With great power comes great responsibility

Marvyn Harrison discusses giving his children complete control over their family budget!

Marvyn Harrison, founder of Dope Black Dads and BELOVD, spoke to us about an activity he and his two children, Blake (aged 6) and Ocean (aged 4), have been taking part in over the last few months.

Stemming from his own childhood where an understanding of money came from the lack of access to it, Marvyn wanted to teach his children the value of having it, and how to manage it.

In April, partnering with Starling Bank, Blake and Ocean were each given a Starling Kite debit card (suitable for children 6-16 years old), that would give them control of the family budget (for a set period of time, of course)! Having £150 to last three days, Blake and Ocean were tasked with just that.

Sitting his children down, Marvyn opened his children up to conversations about what money is, and where did money

come from for adults. As Ocean eloquently observed: “Pocket money is money in your pocket.”

The family then ran through the different aspects the budget had to consider: food, petrol, travel, and activities. But they also had to consider the daily things they might come across that will have to be seen through the “lens of money”. Do we need to buy Josie a birthday present? Would we like to save the money, in Blake’s case, for a Nintendo Switch?

Discussions turned into practical lessons, where out and about, Marvyn explained debates at the cash till surrounding the shopping list: pricey petrol station crisps or inexpensive, economical supermarket crisps? They

“Money isn’t scary. And I think a lot of the time people think it is scary and give it so much meaning, and it can be really well gamified. And then at the end of it, they just learn that it gives you opportunities, but if you save it, it gives you bigger opportunities, which is the key thing.”

SO WHAT OTHER SKILLS CAN YOU DEVELOP AND LEARN THROUGH THIS CHALLENGE?

Organisation: The children must remember to not only bring their debit cards if they want to buy anything, but also manage their finances. Prioritisation and making choices: This or that? What do we need? What is most cost efficient? Responsibility: Being in control of a really important aspect of life. Maths: This is a numbers-related task! Working out what you’ve spent, and what you have left-over. Learning about each other: What are your children’s likes and dislikes? How do they distinguish between what is needed and what is not? What do they realise mum and dad need to think about every week?

“What was really good about that task with Starling, was that we were saying to them: “You have this much money”, and they couldn’t always deduce what the value of that much money was, but what they could deduce was that: I can have this but I can’t have that.”

reminisced about having to negotiate with Blake for a haircut to which his 8 year old son, with a grin, told him “No”, whilst doing the floss.

Marvyn explained the excitement expressed over the act of paying, the questions about numbers and prices, the disbelief that £150 was probably not going to buy everything they wanted for their lives forever…

However, what began as a small challenge, has now grown into a weekly occurrence for Blake and Ocean. A weekly allowance of £20 is put on their cards as they continue to buy and budget their way in the world.

A special thank you to Marvyn for speaking to us about this wonderful challenge. TATIANA SUMMERS, Editor

How to embark on your own Starling mission: www.starlingbank.com/blog/kids-incharge-of-family-budget-challenge

CLICK HERE to listen to Marvyn’s Dope Black Dads Podcast for further insights https://shows.acast.com/dope-blackdads-podcast/episodes/ad-bonusepisode-kids-control-the-family-budget CLICK HERE to buy I Love Me, Marvyn’s children’s picture book about improving their mental strength and confidence: https://amzn.to/3DyFnl9

CLICK HERE TO LISTEN THE WINTER EDITION’S PODCAST WITH MARVYN