Friday, 12 February 2010

GUEST REVIEW-The Pocket Money Plan

Here we go with our first ever Guest Review, written by Becky Goddard- Hill, who was an expert choice to review the book "The Pocket Money Plan" by Julie Hedge, as she  is the author of How to Afford Time Off With Your Baby  & blogs about baby budgeting with 0-5’s at www.babybudgeting.co.uk 

The Pocket money plan (Julie Hedge: Ovolu Books £9.95, available to buy at Amazon)
                           
My son Frankie is 5 and we have just recently started giving him £1 a week pocket money which he spends straight away on football cards, gogos or sweets – whatever he chooses. Occasionally he will save it for a week or two for something bigger. It’s all very straightforward. So how could a whole book be devoted to pocket money I thought? 
Well despite my misgivings this book was an absolute delight to read and very inspiring. It is very simply and fluently written and very easy to absorb. 

It introduces a clear 3 step plan where your child is encouraged to use their pocket money to
Give (to charity/others)
Save (for something they really want) and
Spend (consciously) 

The idea being we build financial habits now that will really help our children be smart with money in future and take care of saving, giving and needs as a priority.
I introduced this concept to my son aged 5 expecting some resistance to the giving and a saving but he thought it was a great idea and wanted to help those in Haiti first and then a boy like him  ‘who is poor’ he is excited too about getting his own little bank account. I was delighted.
The remainder of the book consider budgeting, saving options, investments etc. and has an amazingly useful glossary. I hate jargon it totally alienates people form understanding their finances and this book has absolutely none. I have been recommending it to EVERYONE!
Being smart with money has really helped me have time with my children but I had to change many bad habits in order to manage my finances. It would be great if my kids had good financial habits from the start.
 Our family are embarking on the pocket money plan with very high hopes! I highly recommend it.
Becky

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