogging is another path where you can monetise your expertise or interests through affiliate marketing, sponsored content, or your own products and services.
Making money without a job
How can I make extra money while working full time?
How can I make money without working?
How can you make money without working?
How do I make money without working?
How do you make money without working?
For those aiming to make money outside of a traditional job, consider passive income streams such as investing in stocks or real estate, creating digital courses or ebooks, or earning through affiliate marketing on a blog or social media. These avenues require upfront effort but can yield returns over time without active work.
Income on a single income and passive earnings
How to be a stay-at-home mum on one income?
How do you make a passive income?
Living on a single income requires careful budgeting and financial planning. Generating passive income can supplement your household income, through investments, rental properties, dividend stocks, or creating content online that continues to earn over time.
Diversification is key to financial stability, prompting many to investigate how to make your money make money. This might mean investing in stocks, starting a blog, or even creating online courses that align with your professional expertise or personal passions.
Specific roles and opportunities
How to make money from home as a stay at home mum?
How can I make money from home as a mum?
How can stay at home mums and dads make money?
How much money does a foster parent make?
Specific roles such as online tutoring, virtual assistant work, customer service, and content creation are excellent ways for stay-at-home parents to earn. Each role has its own set of requirements and potential earnings, with some offering more flexibility and others requiring specific time commitments. Research and finding a niche that matches your skills and interests are crucial.
*This is a sponsored post which contains affiliate links*
How to be productive at home
I often procrastinate when I should finish a deadline, complete a household chore, or even when I read to the kids before bedtime. Procrastination has been the biggest bane of my life because it has stopped me from completing the productive tasks to do at home and at work.
Staying productive while working from home is difficult when you have several distractions around you and it’s safe to say we all experience procrastination in varying degrees when trying to complete home work. The Internet and social media has made it that much easier to waste time rather than get things done.
This article is mostly geared towards those, like me, who work from home and juggle parenting and work duties, often at the same time. For me, it’s about finding the right balance between household duties and my business, which is divided into six hours between school drop off and pick up, and often a few hours in the evening as well.
I set myself high-value goals which are geared to improving home and work life, and it has taken me almost twelve years to get to a point where I feel like I have achieved some sort of work/life balance now. But how do you become productive at home?
Below are my tips on how to be productive at home and find productive things to do when bored:
What is productivity?
To be productive, we need to know what productivity means. Businessdictionary.com defines productivity as:
“The measure of the efficiency of a person… in converting inputs into useful outputs. Productivity is computed by dividing the average output per period by the total costs incurred or resources (capital, energy, material, personnel) consumed in that period. Productive is a critical determinant of cost efficiency.”
So, in business, productivity basically means how efficient you are at what you are producing and what you receive economically as a result, i.e.output per unit of input. So, the more productive you are at work, the more chances you have of increasing your income value.
What about productivity at home? Being busy vs productive
In simpler terms, productivity means using your time and energy effectively to achieve your goals. You can use your time efficiently as well, but if the tasks you are working on are low value or at the expense of high-value tasks, then doing something doesn’t always mean you are productive. The primary aim of being productive is to know exactly what you should spend your time, energy and attention on to improve yourself and your family around you.
Why does being productive matter? Tips for how to be productive at home
Consider what it would be like if you could achieve all the high-value tasks you needed to complete in a shorter period, so you have more time to spend with your family. Perhaps productivity will allow you to use your energy on the things that make you happier or even work on tasks that will help you improve your work and home life.
Having something productive to do means that you can manage your daily tasks effectively and still increase your health and wellbeing. And at work, being productive means that you can improve your way of living and earn more income to spend on the things that make you happier.
Which remote work tools help work-from-home productivity?
Productivity will be different for everyone. Perhaps you’re working on a business project that will provide you with more income. Or maybe you are looking to manage a clean house, and you need to divide your time between the kids and household duties.
Or, perhaps you have set yourself a goal to spend more time with the kids, and you need to make sure you free up enough hours every day to do this, while still completing your home and work duties. All these can be managed if you are productive enough with your time. So, how can you be more productive?
Using a productivity planner can help you increase your productivity and efficiency. The productivity planner keeps you motivated in achieving your goals, and helps you form good habits to improve your productivity.
Misconceptions of time that make you less productive – How to stay productive at home in your home office
Why is it hard to be productive at home? If you are easily distracted by others and yourself, and you’re constantly browsing on social media or staring out of the window, then this is counterproductive to your work behaviour.
You need to first identify what your habits are, both good and bad, because these habits have a significant impact on your productivity and your general quality of life.
As you can see in my daily Habit Tracker above, I get distracted easily, and I end up not working on a task that I need to complete. I found I work well in 30-minute bursts. So I would focus on 30 minutes of pure work and then I would allow myself 5-10 minutes to procrastinate. It meant that I was still fulfilling my love for browsing the Internet and reading other articles, but not impacting on my time to work on the more essential tasks.
A Habit Tracker will help you set and monitor your habits and generate more effective ones too. Use the Habit Tracker with your Productivity Planner to help you become more productive and make these habits easier to form by monitoring them every day. More on forming habits below.
How to be more productive everyday – outsource the things you can’t/won’t do
I’m a writer first and foremost. I haven’t got time for social media scheduling, so I outsource that to my VA. If you have a business where you favour a certain skill but don’t want to write then outsource it to someone who can write for you.
Scamfighter.net talks about some of the best writing services out there that can help write some of the longer form argumentative essays for your business. Will Martins’ review also offers insight into one of the essay writing services too.
Whatever skill you can’t or won’t do, outsource it so you can focus on the tasks that really matter.
Ways to be productive at home – How to use a productivity planner
Your Productivity Planner can help you set your monthly, weekly and daily goals. These goals help to allocate your time and motivate you to work on the more important tasks so you complete them productively. There should also be space for your to-do list if you’re like me and need a to-do list for absolutely everything, and you cross off these tasks as and when you complete them.
How to be more productive at home
Everyone is different, but following the below tips on what to do when bored at home will boost your health and wellbeing and therefore increase your productivity at home.
How to be productive working at home – Get some sleep
Sleep is key to being productive at home during the day and being at your very best work performance. Set a bedtime and wake time every day, even during the weekends, and stick to them so your body clock automatically shifts to these times.
When are you at your most productive? Are you an early bird or a night owl, like me? Figure out when you work at your best and set dedicated times according to your productivity. Then monitor those times and find out whether, over time, they work for you. To have an effective good night’s sleep, sleep in complete darkness.
Remove electronic devices, including your phone, from the room and keep the room just for sleeping, as the blue light that emanates from these devices will keep you awake. If you use your phone as an alarm clock, consider buying a normal alarm clock, so you don’t use your phone in the bedroom.
I use an eye mask which helps me to sleep in pure darkness. But if you can, invest in blackout blinds, as they help to block out any light coming from the window. Avoid drinking alcohol and caffeine before bed, as they will keep you up and decrease your productivity the next day.
Things to do to be productive at home – Fit in regular exercise
Exercise helps to keep the heart pumping and will keep your mind and body happy and relaxed. I work out from home 30 minutes a day, and this works for me as I also work from home. But if you need extra motivation, perhaps classes are a good way to keep you motivated.
Exercising outside when the weather is nice is a great way to take your mind off your daily tasks and get in some much-needed fresh air, which will help to clear the cobwebs in your head. Studies have shown that if you step outside at the very start of your day, your productivity increases by up to 70%!
Diet is also just as important as exercise. Make sure you’re eating well and getting your 7-a-day. Try to avoid sugary food and drinks as they spike your sugar levels and will cause an energy crash, which is not good for productivity.
How to make yourself productive at home – Practice mindfulness and meditation
Mindfulness and meditation are all about keeping your mind in the present moment, and not wandering off when you need it to focus on your work. It’s a great way to train your brain muscles and help you be more productive in your daily tasks.
This is a slow process, so take your time and keep going – you will reap the rewards later. Headspace is a great way to practice meditation, and I have written more about mindfulness and meditation to reduce anxiety, which you can find here.
How to make your office more efficient – Set up a home command centre
Set up a home office that limits distraction and makes your office space the hub of productivity. For more information on how to set up your home office, check out Forbes’ article here.
How to be productive at home – tips to promote efficiency – Embrace procrastination and use it as a tool
As I’ve mentioned before, I am a huge procrastinator and spend a lot of my time wasting time! So, as mentioned above, I incorporated a technique which works for me, and that is to work on my tasks in 30-minute bursts and then allow myself 5 – 10 minutes to procrastinate.
You will not beat procrastination, the temptation will always be there. So use your time effectively to get all your procrastinating done and then focus your time and energy on getting your projects done in periods which you can manage. Try the 30-minute burst and see if that works for you.
I wear a fitness tracker, so I set 30 minutes on my timer, and my wrist will buzz when I have finished those 30 minutes. Then I get off my seat, and I take a walk around, scroll on my phone, eat some food or schedule in my exercise.
Take your mind off work for those short few minutes, so you are ready to set another 30-minute timer and tackle your tasks.
Also, if you have deadlines and you set them a few weeks in advance, but you sit on that deadline until the last minute, then change your deadline to a shorter period in advance. If I have a deadline coming in a few days, then I make sure I get it sorted in those few days. If I had 3 weeks, I wouldn’t do anything until the last minute!
Tips for staying productive when working from home – use a productivity journal to reach your goals
Start recording your habits and tasks so you know what you’re working on every day. You can set goals, manage your time, and plan your tasks, so you can see what you need to do every day.
At the start of each month, specify what you will work on each month. Then within each week, set goals that will contribute to that monthly goal, and each day work on the goals that will contribute to your weekly goals.
I found since using a productivity planner that I am so much more productive with my work and house duties because I know what my good and bad habits are and I know what I need to do every day, week and month. But there are a few more things you need to think about before you start on the path to productivity success!
How to be productive when working at home – Work out what your goals are and create habits to achieve those goals
What is it you would like to achieve? Are you trying to lose weight? Do you want to clean less and spend more time working on your business? Do you want to spend more time with your family? Be clear with what you want to achieve and note the point at which you want to get to, so you can create habits to achieve your goal.
For example, if you want to lose weight, set times to get to the gym or fit in your workout. If you want to spend more time with your family, then schedule a few hours in the day to purely spend time with the family – make sure you do nothing else in that time.
If you want to clean less and spend more time working on your business, then use my ‘short work-burst’ method and work on your business for 30 minutes and spend 10 minutes cleaning up a certain area of the house. You can use The Organised Mum’s Method where she talks about cleaning an area in your house for just 30 minutes a day, and this works just as well. I use a method similar to this, otherwise I would just end up cleaning all day and spending little time on work.
Use a habit tracker to track the habits you have identified. Each time you have fulfilled a habit, tick it off. Include your bad habits too like I did and cross-check them off when you have successfully not fallen into those bad habits that day.
If you’re stuck for ideas on how to be productive, here are some productive things to do when you are bored at home:
Productive things to do – Improve yourself
As mentioned above, knowing your bad habits are just as important as creating good ones. Know where you need to work on and spend time improving yourself.
Productive things to do – Try something new
Stepping outside your comfort zone is the only way you’ll grow. I try to do that regularly by learning a new skill or trying my hand at something new. I took a leap of faith and started publishing on Amazon and I’m so glad I did! I’ve learned a new skill and I feel like I’ve accomplished something huge.
Productive things to do – Invest in your future
The best investment you can make is on yourself. So carve out some time to learn a new skill. Home learning courses and work towards building your portfolio, which will eventually help you to build on your income too.
Productive things to do – Have fun
Give yourself a break now and again to wind down and forget about tasks and to-dos. Having fun is actually a very productive past-time because it clears the stress and it helps you step away from a task and have a birdseye view of the problem if you’re not thinking about it all the time. Plus, it’s healthy. Balance is key to being productive so have some downtime too.
Productive things to do – Better your health
I’ve noticed that when I eat junk, I am less productive because I feel lazy and I don’t have the energy to get up and get things done. I’ve started exercising again and I feel ike my brain has been given a natural energy boost. Improving your health improves your productivity, so put health at the very top of your to-do list.
