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Month: March 2023

5 ways parents can motivate their children to save money

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Empower your kids to be financially savvy with these simple money-making tips. By Vicky Shaw

Enabling children to earn money is one way that parents can help them feel more empowered and independent.

With some support and guidance, the ability to start saving can start at a young age, as kids are helped to test out their money-making skills.

Louise Hill, co-founder of GoHenry, the prepaid debit card and financial education app for young people aged six to 18, says: “Children don’t have to wait until they turn 18 to start earning money.

“With the right know-how, they can equip themselves with the skills to earn some cash outside of school, and develop core financial habits that will benefit them for life.

“Kids have a wonderful sense of creativity and entrepreneurial spirit, which if harnessed at a young age, can have a profound outcome on work and later life.

“Earning money is a powerful exercise that teaches kids financial independence, prepares them for adulthood, and ultimately gives much more satisfaction rather than instant gratification.”

Here are Hill’s simple tips for parents to encourage their kids to set savings goals:

1. Could they earn from a hobby?

Hill says: “By encouraging kids to embrace hobbies such as crafting or art, they can sell their creative work and turn their passion projects into a way to make money on the side.”

2. Benefit from being an animal lover

“If your child is passionate about animals, then there are several ways they can make money,” says Hill. “From helping to clear out a rabbit hutch, to feeding a neighbour’s cat, or making pet treats, looking after furry friends is a great way for kids to make extra pocket money.”

3. Empower children to profit from their culinary skills

Hill suggests: “For youngsters who love cooking and baking, selling their goods to friends and family is an easy way to earn extra money.”

She adds: “Patient kids who enjoy being outside, growing and selling home-grown produce, such as fruit and herbs, is both a fun and fulfilling way for foodies to earn.”

4. Motivate them to clean up

“According to our research, children are earning up to £29 per month by carrying out tasks such as vacuuming, mopping and unloading the dishwasher,” says Hill.

5. Offer guidance for launching a venture

For older children, channelling their entrepreneurial spirit with jobs such as babysitting, through to selling clothes on online marketplaces, is an empowering way for them to learn how best to manage their money, Hill adds.

How inheritance is playing a part in getting people on the property ladder

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Some people are banking on inheritance to buy a home, or pay off their mortgage, according to Zoopla. By Vicky Shaw.

Coming into some inheritance can make all the difference when it comes to being able to achieve financial milestones, such as getting on the property ladder.

For Kirsty Hamilton, 27, inheritance left by her uncle helped her put down a 50% deposit on a flat.

The operations manager, from Paisley in Scotland, says: “Knowing I had the inheritance meant I didn’t have to worry about saving for my first home. It also allowed me to purchase a property in a nice area.

“We have recently refurbished the bathroom and it’s been nice to do this from a stable position.”

Kirsty also highlights how discussing family inheritance can be worthwhile.

“It is useful to know a ballpark figure of any inheritance you may gain,” she says. “This will help you to manage your life and plan for the future.”

High house prices and jumps in mortgage rates make getting on the property ladder an even tougher feat for some first-time buyers.

Comparing her situation to that of her parents, Kirsty says: “It is 100% harder now than it was for my mum and dad.

“They’ve spoken about how much less they had to make before being able to purchase a property, compared with young people today.”

Recent research from property website Zoopla, among 2,000 people whose parents own a property, found more than two-fifths (43%) are relying on inheritance. Despite this, only three in 10 (30%) people surveyed have asked their parents how much they are likely to inherit.

While some people told researchers they find it too awkward to discuss inheritance, others said they have checked how much their parents’ property is worth.

Zoopla has a calculator on its website, which can provide an indication of what your property inheritance might be worth.

Some of those surveyed said they had fallen out with family over discussions about inheritance, while others are concerned such talks could spark rifts in the future.

Picking the right moment may help, as could seeking financial advice.

Some people are already making plans for the expected inheritance they are yet to receive, the survey revealed.

Nearly six in 10 (58%) expect to be able to move house, upgrade their home, pay off some of their mortgage, or become mortgage-free.

Some people surveyed were renting until they inherit, while others had purchased their home on the basis that an inheritance would one day help them to pay off their mortgage.

Of course, not everyone is fortunate enough to have money passed onto them by older generations, either as wealth transferred after parents have died or while they are still alive.

Recent analysis from think-tank the Institute for Fiscal Studies (IFS) indicated that the children of university-educated home-owning parents receive around six times more in wealth transfers during their 20s and early 30s than the children of renters.

These wealth transfers between generations often happen when people are buying their first home or getting married, the IFS said.

