Herald - Issue 418

Page 52 • The HERALD • 27th January 2022 v SUPPORT YOUR LOCAL SPECIALISTS v Helen Sparks Mortgages & Financial Services Offering professional advice since 1985 Mortgages Residential Life Time Equity Release Buy to Let – first time landlords Property Portfolios Help to Buy Insurance Buildings & Contents Insurance Life Assurance Critical Illness Income Protection Private Medical Insurance YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity. Some forms of buy to let mortgage are not regulated by the Financial Conduct Authority. 023 8084 4108 helensparks@btconnect.com Helen Goodall T/A Helen Sparks Mortgages & Financial Services is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority ASK A PROFESSIONAL 10 Expert Lessons to Teach Advice from Salman Haqqi, personal finance expert from money.co.uk 1. Start with the basics of money and finance How you introduce money to your children will partly depend on their age. A good place to start is getting children comfortable handling cash and coins. Explain to them how money is used to buy things and that it must be earned before it can be spent. 2. Speak openly about small financial decisions Start getting your child involved with minor financial decisions, such as which brands and items to buy when shopping. This way your child is able to understand the decisions you make while also feeling in control of certain nancial choices. Older children could also help with budgeting while shopping if you ask them to keep a running total of the items you buy. Not only will this help their maths skills, but it can also help them to understand how small items can still add up in price and not everything is a ordable on a budget. 3. Try simple games and toys with younger children Creating easy monetary games such as counting pennies can help your child understand the value of different denominations of money. Try using a pile of 1p coins and asking your child to match the number of coins to the price of a higher value coin, such as 10p or 50p. 4. Set a good example with your own finances ere’s no two ways about it, children learn money habits from their parents. Showing them small activities such as checking the receipt a er your shop or putting money into savings can start developing positive habits from a young age. Encourage your child to ask questions without repercussion in this setting. While you might not necessarily have all the answers, opening up a dialogue is a healthy way for your child to learn more about nance. 5. Use pocket money as an incentive for small tasks Using pocket money as an incentive to do chores around the house not only helps you, but it also helps your child learn more about the value of money and what it takes to earn it. Creating a simple plan with a set amount of money for different tasks, along with caps per week or month, is a great way to help your child start understanding where money comes from. 6. Use pocket money to teach children how to save Alongside teaching children the relationship Continued on page 53