Productive things to do – Get organised
I run a tight ship – I have to because I have four kids, triple school runs and a business from which I work at home. So household tasks, work day tasks and work time itself all have their own pockets in which they can’t overlap or be allowed to fall by the wayside. Project management and organisation is the only way I survive the multitude of tasks but it also keeps me ticking. So make sure you get organised, but be prepared to wing it if certain things prop up you haven’t accounted for. It’s also important to think on your feet too.
Productive things to do – Hone your talent
Do you have a particular skill that you could potentially monetise? Then work on honing that talent and becoming an authority in that field. Knowledge is power, especially if you can teach your potential customers something that will help better their own lives.
Productive things to do – Visit the library
If I get writer’s block or lose my mojo because I’ve had a particularly challenging day, then I put my work down and I head to the library. While I’m there I browse the shelves until I find a particular book that reaches out to me. I sit down for a few minutes and I read for a bit. The act of sitting down and tucking into a good book makes me forget about my day and once I’ve put the book down, I’m ready to tackle my tasks again.
Productive things to do – Make a playlist
On Spotify I have a number of playlists that help me get into the mood for whatever I’m doing. I have a playlist all about bettering yourself and a playlist for winning in business. I also have a playlist of workout music to get me into the groove for working out. Playlists are effective at picking you up when you need an extra boost to get started.
Productive things to do – Learn from mistakes
Mistakes aren’t failures, they’re perfect opportunities to learn and do better at succeeding. But if you repeat your mistakes, you learn nothing. Always take your mistakes as experiences and learn from them so you don’t repeat. Remember, without mistakes you won’t know the path to success, so keep trying, even if you fail.
Productive things to do – Create an evening routine
One thing I do to make sure I’m prepared for the next day is to set out clothes for the kids’ school, pack any lunches and basically do anything that doesn’t impinge on the morning routine. Then I get ready for bed by washing my face, applying my skincare and finishing any tasks that can’t spill onto the next day. Only then do I go to bed knowing I’ve done what I need to do.
Productive things to do – Create a morning routine too
First thing I do when I wake up is write down my 5 main productive tasks of the day in priority order. My to-do list also has other home tasks like making sure to fit exercise in and other child-related activities that are important. I consult my to-do list every hour on the hour because it keeps me on task and I make sure I’m not deviating from what I need to do that day. Then I forget the rest for the next day. As long as I’ve completed my five tasks for the day (and even if I don’t) that’s all i’m focussing on, and nothing more.
Productive things to do – Go camping
There is nothing like leaving the materialistic stuff behind and getting back to nature to make you feel you can accomplish anything. Making a fire out of wood or frying an egg on a makeshift tinfoil pan can provide you with the animalistic tools to go out and get what you want. It also helps you shift your focus on what really matters, something we often forget to do when we’re knee deep in our to-dos.
Productive things to do – Watch tutorials
Learn new skills in webinars if you want productive downtime because tutorials can help you become better in the business of what you’re doing. Perhaps you want to learn to become a better chef so you watch tutorials on how to hold a knife. Or you want to write a book so you watch a step by step process on how to write and publish a book. These are all skills you’re learning so make sure your downtime is filled with lots of productive watching.
Productive things to do – Start a bullet journal
A bullet journal is much like a productivity planner in that it helps you set out the goals you want to achieve in the year ahead. First you lay out your index of plans you want to achieve and then you dissect them into monthly, weekly and daily goals. Define your purpose, review your goals and keep it simple and achievable.
Productive things to do – Again set some goals
If you have some free time, set some goals, this time on things you’d like to achieve as a person. It could be a bucket list of things you want to do that’s not related to work.
Productive things to do – Test out new time management strategies
Sometimes what you’re doing isn’t working, so it’s important to keep testing until you hit the magic formula. Keep testing new time management strategies to see what works for you. This also includes the time in the day you’re at your most productive and whether you prefer to work in longer stints than 30 minutes a day. Whatever works for you will be different to the next person, so try to focus on what you’re doing rather than what other people are doing.
Productive things to do – Create a list of travel destinations
You may wonder why creating a travel list is a productive thing to do, but it helps you set goals for where you’d like to travel and allows you to work for them. Plus it’s something fun to look forward to!
Productive things to do – Start planning your days
It’s really important to know what your daily schedule for working from home looks like in advance. So plan what you’re going to do in advance so you can focus on the tasks that offer the biggest reward and leave the less urgent, less important things for later.
Productive things to do – Share your knowledge
It’s always nice to pay it forward and the act of sharing your knowledge with people will make you an authority in your field, which is great for business!
Productive things to do – Build a blanket fort
You may think that building a blanket fort sounds like a waste of time but it’s actually a pretty effective way to shut the outside world out and focus on you in the here and now. Either build a blanket fort on your own and use it as a form of me time or build with friends and family and use it as a bonding exercise. It is a great way to forget about the mountain of tasks you have waiting for you and just enjoy yourself.
Productive things to do – Make a new dish
I’ve mentioned before that change is good for the soul and making a new dish is a great way to build confidence in your culinary skills. Make a new dish, add it to your recipe arsenal and use the accomplishment to boost your productivity at work
Productive things to do – Become a better decision maker
The famous saying, ‘indecision is the number one reason for failure’ could never ring more true because it halts productivity and stops you from getting things done. Become a better decision maker and the best way to start doing this is by making a decision and sticking to it. Go with your gut and decide – your decision is final.
Productive things to do – Go for a swim
Swimming is such a fantastic sport to melt your troubles away. I find that a vigorous front crawl that gets the heart pumping makes me feel alive and strong, so much so that I want to run back to my desk and bash work out. Use the swim to feel strong mentally and physically and then bring that force back to your productivity.
Productive things to do – Go airplane mode
Sometimes going offline means you can focus on the tasks ahead of you because you’re not messing about on the internet or scrolling through social media. It has taken me a long time to force myself to work on my tasks for the dedicated 30 minutes without caving and clicking on a notification that comes up. So I disabled notifications and went airplane mode. Now I don’t get distractions anymore to entice me to stop working.
Productive things to do – Go for a hike
Another productive sport is hiking because it’s get you out into the fresh air which boosts productivity and it gets your heart pumping which boosts your mental health. Hiking helps you forget about your insular world for a moment and enjoy nature and the bigger picture. A good hike should leave you feeling refreshed and ready to tackle your tasks when you get home.
Productive thingso do – Envision your ideal body
One of my biggest goals is to get back to my pre-pregnancy athletic fit weight, but I have been lazy and often resorted to junk food because I haven’t got a goal or I haven’t envisioned how I want to look. I started looking through old photos of me and now I can envision my ideal body which helps me to push through the workout when I haven’t go the mental energy to start. Envisioning your goal helps you map out the steps to success, so that’s what I always do when I’m feeling like i don’t want to exercise. It helps so much.
Productive things to do – Clear out your mental clutter
If you’re constantly asking yourself, ‘How can I be more productive in life?’ Perhaps your mental load is a bit overwhelming and you need to declutter and compartmentalise your to-dos. Start by organising your space around you or venting to someone if you have anxiety. And don’t take on other people’s worries, you have enough to deal with!
Productive things to do – Clean out your junk drawer
If you have junk everywhere, then you will not be very productive at home. Cleaning junk from your space is one of the most vital tips on how to be more effective working from home
Productive things to do – Organise the spices
Another strange one to add to the productivity to do list but the act of organising your spices helps you organise your mind and it boosts you to organise other parts of your life too. Try it and see for yourself.
Productive things to do – Prep your meals for the week
One of my favourite tips to be productive is to prep your tasks in advance, and one of them is definitely meal prepping. It helps me not to waste time on figuring out what to cook every day. I now subscribe to Hellofresh which means I don’t need to waste time figuring out what to cook or go to the shops and waste time figuring out what to buy. I just pick out the recipe card and the exact ingredients and I cook!
Productive things to do – Make backups of everything
I now back all my work to a cloud which means no more hard drives and no more figuring out where everything is. Backups help you access your work easier and if something goes wrong, it doesn’t matter, because you have a copy in the cloud.
Productive things to do – Get your goals in order
One of the most important tips for being productive is to know what your goals are and work toward them every day. Do what I do and just write down 5 tasks you want to complete every day and then just work on those. Leave the rest for another day.
How to be productive working from home – Best productivity tips for working from home from parents
I asked multitasking parents who work from home their top tips on productive things to do moving forward:
“I feel more productive if I put my phone down… I get so easily sucked into irrelevant things on social media that I lose track of what I’m doing and feel like I have to start again. That goes for both work and at home. Once I sit down and just have 5 minutes, I don’t want to get up again 🙂”
” I have been an early bird for as long as I can remember. Before Ted arrived, it wasn’t unusual for me to set my alarm at an ungodly hour – 5 am, sometimes earlier – when I had a specific task to turn around. I don’t have that luxury now… I sometimes have no choice but to work at night, but I always give myself time the next day to review what I’ve produced – because I can’t trust my morning person brain to make anything of quality after 5pm. You might be completely the opposite, so work with your strengths.
” I am definitely more productive if I stop working for regular breaks. I either do some housework, walk the dog, go for a run or swim or simply play the piano or read a book for 5 minutes. I’m much more able to properly focus on what I should be doing afterwards.”
“I am more productive if I chunk similar activities together so I’ll set time aside specifically for social media, schedule writing for a different time etc.”
“I’m more productive when I actually get dressed and out of my pyjamas. I ‘pretend’ I’m actually leaving the house and prepare in the mornings that way. Well, most days anyway!”
“I think a really great way to be productive is to have your to -do list written our and on your clear and clean desk the night before. It means you start the day with absolute clarity of purpose.”
“I recommend a to-do list. Either online using something like Trello or just on paper. It helps to write down everything you need to do and then tick off as you go.”
“Working from home can be distracting when you have a mountain of washing or other household tasks. I often take myself off to a nice cafe with free WiFi so I’m then totally focused on work. A good coffee and slice of cake is a good reward.”
“I make a list the night before my day off so I don’t procrastinate/waste time in the morning deciding what to do. I feel that way I get up knowing exactly what I’ve got to get done!”
“Don’t go for the false economy of not buying some of the productivity tools out there. The money you save not doing so is far outweighed by the increase in time you have if you use them. Tools like Tailwind, Buffer, Missing Letter are a godsend for me. And – have a set time to check your emails. Absolutely DON’T have it open all day distracting you 😂😂”
“Try and set certain tasks up the night before, such as the washing machine or dishwasher! By the time you then come downstairs in the morning, some of your tasks will already be done – resulting in more time for other tasks or a 5 minute sit down.”
Starting something is probably the hardest thing to do, so the only way to start is, well, to start! Use the above tips to be productive at home, grab yourself a productivity pack like I did and start recording your habits.
Plan your goals in your productivity planner and write out your monthly, weekly, and daily goals. Set yourself a target of 30 days to complete your habit and focus on tracking that habit every single day. After a few weeks, you will form your habit naturally as you have focussed on fulfilling that habit. I always feel amazing when I’ve had a particularly productive day.
You just need to find the motivation to start and what better time than to start implementing the ways to be productive now?
FAQ
Do you have any legit sustainable ideas for how to be productive at home?
Other questions asked were:
How to be productive at home when bored?
How can I be more productive at home?
How to feel more productive at home?
How do I make myself productive at home?
How can I be productive at home at work and in life everyday?
How can I be productive at home with nothing to do?
How can I be productive daily?
What productive things to do when bored?
What to do to be productive at home?
What can I do to be productive at home
How to be productive everyday?
What are some fun and productive things to do at home
How to be productive when home alone?
My tips above will help you stay productive at home.
How to be productive at home when depressed?
Depression can sap your motivation to stay productive and even the simplest of tasks can feel like a huge challenge. It’s important to find the source of your depression and consult a professional to help you manage symptoms so you have more of a chance of becoming productive and building a happier you.
How to be productive at home after work?
