From paying for chores to savings accounts - practical steps every parent can take to teach their children about money

"These tips can help your child to understand budgeting, saving and financial responsibility"

"The new school year is a whirlwind of spending. Uniforms, books, trainers, plus the pesky art supplies, insurance and "voluntary" contributions."

"By September, parents are reeling financially. But if children don't understand how money works, you've got no chance of explaining why they can't have a new football kit."

The start of the school year triggers a concentrated surge in household spending. Common costs include uniforms, books, trainers, art supplies, insurance and voluntary contributions. These expenses often leave parents financially strained by September. Children without basic financial understanding find it difficult to accept limits on desired purchases. Teaching budgeting, saving and financial responsibility gives children context for spending decisions and reduces conflict over items such as sports kits. Practical, age-appropriate lessons and involving children in cost decisions can build understanding and help families manage back-to-school financial pressures more smoothly.

Read at Independent