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Teach Your Children The Value of Money

Understanding the value of money is a basic life skill that your children need to engage in, no matter what their age. At around five and six years old, children begin to develop the cognitive skills to understand basic monetary concepts, such as identifying coins and count change. Equally, teenagers who are gaining control over larger amounts of money or even have weekend jobs, need to grasp a better understanding.

The experts at PIWoP are campaigning to help parents teach their children that things aren’t always ‘on demand’ and that there are financial benefits to patience over this ‘now now now’ approach.

Here is their money-saving advice for parents, as a guide to teaching children and young teens the value of money.

1. Teach them to save

Get your children excited by the idea of saving by purchasing them a piggy bank. They can then put all of the money you give them in their new bank - helping them grasp the concept of money more effectively as they can physically see it.

The main aim of PIWoP’s campaign is to teach them that not everything needs to be now. If your child tells you they want something expensive such as a book or big toy, help them figure out how much they need to save by setting a weekly goal.

Without this understanding of saving, your children might not be able to achieve their long-term goals of buying a car, going to university or purchasing their first home.

2. Set a good example.

When it comes to managing finances, your children will mimic your behaviour. If you’re the type of person who saves up to buy something then it’s more likely that your children will do the same. On the other hand, if you are quick to turn to credit cards when funding non-essential purchases, your children are likely to follow in your footsteps.

One way you can set the right example is by including your older children in some of your financial decisions, especially when they reach their late teens. This could include showing them how you shopped around to find a better deal on your current account, or sitting down with them to work out a monthly budget.

Sharing tales of the financial mistakes you made when you were their age will help to highlight the dangers of poor money management.

3. Start with a small allowance.

Learning to have responsibility for your finances should not be something that’s left until your children are fully-fledged adults with a job. You can help them understand this by providing them with an allowance each month. It doesn’t have to be a lot, just a small amount that would be enough to buy sweets and little goodies.

Then, the next time you go shopping with your children, encourage them to bring their money along in case they want to purchase something. They will most likely blow their first allowance and expect you to pay for the toy they desperately want - but here’s the first money lesson for them: they will have to way until their next allowance day.

4. Let them make mistakes.

Every parent knows how children get when they have free rein in a shop - it’s utter chaos! And this could not be truer when the kids have their own money to spend in the shops.

If they want to waste all their savings on a new Xbox game or cuddly toy they will only play with once, let them do it. This will help them realise that purchases should be considered and teach them the difference between short-term enjoyment and long-term investments.

If you want to read more money saving tips from the PIWoP team - creators of the only universal price-drop alert engine - take a look at our blog.

 

PIWoP: Shopping Trends to Look Out For

It has been found that 67% of millennials prefer online shopping to browsing stores. It’s becoming increasingly easy to scroll through our phones and add items to our basket, then at the click of a button they’re on their way to our house with next day delivery. However, many still head out into the chaos of the end of season sales in order to get the best shopping deals.


Consumer habits are changing now more than ever. The stats show us that young people are on the lookout for discounted items online, but what about those who still prefer to look at things in person? Lots of people still want to head to the shops, but without the hassle of navigating crowds and piles of sale items. As a result, changes to shopping trends are imminent, so whether you’re a growing business or savvy shopper, here’s what to look out for:


1 – Integrated payment systems

If you’re out and about and find a bargain on your phone but don’t have your purse or wallet to hand, items can often get abandoned; who wants to stand around entering their card details or rummaging around trying to find their card. Integrated payment such as ApplePay and face recognition mean that consumers can get their discounted items online completely hassle free.


2 – Dressing room apps


Some shops now enable you to see your item on a mannequin that you’ve selected as being a similar size to you. So, if you’ve spotted a shopping deal that’s too good to miss but you want to be sure it will look right on you (and you don’t want to risk the no returns policy on a sale item) this could prove very helpful.


3 – Social media


Gone are the days of being over-sceptical about making purchases over social media, it’s now a legitimate place that people look for all kinds of items, from low price TVs to cheap electronics.


4 – Making consumer experience as convenient as possible


Whether that be shop assistants having more specified knowledge on sale items to assist shoppers faster, or businesses adapting their marketing strategy to alert people via an app rather than an email of the latest shopping deal, retailers who keep up with consumer demands and aren’t afraid to adapt to trends are the ones that will succeed.

 

The Cyber Changes in Shopping Habits

It has been found that 67% of millennials prefer online shopping to browsing stores. It’s likely that this percentage increases when it comes to shopping in sales as people strive to avoid the chaos that ensues in store.


It seems that even major sales fail to bring people out onto the high-street as they did in previous years. On Black Friday last year, pictures were shared online of empty shop floors and staff at a loose end, prepared to tackle queues when there weren’t any to handle! On the other hand, Cyber Monday saw hundreds of websites crashing due to too much traffic. Year on year, Cyber Monday sees a 4.8% increase in shoppers, with the number of people making purchases increasing by 12.4%. These consumers aren’t just browsing; it would appear shopping online means more purchases are made!


What does this tell us about the changes in shopping habits?


Although people weren’t keen on leaving their houses to get the best bargains, they were happy to scroll through their phones late into the night, with most shopping being done between the hours of 8pm and midnight.


What does this really mean?


Cyber shopping is happening more commonly and the speed at which people make purchases on their phones is largely due to the fact that they already know what shopping deals they are looking for. On the occasion that people do browse the shops, they simply spot what they’re after and take note of its details so they can easily search for it online to keep up with any price reductions at a later date.

 

Where does PIWoP come in to this?

 

Our price drop alert tool takes away the need to even search for discounted items online. Know what you want? Simply share the webpage the item appears on with PIWoP via our online tool and enter the price you want to pay for it. When that items drops to below that price, we’ll send you a notification! This can be anything from clothes to electronic goods and supermarket products. With the accelerated rate that cyber shopping is changing, PIWoP is the next step in cyber shopping and cutting out any time-consuming browsing!

 

Welcome to PIWoP Beta Testing

Price I Want to Pay or ‘PIWoP’ is proud to announce it has entered Beta phase testing. Currently available by invitation only, PIWoP is set to go live to all users mid 2017. The service enables shoppers browsing their favourite online retailers to mark (or ‘PIWoP’) items and set the price they would like to pay for them if they ever went on reduction. PIWoP then monitors that item and if it is subsequently reduced below the amount set, the system sends a notification to the user so they can bag a bargain!

It’s a completely ‘Fire and Forget’ model, with no need to keep checking back or resetting values, you just get on with your life whilst PIWoP’s Bamboo engine monitors all your PIWoP’s for you.

When PIWoP goes on general release it promises to disrupt online buying habits with its unique service which costs less than 67p a month, a fraction of what users will save.

PIWoP buttons for most major browsers are currently under test and Apps for iOS and Android follow shortly.

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