Other questions asked were:
How can I be as productive as home that I am at work?
You might be completely shattered after work and not want to do anything. This is where organisation is key. Prepare what you need to do the night before and focus on the very important tasks before bed. Get some sleep too so you can function the next day.
How to be productive at home with ADHD
I often tell people I am undiagnosed ADHD because I’ve realised a lot of the challenges I face are symptomatic of someone with ADHD. I thrive under pressure of a million tasks at once but if i don’t’ have a to do list I get overwhelmed and get nothing done. So some tips I can offer which have helped me over the years are:
Just start. Don’t think of your tasks as one big tasks. Just break it up into the very first step and think about the rest later. For example, doing the dishwasher is a huge task. But, just telling yourself to put one plate in the dishwasher is a smaller step to completing that task
Keep yourself free to move around. Working from home is a massive plus for me because I can move my laptop around the house. I sometimes work when I’m cooking! I stand and work, sit on the couch and work, lie on the bed and work, whatever it takes to help my busy mind stay focused.
I schedule in exercise in between work to help break up the day but also burn that excess energy – yes, even the energy after managing four kids – no idea where the energy comes from…
I write all my ideas down as they come otherwise they fade away. I take my phone everywhere with me but not to keep looking at messages which I hardly do. It’s to write down the gazillion ideas I have every day. I don’t give them a moment’s though after that until I dedicate a time on Sunday afternoon to go through them and then prioritise them for tasks to complete as part of my productivity to-do list.
Coffee is my elixir – it gives me life!
I find listening to a self help audible book (my favourite at the moment is, ‘The Magic of Thinking Big’, or boosting music which helps me complete the more mundane of tasks like cleaning. I always watch a show while I’m cooking otherwise I get distracted.
I do work in 30 minutes bursts but if i have hyperfocus mode on I go with it until it shuts off. Sometimes I’ve had hyperfocus mode on for three hours when the kids have gone to bed and I haven’t blinked once. That’s when I’m at my superwoman productivity mode. Nothing stops me when I get into that zone and I have sometimes written books in that time.
Told you, I clearly have ADHD.
How to be productive at home during summer holidays
Summer holidays are tough for productivity because I have to manage four kids’ boredom thresholds as well as other tasks during the day. So I prioritise being productive for the kids and that has resulted in me creating a Screen Free Summer Challenge for them to complete one screen-free activity a day. I also try to pocket tasks into their own special time zone, like cleaning tasks in the morning and once I’m satisfied the kids have done enough they go on the phone and I get work done.
*Collaborative feature post*
How to build a solid child future plan
Kids come with suitcases, as some cultures say, and most of the time with a bigger expense too. But it’s not all about winging it on your own anymore. Coming up with a financial plan for your child’s future will mean they’re better able to stand on their own two feet when they become adults. Life is tough at the moment, so how do you set up a child future plan without causing too much of a dent in the finances? And what do parents want for their children’s future exactly?
In this article, we’ll discuss the different ways you can not only save money for the future but I’ll also share tips on how to plan for a child regarding continued education, forging careers and having their own family one day, should they want to?
So let’s get started!
Get your personal finance in check ASAP
If you’re in debt, there’s little chance you can prepare for your child’s financial future plan if you don’t have any money to put towards it. So it’s important to get a hold of your own finances before planning your child’s financial future. Setting an example for your child involves you actively trying to save where you can and getting out of the red where possible. Check out this article on how to save money for your family, but here are some other ideas you can implement right now to help maximise your money.
Get the most out of your tax return if you’re self-employed
Filing your taxes can be a nightmare, but getting the most from your tax returns will make the experience slightly better. Staying on top of your finances is extremely important so you can maximise your tax refund and meet your savings goals.
Do your research on any tax deductions you may be eligible for, as it will lower your adjusted income and you can pay fewer taxes. Some tax deductions you may not be aware of include charitable deductions, childcare and student loan interest.
Get the most out of your IRA and HSA
Traditional IRAs and Roth IRAs are retirement investments that can both reduce your taxable income and save you money in the long run. An HSA, otherwise known as a Health Savings Account, is designed to use your healthcare costs to lower your tax liability. It’s a savings account much like your standard bank account, except you can only use the funds on healthcare expenses.
Unlike a standard savings account, the HSA money can’t be taxed and they can reduce your taxable income. There are certain eligibility requirements for an HSA so make sure you do your research before you start.
Explore investment opportunities
Did you know you can invest the money in your HSA? Similarly to a 401(k) plan or another retirement account, you may invest the money in your HSA in mutual funds. Many investment companies have funds specifically designed for HSA investing.
Be sure to declare it on your taxes
If you have an HSA, you’ll need to declare it on your taxes. You can use IRS Form 8889, Health Savings Accounts, to do so. Report your and your employer’s contributions, your deductions, and your distributions.
Don’t overlook other ways to maximize your tax refund
There are certain factors that you might not realise but can also help to maximise your tax refund. For example, if you received a bonus at your work and taxes were taken out of that, you may get some of that money back. To see if this applies to your situation, use a bonus tax calculator which will give you an estimate of how much tax will be withheld from your bonus.
Consider taking out a life insurance policy now
While the idea of your death may not be something you want to confront at the moment, it’s always worth exploring which life insurance plan (like HDFC Life) could help to support your children should the unexpected happen.
A decreasing life insurance policy is aimed at helping beneficiaries to pay off mortgage repayments and other similar debts, giving your children the opportunity to stay afloat and not incur significant debts in the event of your death. Make sure to look at the different life insurance policies that are out there, like term insurance plans and group insurance plans, to understand what is required of you to start.
Investing for your child and setting up your child’s Junior ISA
Some parents will even consider opening an ISA to which family members and friends can contribute. Most ISAs will let you and others add up to £9,000 per year into the account, completely tax-free. When your child turns 18 years old and is a legal adult, the ISA will be legally theirs.
However, it’s important to know that once your child is legally the owner of that ISA account, they can do what they wish with the funds inside. So, while it may be an extremely effective way of providing a nest egg for your child, it may also give them a lump sum they can spend however they want. You can start investing for your child now so they have a nice financial cushion to help them later.
So teach them about the benefits of saving money even at their age
Teaching kids about the value of money is highly effective at their age. Young savers create a strong understanding of money fundamentals and learn to make money work for them at an earlier age, which means more opportunity for them to invest their money young and become millionaires later!
Teaching your child some financial responsibility can be as simple as helping them aim for a small-scale savings target. Perhaps their pocket money can be put aside for 8-10 weeks so they can buy something they’ve been eager to get. Or teach them the rule of putting a certain percentage of their earnings into a savings account and they can spend the rest. In no time at all, that satisfying feeling of earning that reward will become a healthy habit on how to plan for the future.
The child future education plan – openly discuss their career goals
Planning for your child’s education can get expensive, especially if your child picks a vocation that requires post-graduate fees. Here are some tips on how to navigate the world of future child education.
Child future planning – schooling and routine expenses
Regardless of your child’s educational intentions, schooling is going to take up a sizeable chunk of your expenses, even after the childcare you had to pay for nursery. Consider after-extracurricular activities, school attire and camps, as well as school trips and other miscellaneous expenses for which schools will invoice you. So it’s important to consider how you’re going to pay for those.
Perhaps set up a separate bank account for education only and pay money into that account every month. If they require funding for student fees, you could help them by cosigning a loan so they can pay university bills or build assets which can help pay for their student fees.
Starting as early as possible will mean you will have more money to put behind education and help your child realise their career goals.
Child future planning – Longterm Goals
As part of your child future plan, long-term goals should be at the forefront of what you do.
These discussions can begin at any age. As long as the conversations are light and supportive (no child should feel pressured to become an accountant at 6!), you’ll be able to gain a deeper understanding of what subjects your kids enjoy at school and how you can help to cultivate their interests into a successful career.
Who knows, perhaps that natural skill they have in class can be shaped into an after-school activity that leads them on a lifelong path to becoming an expert in that specific field. But have the conversation now, so they’re ready to make the decision when the time comes.
Planning for your child’s marriage
Your child may not get married and that’s their right of course. But, what if they do? Weddings these days cost the same amount as mortgages and if you’re not prepared, you may risk your child footing the bill and causing a huge dent in their personal savings plan.
Of course, they don’t need to have an overly elaborate wedding, but being able to offer them a gift to support their special day would be not only be a huge help financially but a great step in the right direction to supporting their choices and helping them grow a family, should they want to.
Retirement planning
There will come a time when you’ll need to hang up your work hat and rely on your savings, whether that is the money you stashed in the account or your pension. Either way, you need to plan for the day you retire.
To plan well and prepare for retirement, you will need a basic retirement calculator. This calculator will help you determine what you need to save. The existence of retirement accounts has made retirement savings possible.
Different ways of investing for your retirement
Sometimes it’s hard to decide on the type of retirement investment to undertake, especially after the 2008 global stock deterioration. There are so many types of investment options you can engage in to have the right retirement package. Try some of these examples below:
Real estate
Real estate investment involves purchasing a property that will give you a continuous income later in life. Real estate has made many become financially stable and it is a good source of wealth because investors buy properties and develop them into modern rental homes, but you’ll need capital to make this happen. Make sure you have enough money to put towards the deposit and the expenses that come with a rental business. As with every investment, there is a risk.
Shares through the stock exchange
Investing in shares is a long-term investment that will give you returns annually. There are so many public and private entities selling their claims to the general market and the more shares you buy, the more you may get in returns.
Bonds
Bonds are products offered by companies and governments to raise money for their daily operations. Bonds are, therefore, a mechanism used to get loans. Every bond you buy from the government or any other entity earns good returns as interests. Government bonds are the most secure investment since a government will exist even in the next hundred years to come.
Personal pension scheme
Retirement pension plans are programs used to save for your retirement package. There is a deduction of a small amount of your salary to be kept by the pension provider. Upon retirement, you get all the money you have saved and also the interests incurred from your savings.
Some pension schemes even offer monthly payment depending on how much you had saved in your account. Most governments have made it compulsory for the working population to save in one of the national pension accounts because pension accounts have a good return.
Final thoughts
There’s always a fine line between wanting to plan for a bright future for your child and being too eager, you risk preventing them from being a child and push them away. But, don’t let obstacles prevent you from planning. Approach these subjects with an open mind, and give them that financial support to accomplish their future goals. From offering advice about health insurance to sourcing a financial planner to maximise their money, the best child future plan involves covering all bases to help secure their future.
FAQ
What’s the smartest way to invest in my son’s future?
Other questions asked were:
What is the best way to plan financially for the children’s future child plans or Equity SIP?
How can I secure my children’s future?
How can I build a secure financial future for my future child?
What are the ways parents can plan for their child’s future?
Why plan for your child’s future?
What are long term plans for your child?
“A top choice investment for a child’s future welfare is a Junior ISA or JISA. JISAs come in two options – a Cash JISA or a Child Investment ISA, also referred to as a Stocks and Shares JISA. Cash JISAs are not much different from ordinary savings accounts.”
We are becoming increasingly aware of the importance of living in an environmentally friendly world, and our consumer needs are changing to accommodate an economical and efficient way of living. We turn off our hoses in the summer; we recycle our waste in respective recycling bins, and we opt to walk or ride a bike rather than take the car or the bus. So how about driving an electric family car?
The car industry is now jumping on board, and electric vehicles are becoming more mainstream. We own a Nissan Leaf electric car (which sounds like a mini plane when it takes off) and it’s hard not to spot the benefits of driving an electric.
The Tesla model paved the way for electric cars and electric mobility is on the rise. However, this doesn’t mean that you must go for the top end of electric cars if your budget does not allow for it. Car giants like Volvo have converted to electric car production only, and even Tesla is offering more affordable options for families too.
NewMotion is an electric car charging company and has one of the most extensive charge networks in Europe, with over 50,000 NewMotion charging stations. So, it is not always going to be difficult to find a charging point because there is now a consumer demand for it.
There may be delays around popular models
More people are buying an electric family car. That said, like with all commodities, some iterations are more popular than others.