For those trying to get on the property ladder who do not have the benefit of money being passed down to them to help, Daniel Copley, a consumer expert at Zoopla (zoopla.co.uk), suggests exploring what government schemes are available.

These may vary, depending on where in the UK you live.

He says: “There are several government-backed schemes – some of them not very well known – that can give first-time buyers a helping hand onto the property ladder.”

It may also be worth being open-minded on location and looking for “up-and-coming” places to buy a home.

Copley suggests: “Look for areas that have similar attributes or are adjacent to your preferred area – you might be surprised how much house prices change across relatively short distances.”

Lifetime ISAs can also give people saving for their first home a boost, adding a 25% government bonus onto savings, subject to certain terms and conditions.

People must be at least 18 and under 40 years old to open a Lifetime ISA.

Save money by planting your own summer salad box

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How to grow your own summer salads. By Sam Wylie-Harris.

If the idea of foraging for fresh food fills you with joy, how about going one step further and building a salad with ingredients you’ve grown yourself?

“Growing your own fruit and vegetables is becoming increasingly popular, with more people discovering the many benefits of producing your own food,” says Daniel Carruthers, of Cultivar Greenhouses.

Not only can growing from seed be cost-effective, you’ll hopefully end up with an abundance of fresh food – even when shops are low on stock.

Want to try and grow your own salads? Here’s how to get started…

What to plant

“If I had to name one crop I could always grow, eat, and sell, it would have to be salad crops,” says Jane Scotter, a Herefordshire biodynamic farmer (fernverrow.com), who grows seasonal vegetables, fruit and herbs for some of London’s top restaurants.

“A high-value crop, much sought-after by restaurant customers and individuals alike,” notes Scotter, who has also just launched her first online gardening course with Create Academy.

She says the flavour of the leaves, picked just before eating, is far superior to anything one can buy. “Eaten fresh captures the zest and essence of flavour, and texture of the tender leaves.”

Varieties of salad leaves

There are lots of varieties of salad leaves you can grow. “For spring, I like the hot zing of the mustards, such as mizuna, mibuna, purple frills and golden frills,” says Scotter.

These are all from the brassica family, and are quick to germinate and fast to grow.

“I find rocket to be rather overrated as a salad leaf, except when grown in the spring and autumn, while the days are warmer, but nights are still cool,” she adds.

Scotter says the flavour is much fuller, the leaves more robust and altogether quite different from summer-grown rocket, which she finds thin in both flavour and substance.

Fruits of the vine

“Tomatoes are a firm favourite in most salads and, with shortages in many supermarkets at the moment, it’s a great time to start growing your own,” suggests Carruthers.

With so many varieties to choose from, he suggests popular types such as Brandywine tomatoes, known for their large, beefsteak-shaped fruit and delicious taste, and Tigerella – “an old faithful, which has a beautiful red and orange striped skin”.

Carruthers continues: “Cucumbers are a perfect summer fruit, adding a refreshing crunch to salads. There are almost 100 different varieties, so choosing which ones to grow can be a minefield.”

Picolino and Cucumber Goblin are smaller than more popular varieties, but they provide higher yields throughout the season – ideal for keeping your salads going over the summer, he adds.

How to plant salad seeds

Direct sow the seeds into clean, weed-free soil, says Scotter.

“They’re not hungry feeders, so lots of fertility is not a big issue. If you don’t have a garden, fill a container or wooden box (with holes in the bottom for drainage) with organic compost. Fill the box at least 20cm deep with the fine soil. Pat down firmly and evenly.

“Then make a small trench, about 2cm deep and 4cm wide, using your finger or a round-ended tool, the thickness of a marker pen,” she adds. “Aim to have seeds about 1-2cm apart. Don’t worry about being too exact, but try not over sow, as plants will grow small and not as healthily.”

Cover with soil carefully and pat down firmly. She says to water with a watering can rose at first, otherwise seeds will not be evenly moistened, plus they may float away if water is added in a heavy-handed way.

“If these are started early to mid-March, you should see germination within 10 days. Sow at least four lines. Keep the soil moist but not soggy, and in a sunny spot outside. Your salad leaves should be ready for their first harvest within three weeks,” says Scotter.

“The varieties I’ve mentioned are cut-and-come-again crops – meaning you can cut at least four times from the same plant, before the leaves begin to get tough and lose flavour.”

How much to plant

“As a rough guide, a metre-length strip of mustard leaves will produce about 500g over three weeks. So, if you sowed four different varieties that would be two kilos,” says Scotter.

“I would expect to serve two people about 150g a serving. And when you consider the shop-bought mixes are around £30 kilo, you’re not only eating the best – but at a good price, too.”

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