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Although the piggy bank is the first thing that springs to mind when we think about teaching kids money management skills, the reality is that these days, the money box should just be the first step in the process.

Teaching kids how to budget
One of the easiest and fastest ways to teach your kids the basics of budgeting is to set up the ‘three jar’ system. When they get their pocket money it gets divided up into three jars – one is for spending, one is for giving away to charity and one is for saving. Basically, you’re setting them up with a mini version of your budgeting system. They get to decide how much to dedicate to each jar and you need to give them the chance to do some extra jobs to earn some additional ‘savings’ income.

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