There are only a handful of ways to deal with this problem. The first is the most obvious; practice patience. As there are global targets to ease the transition to the electric family car, manufacturers and drivers can’t afford for these situations to go on indefinitely. Something will have to give eventually. Otherwise, you can skip the queue as a buyer for an extra cost, with dealers adding premiums to the vehicles they have in stock.
Of course, not everybody is comfortable with a price markup, and that’s completely valid. There are other ways to enter the electric family car scene even then.
“It is a great first step towards improving the environment and so a fantastic lesson to the children in making a positive change to help the planet. Educating the younger generation in making good choices is the only hope for the future of our world.”
“Of course, it is better for our children and us, and it is a sustainable form of power. Also, the kids get to think they are in a space car (I mean it is kinda cool that you plug them in). My dad is waiting for his new Tesla, and I cannot wait to give it a spin.” Www.sineadlatham.com
“Not only is it better for the environment, but it is better for all of us. Just imagine how many toxic fumes we all breathe in walking alongside the road every day – yuck!” www.lyliarose.com
“You do not need to leave the kids alone in the car while you pay for refuelling.” http://Pinkoddy.co.uk/blog
Availability of leasing arrangements
If you can’t buy an electric family car, leasing it can be a viable alternative. It’s a temporary arrangement that gives you the full experience of driving the electric family car without all the extra costs that come with ownership.
Read the ultimate guide to leasing an electric car from LV ElectriX. They provide useful information on the most cost-effective approach to leasing, how insurance, warranties, MOTs, and maintenance work, and more. By the time you’ve finished reading, you should understand how promising a lease deal can be, and you can confidently find a quote with the same service’s help.
Even if you’re not looking to buy an electric family car, leasing is still a very useful arrangement. After all, it gets you behind the wheel and sampling the best of the electric family car market more affordably. If it’s not for you, that’s okay; the lease will expire eventually, and you can return to your life. Otherwise, this is a great way to get your feet wet in the electric family car market, and it helps you test and try lots of different makes and models over time. A wide breadth of driving experiences can be enjoyed here.
Road tax after 2025
So far, electric family car drivers enjoy a tax-free ride. However, that’s all about to change.
Chancellor Jeremy Hunt has announced that all EV drivers will pay road tax, or vehicle excise duty as it’s sometimes called, from 2025. It’s a move that’s likely been inspired by the declining revenues to the Treasury that come from VED and fuel duty. Considering that the sale of new petrol or diesel cars will be banned from 2030, also, it’s a (misguided) effort to ‘restore’ economic balance with the roads. Other reasons stated include that EVs require emissions to manufacture and cause wear and tear on the roads the same way other cars do.
Indeed, it is bad news that road taxes are evening out. Still, a couple of years are left to enjoy a tax-friendly electric family car. And, hopefully, this is a case of ‘what’s done cannot be undone’, as there need to be incentives for people to make the switch to EVs. Affordability will be a huge deciding factor, especially due to the cost of living crisis, so perhaps a reversal of these measures can be expected in future.
Infrastructural improvements
One of the things that put people off from securing EVs was the availability of charging points. They could be found in only a few public locations, and queues were long.
Today, EV charging points are becoming more commonly available. After all, it’s now law for new builds to come fitted with one, but the tech is also continually installed elsewhere. There’s a real surge of investment in this part of electric vehicle infrastructure, and changes should be noticeable already, giving you the confidence to get started with a vehicle of your own.
An electric family car costs less than family gas vehicles
In almost every way, an electric family car costs significantly less to run and maintain than a gas family car. You do not have to buy gas, there are no oil changes, and there are fewer parts that will break or wear out. In fact, many electric car owners will go for years without seeing a repair or service bill.
“Electric cars cost less compared to conventional gas vehicles each year. As the cost of electric cars becomes the same as or less than existing vehicles, the choice to ‘go electric’ will be apparent. Electric cars are already pretty affordable. The cost of operating an electric vehicle will already save you money on the life of the car.”
“Electric cars are more economical to run and cost less in tax too. They are also better for the environment and don’t we all want that for our children? They are just as spacious as any other car too.”
https://virtuallyallsorts.com
An electric family car is more environmentally friendly
You can take pride in driving awesome green cars because, unlike a gas and diesel motor, electric family vehicles produce zero tailpipe emissions, which means that they do not emit pollutants or greenhouse gases that can harm our atmosphere. One caveat, however, is that an electric family car’s overall environmental effect depends on the source of electricity that it uses. So, if the source of energy is renewable, then you are onto a real environmental winner.
“I own an electric car (a Renault Zoe) my main reasoning was environmental.”
“They cause far less pollution. This is far better for kids, especially when you think about the number of cars outside the school gates every day.” www.householdmoneysaving.com
“Electric cars are better for the environment, our health and are cheaper to run! We are looking into it at the moment. It feels like the responsible decision to be honest, for the sake of the planet and future generations.” www.livinglifeourway.com
The cost of an overnight charge which provides around 100 miles of driving costs about £3, depending on your electricity tariff. A petrol car would cost more than £15 if you were in town.
“My biggest incentive to buy one would be that there are always spaces available for electric cars at my local shopping centre. I think I might buy one just for the convenience of an easy parking space.” www.yorkshirewonders.co.uk
“Because it is just the way the world is going, might as well get on board now and do our bit before government legislation forces us to have any way started to do in places like France. We as a society need to take drastic action to try and undo the damage we have done to the planet. By the time our kids are grown up, I envisage that it will be ludicrous for people to have anything other than electric cars. My husband and I both have plans to have swapped our cars by the end of next year. We love Elon Musk and the work he is doing with Tesla, it is incredible.” Www.porridgeandparenting.com
Your personal circumstances
The decision to secure an electric family car rests with you. They can be pricey to purchase but more cost-effective to maintain or lease. Keep that in mind as you proceed.
It’s a time of great strife for households across the UK. If you, like millions of others, are working with a stricter budget, then it’s worth reassessing your situation to see how feasible are fully electric cars for you Be responsible and keep your budget at the forefront of your mind, even as you consider external factors. After all, only you can decide when the best time is for you to enter the electric family car market.
When you opt to buy an electric family car, you are not only helping the environment, but you’re driving the future. With more car giants jumping on board, you will find that the lacking range of electric vehicles in the market is fast becoming a thing of the past.
FAQ
How much power does an average electric family car consume?
An average electric family car consumes around 0,29kWh/lm, or less in favourable weather conditions (around 0,15kWh).
What is the cheapest electric car available in Norway and how much it costs?
Does the Tesla family or estate get any money from the sale of cars?
The majority of Tesla’s revenue comes from automotive sales however the name Tesla is now in the public domain and all of Nikola Tesla’s patents have expired. So Tesla Motors is free to use without owing any royalties or licensing to the Tesla family.
How much power does a Tesla use compared to home appliances?
Batteries an store between 80 to 100kWh of electric fuel. 1 kilowatt-hour is enough energy to power a typical refrigerator for five hours.
The electric family car works out cheaper in regards to fuel consumption and can be better use of time as you can charge any time of the day. EVs are also better for the environment.
What is a kWh battery pack?
kWh means kilowatt hour and is the unit of energy used when working out the electric car battery capacity and the amount of energy put into the battery from the charger.
What was the best electric family car 2022?
What is the best third row seating SUV electric family cars?
Other questions asked were:
Do any electric vehicles have third row seating?
Best third row vehicles?
Click here for the best third row seating electric SUV in the market right now.
What are the best electric crossover SUVs for families?
EVs typically depreciate by around 49% at the three-year mark and some models even depreciate less than 40%.
Best electric family car 2023?
The most popular EVs of 2023 are the Tesla Cybertruck, 2022 Ford Lightningh, Rivian R1T, 2022 Audi Q4 e-tron, Q4 Sportback e-tron, 2022 EV Hummer Truck and the SUV in 202.
What is the fastest electric family car?
The fastest electric family car is the Rimac Nevera with a top speed of 256mph.
Best electric family cars USA?
The best electric cars to buy in the USA are the Tesla Model 3 which is the top selling electric car in 2022.
Why don’t electric cars have generators on wheels?
“Some electric trucks do have generators in the wheels, but these are also the motors that drive the trucks. Most electric cars do not use wheel motors because the ride quality would suffer, but the motor/generators they do have are permanently coupled to the wheels so it does not matter. Trucks are expected to ride a little rougher, so these are the EVs most likely to have wheel hub motors. Hub motor/generators have no reduction gearing, and work best in larger diameters which truck-like vehicles tend to have.
EVs do not need clutches or multi speed transmissions so that each motor they have is also a generator when the vehicle needs to slow down or retard itself on steep hills. The wheel hub motor can do that too, by functioning as a generator. In effect, all EVs already have generators attached to their wheels, but they are only generators part of the time, other wise they are a drag if you need to coast, but are motors when you need to go faster. Wouldn’t it be great if IC engines could do that little instant transformation trick and put gasoline back into the tank when they go downhill?”
“That’s because the electric motor inside of an EV generates torque in a way that produces the necessary force to get the car moving quicker than its conventional counterpart. While EVs won’t be tearing up the track like a Lamborghini or Ferrari, instant torque gives them great acceleration from a dead stop.”
We own two cars, one petrol and one electric. We’re hoping to transition to electric 7 seater by next year.
How should an electric car battery be stored?
“This decrease in capacity is relatively insignificant, however. It is primarily the cycles of charging and discharging that wear out the batteries. Nevertheless, we do recommend storing your electric car in a place protected from sun and extreme heat, just like you would do with any vehicle!”
The best electric family cars you can buy in the UK?
Other questions asked were:
The best electric cars for families in the UK
The best family electric vehicle
“The Hyundai Ioniq 5 is the start of one of them getting truly serious about EVs, and it’s built on a bespoke EV model platform with 800V electrical architecture. Skoda Enyaq iV. …
EVs are becoming cheaper to make and the prices have already fallen dramatically. They will reach prices of petrol or diesel cars between 2025 and 2027 and may become cheaper even after then.
Which electric car has the most cargo space?
Other questions asked are:
Which electric car has most trunk space?
The Tesla Model X has the most cargo space at 43.5 cubic ft. (1231L of space).
What is better, all wheel drive or four wheel drive in electric cars?
…Going from RWD to AWD gives you 42% more brake horsepower, but 73% more torque. There’s also about a 30 mile range difference between the two vehicles (RWD = 30 miles more). My take: In simple terms, BHP is how much power a vehicle can output, whereas torque represents how the vehicle will perform under heavy load.”
The cheapest most popular electric car is VW ID.3 Life Pro Performance which starts at £29,990.
What are Top Gears top electric cars?
Top Gears’ electric cars are:
Fiat 500
Mercedes-Benz EQS
Volvo XC40 P8 Recharge
Peugeot e-2008
Jaguar I-Pace
Mini Electric
Volkswagen IO.4
BMW i4
Kia EV6
Polestar 2
Renault Megane E-Tech
Ford Mustang Mach-E
Tesla Model Y
Skoda Enyaq iV
BMW iX
Honda e
Audi e-tron GT
Hyundai Ioniq 5
Tesla Model 3
Porsche Taycan
*Collaborative feature post*
What to look for in a kids bank account with debit card – US
If you are wondering whether it’s time to find a kids bank account with debit card for your child and they are over the age of six years old, then the answer is yes! Having a vehicle in which your child can put money aside is a great motivator for success and the earlier you teach your child financial education, the better relationship they’ll have with money because they’ll be more knowledgeable about how to make money work for them.
Should I get my child a debit card? What are the benefits of having one?
By opening a kids bank account with debit card, you are not only teaching them about money but they’ll also learn to be disciplined with what they earn and spend.
If you’re in the US and you were wondering what the best bank account for kids and mobile apps are as well as a summary of the best debit cards for kids, then please stay till the end as this article is for you!
What is a debit card for kids and what are the pros and cons of debit cards for kids?
So, what is a child bank account with debit card and why does your child need one right now?
