By using your tax allowances wisely, and with a little financial planning, you can help your children become rich (maybe even millionaires!) by the time they are 30 whilst also cutting their inheritance tax burden. It will take a little time to sort out and administer the finances each year, however the rewards are well worth the time – and the best thing is that you don’t have to be rich in order to help your children out. Just a few pounds a month can really make a difference.  Read more... (784 words, estimated 3:08 mins reading time)

Fun doesn’t have to be expensive – in fact, some of the most fun things to do can cost under £5. Here at MoneyTowers, we have come up with our top 10 things we enjoy doing with our children that don’t cost a fortune!

1. Buy a packet of balloons, fill them with water and have a water fight.
2. Play cards.
3. Buy some seeds and plant them in your garden or a window box – sunflowers and beans are always a popular choice.
4. Play cloud stories – look up at the clouds and then make up stories surrounding what objects the clouds look like
5. Go to the library and get some books to read together.
6. Fly a kite.
7. Go for a nature walk (try and spot and identify as many trees and animals as you can)
8. Make a scrapbook.
9. Go swimming
10. Star Gaze  Read more... (157 words, estimated 38 secs reading time)

It’s nearly the fifth anniversary of Child Trust Funds, having been introduced on 2nd September 2002. Child Trust Funds (CTFs) are started with a £250 or £500 deposit from the State, depending on the financial status of the parents. Parents, relatives and friends can then top the CTF account up with £1,200 a year. The money is either held in a cash savings account or in a stock market-linked fund. The money is tax-free until the child reaches the age of 18.  Read more... (286 words, estimated 1:09 mins reading time)

Bigger is better – that’s the latest trend. Birthday parties have got bigger and brasher with parents continually trying to outdo each other with their party ideas and gifts. However, a children’s party should not be about how much it costs – it should be about fun! Fantastic parties can be thrown on a budget and the children will be none the wiser! Here at MoneyTowers.com, we have put together a guide for throwing your children a superb party they’ll love without breaking the bank.  Read more... (434 words, estimated 1:44 mins reading time)

Following on from this article, here is a novel way to introduce your children to the world of business, finance and co-operation – by using Game Theory.

Game Theory is more commonly known as the ‘Prisoner’s Dilemma’. The classic version of it is as follows:  Read more... (495 words, 1 image, estimated 1:59 mins reading time)

Teach them young and get them into good financial habits early, and it’s more likely that your children will grow up to be financially savvy. Starting their savings young can also be a big bonus for them when they reach adulthood – the money can go towards things which they need which they may not otherwise have been able to afford, such as a new car, university fees or a deposit for their first house.

Getting children involved at a low level is an excellent thing to do – school-leavers currently are not taught financial planning and know little about interest rates and credit and so often will not make the most of their finances.  Read more... (942 words, estimated 3:46 mins reading time)