I am always on the lookout for new ideas to use in financial education. As the author of the back to the black British debt to wealth programme (see https://www.amazon.co.uk/Dr-Graham-Lawlers-Back-Black/dp/1842851411). I love finding new ideas.
So I was delighted to see a family encouraging their kids to shop well. they have bought a vending machine. The healthy snacks are free but things like pop have to be paid for. The children earn by doing school work and household chores and can then choose how they spend their money. The one thing this does is teach them deferred gratification. This is just a posh way of saying ‘ putting off spending for the moment’. These parents are to be congratulated for bringing up their children to value money and understand money. Deferred gratification is the mark of a superior mind. If you can take the long view rather than consume your income then you are taking action that will improve your long term. Brexit followed by the Covide 19 crisis means that we will have a tough time for a number of years. We did have to close down the economy because of the virus and it doe shave to be paid for, but it means that money will be tight. So teaching kids to understand money like this , is marvellous.