A kids debit card can be used in exactly the same way as an ‘adult’ debit card, i.e. in shops, cashpoints and online, but the children’s version will include more limited daily withdrawals and full parental control over your child’s spending (one of the reasons debit cards for kids are safe). There will also be full security and privacy checks to ensure data is kept secure.
However, sometimes with a kids bank account with debit card, there may be limited fraud protection, as well as spending limits which depend on the account balance. There isn’t much scope to build your child’s credit because of basic functionality of the app, and there may be overdraft fees if your child can’t stay within their limit.
Also, if your child isn’t old enough to have a job yet, then one thing to do before getting a debit card for kids is to introduce them to earning money and then any allowance or pocket money can be paid into their kids’ current account and your child can then spend this money using the kids allowance card.
How can a child get a debit card?
You will find a kids bank account with debit card available in most banks as most are available for kids 13 years old plus, but child-focused debit cards can be available from as young as six years old. However, in the US, a child who is under 18 years old must have a parent or guardian who is over 18 to be on the account.
Mobile apps and children debit cards
Most bank accounts have a mobile app which offers a multitude of features for your child. Some benefits may include:
Personalisation features
A list of jobs, chores and obligations
School, household, curricular, and extracurricular activities;
Rewards and penalty points
Parents can set guidelines, limits and rewards and when the child fulfils them, they can earn money. Some mobile apps even offer the child to save, buy, invest and donate money like the BusyKid app.
These apps may also include an information directory to help you teach your child how to manage money and may even offer games which can help them learn through play.
Which banks do children’s accounts? Best bank accounts and debit cards for kids
Banks offer different features, promos and savings, so let’s look at some of the best debit cards for kids:
Here are some of the best children’s bank account with debit cards so you can compare children’s bank accounts and decide which is the best for your child:
BusyKid Visa Prepaid Spend Card
The BusyKid Visa® Prepaid Spend Card allows your child to spend anywhere where Visa® is accepted. Other features include:
A prepaid debit cards where you can add money instantly, including kids visa card
Have access to thousands of ATMs
Make the card virtual with Apple/Google Pay
Parental supervision on every transaction made
Set restrictions on purchases they consider inappropriate
Kids can earn money through the app, which they can later invest, spend, or donate
The price is around $3.99 per month, or yearly for $39. The annual offer includes up to five free children’s cards.
BusyKid Best for families with multiple kids
BusyKid is an award-winner and is voted as having the best debit cards for kids with its accompanying mobile app.
Axos Bank
Axos Bank offers the free joint account holder access to its child accounts for no monthly fees, but the minimum age limit is 13–19 years.
There are daily limits at ATMs from $100 to $500 and parents can also set limitations on withdrawals.
Chase First BankingSM
Chase First Banking is exclusively for Chase checking account holders and offers parents the control over how much their kids spend. The account also provides an opportunity for kids to learn about saving, spending and earning money.
Chase First Banking Best for features with no fees
There are no monthly service fees so you can start your child off with their first junior debit card for free with their free kids bank account with debit card and you can manage both your personal accounts and Chase First Banking accounts in one place with the Chase Mobile® app.
Mazoola Virtual Debit Card
Mazoola is a debit card and a virtual wallet at the same time. It offers some novelties, such as pocket money that is automatically transferred from the parent’s account.
The application has tasks set by parents, as well as a system of rewards and penalty points when necessary. Privacy and protection of children is guaranteed.
Mazoola best free debit card for kids
Mazoola is the only COPPA-certified kids banking product which makes it a favourite amongst parents wanting to keep their children’s information private. The app and virtual debit card are free and you can set savings goals for your children. Mastercard contactless payments are accepted.
Greenlight Debit Card
The Greenlight debit card offers your child a secured debit card which includes features like:
Ability for you to set up earnings and allowance via direct debit for chores completed
Up to 2% interest on Savings
Set savings goals together and reward good money habits
Investing feature and ability to research stocks and ETFs
1% cashback on spending
Greenlight – Best all-around kids account
The Greenlight card is a great way to introduce kids to personal finance and money management by offering them the chance to spend or save. It helps kids understand the difference between wanting something and needing something and helps them become more knowledgeable about financial responsibility.
Copper Banking Debit Card
The Copper debit card and app offers teens 13+ the ability to set goals and learn to save money. They can track spending and send money in seconds.
Parents can monitor purchases in real time, set up allowances to pay your teen when they complete chores, and there are no hidden overdraft fees or credit checks.
FamZoo Prepaid Card
The FamZoo Prepaid Card is a free debit card for kids of all ages. Features include:
Instant card-to-card transfers
Max FDIC insurance
IOU account option
Discounted pricing options
$15 referral bonus
Direct deposit for teens
Restricted child access
iOS and android apps
Access from any browser
Card activity alerts
Lock and unlock card
Reimbursement requests
Automated allowance payments
Automated chore charts
Missed payment tracking
Allowance and chore splits
Chore penalty option
First dibs chore charts
Parent paid interest
Savings goal tracking
Family loan tracking
Automated family billing
Expert help and advice
GoHenry Debit Card
With the GoHenry prepaid debit card and app, kids can learn how to budget the money and understand the difference between wants and needs by spending wisely. Parents can help guide their progress with real-time updates.
Kids can gain skills and learn about investing via the app and enjoy a card of their own to manage. The GoHenry app offers lessons for kids aged 12+.
Jassby Virtual Debit Card
The Jassby Virtual Debit Card is powered by its app and helps promote financial literacy for kids. Parents can manage chores, send allowances and offer rewards.
Lloyds Bank children’s account
The Lloyds Bank children’s account offers 11 – 17-year-olds a choice between a Lloyds Visa debit card with contactless functionality to use in shops or a Cashpoint® card where kids can only take money out of cash machines.
Other features include:
Earn interest each month with a teen checking account
Manage money via mobile banking, internet banking or telephone banking
Opening a teen bank account is simple and kids can choose between a Classic account or a Student Account if they’re in full-time education.
There is no arranged overdraft available in this account. If your child hasn’t got enough money, transactions shouldn’t go through.
11-12-year-olds can only apply at a branch with a parent or guardian
Alliant Credit Union teen checking account
This Alliant Credit Union Free Teen Checking Account helps teens learn about and practice financial management. The teen account has similar benefits to the regular Alliant Checking account and includes:
Online and mobile banking
ATM rebates
High Rate Checking and Overdraft Protection
Stricter access limits for debit card purchases and ATM withdrawals
A parent/guardian must set up overdraft protection on a free teen checking account.
There is also a savings account option with an Alliant Credit Union Kids Savings Account to help your child save their money too.
Capital One MONEY teen checking account
The Capital One MONEY teen checking account offers a multitude of benefits, including:
Online Banking Mobile – a banking app which is top rated
Ability to transfer quick and easy money to your child
No monthly service fees or minimum balance requirement
Available for kids aged 8+
Stay on top of your child’s spending
Recently named as one of GOBankingRates’ Best Checking Accounts of 2020.
Parents can link external accounts to MONEY.
Kids can use their card to access their money at 70,000+ fee-free ATMs nationwide.
Kids can also open a Capital One Kids Savings Account to save money (see below)
Wells Fargo Clear Access Banking
If you already have an account with Wells Fargo, you can set up a Wells Fargo child account. Clear Access Banking has lower balance minimums and automatically waives their monthly service fees for kids aged 13 to 24 years old. 13 to 16-year-olds must have an adult co-owner on the account.
Current visa debit card
The Current via debit card offers teens the chance to manage their finances with their parents backing through high security checks. Teens can learn to save, manage and spend their money safely from the start.
Step visa Card
Step offers teens a visa card and no-fee FDIC insured bank account through Evolve Bank & Trust. There are no monthly fees, overdraft, in-network ATM or late fees and there is no minimum balance required. Kids can send and receive money instantly, pay with Apple Pay or Google Pay and track their money easily with the Step App.
PNC kids account
The PNC kids account offers the following benefits:
Interactive online banking experience
Interest on balances starting at $1.00
Unlimited deposits and up to 6 free withdrawals per monthly statement period
Online and mobile access to manage your savings
Auto Savings to help build your child’s account balance with automatic transfers from a PNC checking account
FDIC insured to the maximum permitted by law
No minimum deposit required
No monthly service charge if the account holder is under 18, has an average monthly balance of $300 and has at least one Auto Savings transfer of $25 or more each monthly statement period
Bank of America minor checking account
The Bank of America Advantage SafeBalance Banking® checking account offers students a no monthly maintenance fee if you’re under 25 and enrolled in school or an educational or vocational program.
Options beyond debit cards for kids
Other options besides a kids bank account with debit card could be to set your child up with a savings account.
What are savings accounts for kids?
“Children’s Savings Accounts are a type of savings accounts in the United States, usually specifically designed for higher education savings. They are often available through state or local government programs or nonprofit organizations, in partnership with banks and credit unions.”
The PNC ‘S’ Is For Savings account is suitable for kids under 13 who need to learn the basics of spending and saving. The account can be opened with a $25 opening deposit, a banking card and no monthly fees as long as your child is under 18 years old.
Capital One Kids Savings Account
The Capital One Kids Savings Account has no fees or monthly maintenance fees, so what your child saves is what they get. You also get a high Annual Percentage yield (0.30%) to help their money grow.
Parents can send automated allowances and make regular deposits. You can also create multiple kids savings accounts for each of your child’s financial goals.
Use the Capital One Mobile app to help your child manage money online anytime and almost anywhere.
Best Overall – Capital Ones Kids Savings Account
The Capital One Kids Savings Account was voted the best savings accounts for kids in the US.
Best Investment Accounts for Kids Child Investment Plans
Forbes has come up with a list of the best child investment accounts in the US, which you can find here.
Fidelity Youth Account – Best for investing
The Fidelity Youth Account has been coined the best for kids related to investing as it will allow a teen to save, spend and invest in a single account. It also has no fees, minimum balances of debit card transaction fees, so it focuses on growing money.
Best checking accounts for kids under age 18
Money Crashers have come up with a list of the best checking accounts for teens under 18 here.
What is the best bank for high school students?
You can also find the best student checking accounts for kids under 18 in the list above.
Navy Federal Buxx – Best for military kids
Military kids can take out a Navy Federal Buxx account with a reloadable prepaid card and set spending limits to help manage their money. This account is available for kids aged 13-17 and is an ideal option for students aged between 14 and 24 years old. There are no minimum balance requirements or monthly service fees either.
Best for Young Children – USAlliance Financials MyLife Savings for Kids
The USAlliance MyLife Savings for Kids account has been dubbed the best account for children under the age of 13 because kids can earn a 2%, but only on balances below $500. They also get birthday gifts and there are no fees.
Best for Teens – Alliant Credit Unions Kids Savings Account
Alliant Credit Unions Kids Savings Account as been voted the best account for teens because of its high 1.70% interest with an average balance of $100 or more and there are no monthly fees if you elect to use eStatements. Also you only need a minimum opening balance of $5 to get started.
Best for Maximizing Interest – Spectrum Credit Unions MySavings Youth Account
Spectrum Credit Unions MySavings Youth Account helps their young account holders (21 years or younger) discover the power of compound interest by offering a dividend rate of 6.77% (7.00% APY) on balances up to $1,000. They also over their regular Primary Share Savings rate on balances above $1,000..
Best for Substantial Savers – Northpointe Banks Kids Savings Account
For those who prioritise saving, Northpointe has come up top with its basic but high interest rate offers. Kids can enjoy a much higher rate of interest on balances beyond $10,000 with no fees and there’s no membership as it’s a bank.
Teaching your child about money as early as possible will provide them with the tools to make better choices financially later. One of the best ways to do this is to set your child up with a kids bank account with debit card and give them responsibility of managing that account with a debit/prepaid card that offers spending, saving and investing. Let them make all the mistakes they need to make now so that when they’re adults, they’ll have more of an idea of how to make money work for them.
FAQ – Related child bank account and debit card questions
What are the documents you need to open a kids debit card?
“You and the minor must be both be present when you open the account.
