The summer holiday is approaching. As usual, you may want to take your kids to Europe for a holiday to get close to nature and enjoy life.
In fact, the UK is going through a long special period this year, which has left many people no longer having more disposable income let alone using their balance for holiday. Instead, energy bills have risen again and again and prices have remained high.
This might be a good opportunity to tell them how to use the holiday to get more hands-on.
Understanding Price & Value
Purchases are often a topic of interest to kids, and most of the time they can get snacks from their wish list. Most of the time, kids don’t experience rising prices or even life crises.
Maybe give them a fixed amount and a list of purchases for their next purchase. Doing this allows kids to keep an eye on prices and even repeatedly compare what they want to buy when they put them in the cart.
Older kids can even feel that rising prices have forced them to sacrifice some things they want but don’t need in favor of everyday items and necessities.
Special Work Experience
Many parents don’t tell their kids more about the financial and life facts, usually they save the best for their kids.
More often parents try to fulfill their wishes, such as a trip, a camp, and a long-awaited gift. Why not use this summer to teach kids to trade their own efforts for wish lists? Sometimes telling them the facts of life can help children understand the laws of social existence earlier.
A school in north Wales is teaching children some close-to-life financial literacy. Children learn how to budget for living and pay for what they want with a summer part-time job.
Money Tips from Kids
In an article, the BBC asked a group of teenagers who are studying finance about their financial tips when prices are rising:
- Think about your own financial situation – don’t think your parents will be able to afford it, walk to keep costs down.
- Save your money for what you really need.
- Waste your money just to follow suit.
- Start saving now and prepare for the future as the cost of living will continue to increase.
- Set your priorities, avoid those small expenses that can accumulate, and make long-term plans for larger purchases.
- Save as much money as you can and keep that money safe.
The minimum age at which children can work part-time is 13, with the exception of children working in the following areas (children working in these areas require a performing license):
During school holidays, children aged 13 to 14 are only allowed to work a maximum of 25 hours a week. This includes:
- Up to 5 hours on weekdays and Saturdays
- Sunday up to 2 hours
During school holidays, children aged 15 to 16 are only allowed to work a maximum of 35 hours per week. This includes:
- Up to 8 hours on weekdays and Saturdays
- Sunday up to 2 hours
Finally, when you decide to give your child a part-time summer job, take into account children’s immature judgment and inexperience, please check in particular the HMRC’s regulations on working with children to protect children’s rights.