Budgeting Mammy Shares Top Tips for Teaching Kids About Money

Managing Family Finances When Money is Tight: Expert Advice from the Irish Budgeting Mammy Families across Ireland and beyond are facing increasing financial pressures. In a recent podcast interview, Anne Marie Gaynor, better known as the Irish Budgeting Mammy, shared her expertise on navigating these challenges and teaching children about responsible money management. Gaynor emphasizes the importance of involving children in budgeting from a young age. "It's not just about giving them money; it's about teaching them the value of money," she explains. She advocates for using physical cash transactions, as it provides a more tangible understanding of income and expenditure. "When you go in and take out €100, you see right away that you're down €100," she says. This visual representation helps children grasp the concept of spending and saving more effectively. The interview also touches on the benefits of opening credit union accounts for children. Gaynor suggests that this method helps children learn about saving and financial responsibility without the immediate temptation of easy access to funds via cards. The physical act of withdrawing money reinforces the concept of limited resources. Gaynor's advice offers a practical approach to financial education for families, helping them to build strong financial habits in their children from an early age. The emphasis on tangible learning through physical transactions provides a unique perspective on a widely relevant topic.