You must both have a valid primary ID, such as a U.S. State Driver’s License, a U.S. State ID Card or a U.S. Passport.
The primary ID must have a photo and it cannot be altered or expired.”
What are the best savings accounts for kids under age 18?
Other questions asked were:
How can I open a savings account for my child?
Please see above.
What is the best debit card for students?
Company
Age Requirement
Minimum Deposit
Chase Best Overall
13 to 24
$0
CapitalOne Best for High School Students
8 to 18
$0
U.S. Bank Best for College Students
18+ for solo account, 14-17 jointly with parent
$25
Ally Best Online Bank
18+
$0
Taken from https://www.thebalance.com/best-banks-for-students-4164051
Can you load a prepaid card with a debit card?
Other questions asked were:
How much should I deposit in my kids debit card?
“Loading money onto a prepaid card is simple: either log in to your account and pay by debit or credit card, or pay in cash at a post office, some banks or shops that have a PayPoint service.”
Are there any credit debit cards that exist that you can limit to only spend on certain things?
“Yes, you can, and usually it’s as simple as making a phone call or visiting a branch. Your bank shouldn’t charge a fee to lower your card’s spending limit, but it’s wise to ask if there’s a fee for doing so beforehand. Also, make sure the bank understands that you want the lower limit to be a permanent change.”
“A joint account lets you manage any money you share with someone else. This is most likely to be your partner, but could also be a housemate – or anyone else. It’s convenient for shared costs, but there are always risks to giving other people control of a single account.”
“A custodial account is generally created by a parent or grandparent for the benefit of a minor child or grandchild. When you put money into a custodial account, you make a gift to the minor beneficiary of the account, even though the minor does not control the account.”
How do I get a kids bank account for my 10 year old child?
Can I open a debit account for my child?
Which bank offers debit card for kids?
Do kids bank accounts have debit cards?
What is the right kids bank account with debit card for my child then?
Can I get a debit card for my child free?
Are there any debit cards for kids under 13?
What are the best debit and prepaid cards for kids?
Can a 12 year old get a debit card?
Best bank account for 11 year old?
Can my kid have a bank account?
Can a minor request a debit card for his bank account to the manager?
Please see the article above for lots of great answers to these questions!
Can my child use my debit card?
“A kids’ debit card can be used in exactly the same ways as an ‘adult’ debit card – in shops (including contactless), at cash points and online. If your child is old enough to have a part-time job, their wages can be paid directly into their kids’ current account. They can then spend this money using their debit card.”
What are the best bank accounts for minor children joint vs custodial vs prepaid debit card?
This article compares different bank accounts for kids.
Which ones safer Checking accounts or prepaid cards for kids?
A prepaid debit card “… offers several advantages: Approval is not necessary. No matter how bad someone’s credit, they can load cash onto a card and use it wherever credit and debit cards carrying the same logo are accepted. Prepaid cards are more secure than carrying cash.”
“Unfortunately, a debit card typically will not help you build your credit. Despite similar looks, it can help to think of debit cards more like cash than like credit cards. And because debit card activity isn’t traditionally reported to credit bureaus, it likely won’t help with your credit scores.”
“If your child is under 18, they won’t be able to get a credit card. You can add a child to your own credit card as a second cardholder, but you may be charged extra fees for each extra cardholder. Plus, some banks still have age restrictions on added cardholders.”
If you have a family and live on a budget, then you will need financial planning to build security. As they get older it’s important that you know how to teach your child financial responsibility. It is never too early to teach kids finances because the earlier they start, the better their relationship with money.
First, you teach your kids about money and how it is earned and then saved. Ultimately you want your children to know how to make money work for them, not the other way around. Here are some ways to teach your child financial responsibility.
How do you explain responsibility to a child?
Your child should learn about responsibility from as young as when they’re toddlers, as it encompasses making good choices and being accountable for their actions. As your child gets older you can specify responsibility, for example, ‘If I make £5, I can either spend it on Robux, invest it in a business idea or put it into my savings accounts. Which is a better choice for me?’
Slowly but surely they will understand their actions will determine how their future will look so being more responsible for their actions will mean better outcomes in their future. These kids savings tips should be coupled with setting an example yourself – so if you’re a big spender, you may not be showing your children how to be frugal.
Why is it important to teach your child responsibility?
As mentioned above, teaching your child early on how to be responsible for their financial future means they are less likely to get into debt, make poor life choices and suffer later in life. Knowledge is power, as they say, and there’s nothing quite like financial education to help your child feel more in control.
How to teach your child financial responsibility
Activities to teach kids responsibility should include games and showing rather than telling. We will go through how to help your child understand money in this article.
How to teach a kid to be responsible – open up the talk about money as soon as possible
As soon as children are old enough to understand that money can be exchanged for goods and services, open up the conversation about how one earns money, i.e. through a job, and then saves or invests that money to further their plans in life. My boys are 10 and 11, and for a few years now I have explained that mum and dad work to receive money which helps us save for the future, including buying a house and a car, as well as investing in our family businesses to grow more wealth.
You don’t have to be super detailed about how it works – that can come in time. The importance here is to open up the conversation and make them aware that money doesn’t grow on trees, nor should it be treated as such. Money should be treated as it is, currency to assist us in improving our future.
How to teach your kids about money – teach your child about money through play
A great way to teach kids about how money works is to introduce games like money maths, which will not only teach them about math calculations but also how money is used. Money maths is also a great way to help children understand the value of the pound by learning to what each currency corresponds.
There are lots of great money games around that you could introduce at home. Money manager games like Monopoly* are a wonderful way to teach kids, not only how to work money maths, but how to save and invest their money into property. During a game talk about what it would mean for them to invest in a property in the future and the kind of return, they would expect.
My ten-year-old is already a Monopoly mogul. He saves all his money until he reaches the two most expensive streets on the board, Park Lane and Mayfair, and then he clears us out by investing in houses and hotels. He has learned quite quickly that saving your money and investing it into something that offers a significant return is the way to maximise chances of earning more money in the long term.
How to teach your child about money – introduce kids to budgeting
Part of getting your children on board with financial savings can be making it a family plan to save and invest, and even having a little fun with it at the same time. You could have different weekly activities that involve saving money that you and your spouse can discuss with your children and make different goals you’d like to see them achieve.
But even during their playtime, there are ways to help them learn such as playing games like the ones listed here. Basically, the sooner you start your children on their financial savings journey, the further ahead they’ll be once they reach their mid-high school and college years. The plan is to keep them out of debt and teach them the responsibility of saving and managing their money before it’s too late.
How to teach kids to be responsible – clear savings jars are king
Even in the digital age, you should still emphasise the importance of cash to kids because it lets them know that money doesn’t grow on trees. Financial expert Dave Ramsey recommends getting your child a savings jar when they’re young and allowing them to see the money grow as they save it. He also suggests making sure it’s not free allowance cash but the money they earn from helping around the house and putting in their share of work because, again, the idea is to make sure they know money must be earned. It also makes it less likely they’ll be tempted to go out and spend it.
How to teach kids about finances – look into a child savings account
Another great way to save money is to find a child savings account that offers compound interest on deposits. Let your child come with you to the bank and deposit their hard-earned cash from their jars into a savings account while the bank manager can teach them all about what happens to their money under the responsibility of the bank.
Show them their monthly bank statements so they can see how their money grows. They will enjoy seeing the value of their bank account increase and the euphoric feeling they get knowing that it is all their money they saved.
How to teach finance to kids – get kids used to paying in cash
While it’s important to use your credit card or debit card as needed and eventually teach children about credit scores, you don’t want them to get the idea that credit cards can be used for everything. Using cash at the register when they’re with you helps them learn they should only buy things within their means. Plus having them hand it to the cashier can also be a teaching moment.
Ways to teach your child responsibility – talk about bad loans and the impact they have on their future
There is of course a time and place where personal loans are important such as student loans, mortgages or business loans. But getting into a habit of borrowing money is not advisable. It’s important when teaching your child financial responsibility, you warn them while they’re still young about predatory loans.
Show them how to avoid high-interest loans like car title loans. Loans are only intended for significant financial needs when your income is steady. And credit cards are not meant to be used at their maximum limit.
How to teach kids financial responsibility – find ways for them to make their own money
Encourage your children to think outside of the box and come up with ideas that can help them make and grow money. Discuss important business lessons like identifying a market need. They could come up with something as simple as creating a product or service and selling it on eBay. The idea is to show them making money can be in their own hands. If they can dream it, they can do it.
How to teach your children responsibility – teach them long-term life lessons
Teaching kids about protection like a retirement plan, life insurance for the family and saving energy which is vital in safeguarding the future of the planet can be massive teachable moments to help them grow as adults. Here are seven ways to teach children about saving energy now so they can save money later:
Before you start teaching children about how to save energy, it is important to make sure they know where energy comes from. It is worth checking to see whether your children know how your home is heated, what the different types of fuels are, and even how your cooker runs. It is also important to explain to children the impact that excessive energy usage can have on the environment – and their money!
Explain to children that although leaving appliances on standby is an easy option, it is not the best choice for the family finances or for the environment. Leaving appliances on standby rather than switching them off completely could be costing your family as much as £37 per year. Standby is also increasing our energy usage, which is extremely damaging to the environment.
If you want to take the ‘standby’ message one step further, make a decision with your family to spend one evening a week with no TV, tablets, phones or computers. Try to turn this into some fun family time by playing games, reading books or perhaps even just chatting!
An easy way for families to save energy and perhaps some money is to replace regular lightbulbs with energy-saving versions. You could even try to see, with the help of your children, whether there are any lights in the home that you could do without or could replace with more energy-efficient alternatives.
One of the best ways to save money is to have sufficient insulation in your home. A fun way to get children involved in insulating the home is to ask them to make a draught excluder for their bedroom door or for the front door. Controlling the temperature of your home is especially important in the winter months when people have the heating on. Having the heating on at a consistently low temperature would be better for your pocket and for the environment. One way to control the temperature in your home is to ensure that your central heating system uses an energy-efficient
pump, such as those available from Pump Sales Direct. Get the children involved in checking and comparing the temperature in different rooms of the house.
Children are great at coming up with ideas so try holding a family ‘brainstorm’ to see how many ways they can think of saving money in the home.
Financial responsibility for a child is a valuable skill to learn. It will set them up with clear goals for the future and encourage them to plan accordingly. If we can avoid our children getting into debt, then this would be the biggest lesson we can pass on. So, let’s start now!
FAQ
How do I teach my child financial responsibility?
Check out the tips above which should hopefully give you some insight into talking to your child about financial responsibility.
Should I explain my financial situation to my kids?
You should honestly, but appropriately talk to your kids about your financial situation. For example, if you’re in dire straights, balance honesty with caution. You don’t want to burden your child with adult-sized problems, but pretending things are great when they’re not is also not helpful.
Instead of rattling off all the problems you have with debt, try to explain the situation in a relatable way. You could mention that you’re trying to earn more money to pay for bills or that you’d need to work into the budget the item your child wants to see if you can afford it. Involve the kids in the budget too – a great way to do this is to bring a list to the shops and help your child add up the cost of the grocery list to see if they’ve stuck within the budget. If there’s money to spare, they can get that item they want. If there isn’t, they can’t.
Have you got any tips on how to teach your teenager financial responsibility?
Another question asked was, ‘How do I teach my teen financial responsibility?’
“One way to help teenagers take responsibility for their money is to talk to them about your financial responsibilities. Talk to them about your income and what you need to budget for. This includes bills, shopping, and anything you spend on them, such as school lunches or trips.”
What is the best way to teach your child or children how to be successful and secret on making money and saving? The school system is preparing our children for financial hardship and bad financial decisions
Teaching money management in schools is such an important step in helping kids educate financially. But unless the whole education system changes, I doubt subjects like business management, investing/saving money and getting a mortgage will be gracing our kids’ curriculum anytime soon!
How do I teach myself to better manage my money and financial responsibility?
Yes absolutely. When you became a parent, you signed up to feed your kids.
At what age should parents disclose their financial details to their kids?
Another question asked was, ‘At what age did you start talking to your kids about personal finances? How did it turn out? What would you recommend for other parents?’
As soon as your kids start to take an interest in money and you think they’re old enough to understand how it works, then they’re old enough to start getting a financial education. There isn’t a set age.
How do you make a child pay for something they want in order to learn responsibility when they don’t have a job?
This is a great question! You can start by using an earnings/reward chart and list basic chores around the house from which they could gain some pocket money/allowance. You can then progress to jobs outside the house and a weekly salary to mimic working in a job environment. Advise them to put a percentage of their money into a savings account and they can spend the rest on what they want.
If you could create a public school curriculum that would teach children and adolescents how to achieve financial success and live the lives of their dreams after they graduate what would it look like?
Do you as a parent feel it’s your responsibility to help your grown children financially if they need it?
I prioritise my kids’ health and well-being over anything, and helping them be responsible adults is one way of becoming well-rounded humans. The more knowledgeable they are, the happier they will be in the long run.
How should I financially prepare for parenthood?
I have a great article here about how to prepare for a new baby which will help!
*Collaborative feature post*
*Links marked with a ‘*’ contain affiliate links – I may earn a small commission if you click through to buy – thanks for your support!
Money saving for families – 27 ideas you can implement now
Rising inflation and stagnant salaries have clobbered families’ nest eggs, so now is a good time as ever to think about investing in your child and focus on money-saving ideas for the family. In times of crises, money saving for families includes ensuring you have enough money to fall back on, like an emergency fund, in case you can’t work or the situation changes with your job role.
Budgeting ideas for families can help offer stability and if you’re doing it as a family, you can teach kids how to save money better too. If you look hard enough, there are tons of different ways to save household money. Here are some money saving tips for large families too, which you can implement right now.
1. Have piggy banks around the house
For very young aspiring savers, a piggy bank is the perfect starting point. You can find a piggy bank that’s colourful and based on one of their favourite cartoon or film characters.
This is a great time to begin their understanding of pocket money and how saving money works. They’ll enjoy receiving their weekly money and deciding whether to put it in their bank or spend it. The amount the kids receive doesn’t have to be much at all. Just getting them into the habit of saving is the first stepping stone.
2. Money saving for families – eliminate debts
You must learn how to save money while raising a family, so when you build up an emergency fund, you’re not burning it all away on debt and unnecessary family expenses. It is essential, therefore, before you save, to pay off any outstanding debts first, especially secured debts.
Debts like rent, council tax, mortgage and household bills like gas, electricity and water, need to be paid off first before unsecured debts like mobile phone and car insurance. There’s no point in having all these wonderful savings plan ideas when you’re constantly in the red. You might have credit cards that were maxed out and are now being paid off, or you might have student loans you need to refinance or consolidate. Now is the time to look at those debts and work to get rid of them.
For old student loans and other payments, consider refinancing, which essentially means you take out a new loan with an affordable repayment term and rate. Consolidation is ideal for people who have multiple debts and need to lump them all into one account. Martin Lewis has some great information on consolidating debt on his website, moneysavingexpert.com, as well as other money-saving ideas for the home.
Accidents are just a part of life, and there will always be unexpected costs that arise for which we may not have previously budgeted. One of the best budgeting tips for families is to make sure you have an emergency fund in place as this will give you the peace of mind you need to pay emergency expenses immediately.
The best way to save money is in a bank, and if you have a low credit rating, there are tons of basic savings accounts which offer minimal deposit when opening. When you’re looking at a savings account, check the rate of interest the bank will pay you when you save money. My HSBC bank offers 0.1% which is low, but it builds up.
4. Money saving tips for families online – app-based banking
We live in a digital age, which means regular bank visits and paper-based savings books are almost obsolete and a new wave of only online savings accounts has come in. I use a few myself which are great because I think they are one of the easiest methods of saving money. They automate saving by rounding up purchases and depositing the leftovers into respective savings pots. My favourites (I have these) are:
Beanstalk
Beanstalk* is a simple app that makes saving for children (and yourself) easy. The app is packed with tools; including money back on purchases and rounding up your change.
I opened my children’s Beanstalk Stocks & Shares Junior ISA and ISA for myself in minutes. There are no regular contributions I had to commit to, and you can round up your purchases, too.
Apart from my main HSBC account, I have two bank accounts with Monzo, a personal account and a business account. Monzo is great because you get real-time notifications on how much you’re spending and saving. You can also create ‘pots’ where you can round up a purchase to the nearest pound and deposit the difference into a pot.
There are also no international fees and you can take cash out for free in the UK up to £200 within 30 days. You pay 3% if you go over that amount. Everything is purely online, so there are no branches that you can visit, but you can deposit cash anywhere with a PayPoint for a £1 fee and via cheque in the post.
I have a joint savings account with my husband where we regularly contribute towards the house. It’s easy to set up payments between each other too or split the bills if required.
I also have a free business account, but if you want to upgrade to business plus you would need to pay a monthly fee. Head to Monzo for more information on the different types of accounts you can open.
Plum is another savings account which works via its own app or via Facebook messenger. It works out how much you can save and moves that amount automatically to a savings account. You can save up to £5,000 per day via Plum, but you won’t get any interest paid on your money saved like a normal bank account.
Plum can also help you invest your money into a variety of funds, but like any investment plan, be mindful that your money is at risk. You could end up getting less than what you put in, depending on the stock market. However, you may also stand to gain more on your investment. So, it’s important to shop around and Plum can help you understand how to do that with great resources on their app.
There are also tons of ways to win money, like fun competitions and the messenger bot is pretty good at picking up what you want. Some comments make me laugh as they’re quite witty.
If you apply via the link below, you will get a £5 bonus added to your account within 30 days of Plum making your first automatic save.
Moneybox is another savings tool which offers several options for you to save by rounding up your purchases to the nearest pound and depositing the difference into one of your savings/investment accounts. For example, if you buy a coffee for £2.37, it will put away 63p into one of your accounts.
I have several live investments via Moneybox too which are taken from my account once a week via direct debit and invested a few days later. There are several accounts to choose from, either a general account or a stocks and shares ISA. It’s a great way to get started with investing if you’re like me and you’re a beginner. The app charges £1/month after the first three months, plus 0.45% a year of whatever you invest in.
It’s essential to have some savings plan ideas for the kids as well for when they start university, which can get very expensive thanks to high tuition rates and accommodation costs. It may seem out of reach now if you’re not earning in the top 1%, but if you start now, you should be able to offset much of this cost.
It’s never too early to save for university so open a bank account for your child now. If you’re in the US, BB&T bank accounts can help to separate your finances with your child’s college savings. If you’re in the UK, we use Beanstalk* to save for our four children via Junior ISAs and Child Trust Funds. You can find more information on these in my article on Beanstalk here*
You would also need to think about saving for childcare when that comes along once you return to work. Find out how much you will spend roughly on childcare each week so you can plan this. Perhaps it’s worth looking into adjusting your work or career path to make it more flexible for you to shuffle childcare with work, or lessen the need to get full-time care.
5. Money savings tips for families – get the entire family involved
Unfortunately, it’s almost impossible for you to be on a family budget if everyone isn’t on the same page. For example, you might avoid overspending all week long, but your partner is eating out a lot for lunch at work or ordering items online when they’re home. Likewise, your kids might ask for money constantly, or they might use your credit card to buy game cards or subscription services.
The key here is to get the entire family involved in coming up with frugal living family budget ideas, so kids learn how to save money effectively. Come up with some family money saving tips around the house, like making dinner and dessert from scratch or creating your entertainment in the evenings.
6. Ways for families to save money – find out exactly what you’re entitled to
Working out which family benefits you’re entitled to can become quite confusing, especially with the recent changes to child benefit and conflicting news articles. Visit the direct.gov website to find out what you are entitled to, for example, maternity pay, child tax credits, and child benefit.
Also, take advantage of the £230 marriage perk if you earn less than £11,500 a year. You may be entitled to Marriage Allowance to boost your family’s income, which allows one partner to transfer up to £1,150 of their personal allowance to their partner. This helps to reduce the tax bill by up to £230 during the tax year.
Although these can be difficult waters to navigate, once you have registered for the various benefits and credits that might apply, it is relatively easy to keep on top of them.
7. Budget ideas for families – look for free money opportunities
Look for opportunities to get grants and tax-breaks. Are you able to apply for a mortgage-holiday or rent-holiday? Are you eligible to receive grants for your business? Do you have a lost pension or bank account which you can track? Moneywise has a great article on 40 ways to get free money here.
Also, get into the habit of calling your utility/internet providers etc. and asking them what deals or discounts they can offer, as a gesture of goodwill for your continued loyal custom to their company. Some companies are more obliging than others, but generally, you can make approximately £100 a year by just asking!
8. You can invest in pretty much anything
From wine to Golden Eagle Coins, there are small investment opportunities anywhere you look, provided you can grow your capital. Here are some examples:
Real Estate
Buying a property is a great long-term investment option, as it can generate continuous passive income if the value increases. You can even use real estate to build your overall wealth and portfolio. However, you need to make sure you are ready to invest in real estate because you have to put a significant amount of money down, i.e. the deposit to invest, regardless of whether you buy a park home or a mansion.
There will be ongoing maintenance costs too, and you need to make sure everything is legal before you sign on the dotted line. A homeowner’s association attorney can help with the legalities before you buy a property.
Funds
A fund is another way of buying shares, but you buy a slice of the company directly. Each fund comprises ‘units’, and the cost of these units varies daily. So, if you wanted to invest £1,000 into a fund and each fund cost £1, then you can buy 1,000 units. Then, if each unit goes up in value to £2, your investment is worth £2,000.
Funds can invest in almost anything, from gold to even debt, according to their theme (i.e. geography, industry and types of investments). Which you decide to choose is up to you and your risk appetite.
Investing in an actively managed fund provides the chance of growing money faster. There is, of course, the risk of getting less money back than what you put in. However, experience in the stock market has shown that this is a small risk.
Look for advice on investing and find a suitable provider that can manage your portfolio for you in the best possible way. It might be an idea to convert your stocks and shares into cash right before your child’s 18th birthday, to minimise the risk of a stock market crash.
Bonds
Bonds are investment products created by governments and companies to raise money to pay for various projects like transport, a new factory or capital equipment. When you buy a bond, you are essentially lending money to fund these types of activities, and in return, you will receive a promise that you’ll get your money back, plus interest.
Bonds can be appealing as they provide an easy route to investing and are typically considered as low-risk. When you buy a bond, you can receive interest payments which are also known as yields.
They can also be fixed, floating rate or inflation-linked. However, it is important to note that bonds don’t guarantee payments, since there is a risk that companies and governments can default and you can end up receiving less than your initial investment.
With shares, there are no agreed interest payments and shareholders may receive a dividend. But, again, this isn’t guaranteed and it mostly depends on the company’s financial circumstances.
Saving for retirement – personal pensions
As well as saving for short-term goals, you need to think about your pension and saving for retirement (a long-term goal, so you don’t plan to draw from your investment until the distant future).
My husband has worked full-time since leaving university. Thus, he is regularly contributing towards his state pension. I am, however, worried about my basic pension entitlement as there are gaps in my National Insurance contributions from not working during my maternity period and subsequently working part-time at home while being a full-time mum.
However, I intend to make up the shortfall with my personal pension investment. Look into providers that offer personal pensions where you can pay as much as you want when you want. If you are a basic rate taxpayer, the government adds 25% of any amounts you put in, up to £40,000 per year, or the value of your annual salary, whichever figure is lower.
If you pay a higher rate of tax, then you may claim even more via your tax return form. Your initial investment can be as little as £5,000 where you can then make further contributions in regular instalments or ad hoc lump sums. You cannot withdraw any money from your pension until you are 55.
P.S – www.nidirect.gov.uk provides much more in-depth advice on pensions and includes a State Pension Age calculator to give you an idea of your own personal pension status.
Having a child saving plan with children’s savings accounts
Saving any sort of disposable income is difficult, especially in the UK. But, a good way to start would be to put aside 10% of your earnings every month. You can keep the rest of your salary in your account for daily expenses, etc. If you’re in debt or are struggling with your emergency fund, consider taking out a basic bank account which doesn’t require a credit check.
For your child savings plan, open a savings account for your child and put away small amounts into your children’s savings accounts now, which can lead up to large amounts later. A contribution of £10 a month at a basic interest of 3% could give your child nearly £3,000 by the time they are 18.
If you want your savings vehicle to be tax-efficient first and easily accessible second, then Junior ISAs are tax free and your child can’t draw the money until they are 18.
Junior ISAs and Child Trust Funds are accounts of the cash variety, i.e. you save 100% of your child’s annual allowance in cash. But, as interest rates are so low at the moment, this may not be the best decision.
Opting for an investment ISA like a Stocks and Shares ISA means you can earn a substantial return on your capital over a long-term period. For adults, you get a £20,000 allowance, and some providers will offer a no platform fee for 1 year. You can use all of this allowance for cash investments, or you can split it between a Stocks and Shares ISA, a Cash ISA (typically a savings account which you never pay tax on), Lifetime ISAs and innovative finance ISAs. As a rule of thumb, invest for at least five years to allow time to smooth out bumps in the market where your investment earnings may dip.
The best way to save money for kids is investing your money into an ISA where you can earn interest over time. You can invest your money into a Junior Stocks and Shares ISA, where contributions are made on behalf of your child to buy various types of investments, and your child doesn’t pay tax on any capital growth, interest or dividends they receive either. Other savings are liable to capital gains tax if the investments have gone up.
Although riskier than a Junior Cash ISA, as the value of a Junior Stocks and Shares ISA can fluctuate, this is a great option if you’re looking to invest over the long-term. Junior Stocks and Shares ISAs can offer more potential for growth, whereas with a Junior Cash ISA, inflation could eat at any interest your child could make.
If you already have a Junior Cash ISA for your child, you can still open a Junior Stocks and Shares ISA, as your child can have both. You just need to make sure that the combined amount you pay into both Junior ISAs does not exceed the annual limit, which is £4,368 a year.
9. Avoid using credit cards
You should only use credit cards in an emergency. If you’re using your line of credit to pay for new furniture, a boat or a luxury vacation, you’re doing your future financial well-being a serious disservice.
While it might not be a smart idea to close out these accounts, since doing this will affect your credit score, you should lock them away so they cannot be used and you won’t be tempted to rack up more debt with them. If there is an emergency, like a failed appliance or a broken-down vehicle, don’t hesitate to use your line of credit. Just make sure that it’s paid off as quickly as possible.
10. Family budgeting tips – Spend more time at home
When you’re out and about, you’re more likely to spend money. At home, you won’t have this problem (unless you’re ordering online deliveries all the time!), as you are less likely to spend on frivolous expenditures or activities. There are plenty of things you can do right in your backyard, and many of these can be educational.
Some things to try include bug catching, playing yard games, gardening or simply playing ball. Try to find ways to get kids off the screens by doing an indoor activity that gets everyone involved. The great thing about being at home with your family is that you get to spend time with each other when normally you would be running around in different directions. It’s a lot easier to save money together when you are together.
11. Make food from scratch and keep the ingredients low
Avoid pre-packaged food as they are much more expensive. It’s a lot cheaper to make meals from scratch and you need not go overboard on the ingredients. For example, make a simple Bolognese sauce with mince, onion, celery and chopped tomatoes, which saves you on around a £2–£3 jar of readymade Bolognese sauce.
Also consider making your own pasta instead of buying shop-bought, and limiting your ingredients to five or less, which can save you money per meal too.
If you have a large family, it may even be worth subscribing to a food delivery service like HelloFresh which provides the ingredients for you, so you don’t overspend in the shop – plus , every recipe I’ve tried has been ridiculously tasty!
12. Update your will and get life insurance
If you have a growing family, one thing that you cannot forget to do is update your will. You need to have an updated will in place that will outline how your finances and family are to be taken care of should something happen.
Although we don’t like to think about this sort of thing, you will want to make sure you are prepared. This won’t cost you much to do and it will give you the peace of mind that you need to protect your family financially after you are gone. Life insurance, if you are young and in good health, won’t cost you much at all, but if you can, I suggest you get life insurance sorted before the demands of a new baby take over.
13. Make sure you’re not taking out insurance where you don’t need it
There is such a thing as being over-insured. You can’t always insure against every risk, so calculate how much risk you’re willing to take. Life insurance is important, but do you need your premium health insurance if you’re fit and healthy and the NHS will suffice?
14. Swap supermarkets, and shop in pound shops and eBay!
It is time to step out of the mainstream mindset and move to cheaper stores like Aldi or Lidl. You may have to pack your shopping extremely quickly when the checkout assistant scans through your items at record speed. But, you save approximately £15-20 a week, compared to previous shopping experiences. That’s a huge £1000, or near enough, per year. eBay is also a fantastic place to get really cheap deals on pre-loved items for the family.
One of the best ways to save money on food shopping is to head online to do your supermarket shop. By shopping online, you can see the sum of your purchases in front of you and you’ll be less reluctant to add bits and bobs you don’t really need to your basket, which can often result in a nasty surprise at the tills.
By shopping online, you’ll stay away from those unnecessary buys and offers that lure you in. And if you shop with a comparison site, you can make even more savings because by offering you the cheapest possible price for each item and you can take the time to compare the different prices of products before adding them to your basket. Some great sites I found are Pricespy and PriceRunner which I use regularly, as well as Idealo and Kelkoo too. Shopping online is a great way to save money on buying clothes for the family too.
15. Sell your unused items too!
Instead of throwing items away, sell them! You could stand to make a lot of money on items that you don’t even use. eBay is probably the easiest way to sell your items, but you could also hold a garage sale or use the vast Facebook community where you’ll generally be able to sell things quite quickly.
A friend of mine gave me a great tip the other day, which was to sell gift cards you’ll never use. I had never thought to do that before as gift cards are generally given as presents. But, if you’re not going to use them, sell them to someone who will. So, go on a hunt around your home and create a collection of items you can sell to make more money.
16. Give the gift of time – and personalised gifts!
Birthdays, Christmas and other seasonal celebrations can get pretty expensive every year, especially if you’re like me and have a brother, sister, son and dad who are all born during the same week as Christmas! You can offer the gift of time if you haven’t seen that person for a while or if you’d still prefer to provide a gift, consider making something for them. Personalised gifts are a fantastic way to give someone something that no one else has. It shows that you’ve put your effort into the gift rather than buying them something generic.
Cashback sites will ensure you receive money back on purchases you were going to make anyway. Google ‘cashback sites’ and find the right site for you – you could be missing tons of savings by not purchasing via one of these sites.
18. Do surveys and take part in reward programs.
There is a myriad of ways to make money while you’re at home. Some easy ways are to fill out surveys in return for cash payments. It may not be lots of money, but some sites will pay up to £5 per survey, so the pot could add up. Reward programs are self-explanatory where they offer rewards for your purchases. Some credit cards offer this as well as some major stores. I have around £30 on my Boots card, which I’m accumulating to buy something I really need. That’s £30 of free money just by buying items from Boots!
19. Look for offers and special deals
You could take advantage of offers and special deals by looking for special offers and discount deals before you buy. Some brands recognise the value of making something cost-effective while providing a service for several members of the family at the same time. Sometimes, alongside the regular outstanding bills, food can be the next highest expenditure, as everyone has to eat.
Online grocery shopping is big business in the UK and all the major UK supermarkets have tons of great deals to entice customers in. If you’re a brick and mortar person, look out for deals at the end of each aisle or head to the shops late in the day when everything is reduced according to freshness and expiration date. Of course, tie that in with meal planning and you’ve effectively saved a huge portion of your finances every week.
Vouchers, coupons and discount codes can really make a difference when saving money on your shopping, so it’s important to take the time to look online for fresh codes or coupons in magazines or newspapers before you set off on your shop. Any savings you make will add up over time, whether it’s a few pennies on the petrol bill or a £5 voucher off your next big shop.
Get in the habit of keeping an eye out for special offers and deals too and bulk buy wherever possible, to make savings. Also, there are some great apps now which will automate this process, like Honey*, which I’ve added as a Chrome extension when searching via Google. Honey* will automatically scan the site and provide you with coupon codes which it will try on your behalf. It will then offer you the biggest saving on the item(s) you’re purchasing. I’ve saved so much money using Honey*. There is another app called Cently which does the same thing.
Also look for better mobile phone deals or consider going sim only and buying the phone outright. If your monthly contract is up, it may be worth keeping the phone and transferring to sim only that way. You could save hundreds every year from staying away from the overpriced phone deals that are in the market at the moment!
20. Reduce your leisure time or find deals
Entertainment eats into the family budget; from transport to expensive tickets. However, there are ways around this, which also applies to spare time at home, and overseas holidays. There are fantastic deals to be found for families, including free child places to destinations all over the world, meaning you can create lasting memories for less. Some attractions offer family discounts, and some may even allow grown-ups in for free.
Do you need Sky World? Are you paying premium prices for your gym membership but not using the gym? Remove these services because they are burning a hole in your pocket and you’re not gaining anything from them. You may think you’re not saving much, but over the years, cancelling unused services can save you hundreds, maybe even thousands!
22. Get personal with your expenses
Do you know what you’re paying for? Do you actually know where your money is going? Do you really need to buy new clothes? Using personal finance software can help you track where you are spending money, which will make it easier to see where you can potentially save.
Set goals on saving and caps on your spending, so you don’t overspend every month. If you’re in debt, then it’s a great way to track how much you have left to pay off and it can provide extra motivation to get back into the green too.
23. Use an affordable courier
parcels,If you spend a lot of money on posting parcels to family and friends, using an affordable courier like TNT can be really useful. As a reliable and trusted courier with a great reputation, you can send everything from fragile items to bulk parcels of old baby clothes and heavy parcels both domestically and internationally.
24. Think about your mode of transport
Can you walk instead of taking the car? Can you drive instead of flying? When we took a road trip to Switzerland it took us around 15 hours each way to drive. But we saved so much money and we got to travel with as many bags as we wanted and packed our own food. So we saved on luggage costs, and expensive airline food too!
25. Buy a timeshare
Holidays are precious ways to build great memories with the family, but they can also be expensive ways to have fun. There are, however, loopholes in enjoying a regular holiday once or twice a year without breaking the bank every time.
Timeshares are essentially holiday time where you can share ownership with other holidaymakers in a resort or holiday accommodation. When you buy a timeshare you purchase the use of that time in the accommodation, along with other owners, which means you can vacation in more luxurious accommodation for a fraction of the cost. Think of it as owning a holiday home, but only paying for your time when you actually occupy it on holiday.
If you no longer use your timeshares, then ensure you do your research via a reputable timeshare cancellation company to avoid any potential scamming when cancelling your timeshares.
26. Accept help when offered
If your mum is offering to make dinner for the family or a friend is offering to give you their car seat for free, consider accepting it. You could cut cost in so many areas where you would normally spend a lot of money. Plus, you’ll be able to offer the same when you’ve outgrown the item or when you’re in a better position to help.
I never knew about the wonderful world of recycling when I became a parent, but it’s a wonderful unwritten concept. You are given free stuff like baby clothes and items from a friend or relative which you then pass on to your friend or relative when they have a baby. Everyone is happy.
27. Take care of your health
By taking care of yourself, you will spend less on medical costs later, so it’s important to prevent health conditions which can be related to diet obesity, smoking and drinking alcohol excessively. Also, the healthier you are, the more productive you’ll be, which means the more you will make in your job or business.
Although the above money-saving ideas for the home won’t make you a millionaire tomorrow, they should help you make considerable savings, especially over a longer period. So if you stick to it, you will soon see the pounds adding up. You never know, you might treat yourself to a little something special in a few months, as a reward for being such a savvy parent!
If you have any more tips on how to saving money, please share your best tips in the comments below.
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