When it comes to teaching your children about money, it’s never too early or too late – especially when it comes to the importance of saving.
Teaching your children the significance of saving at an early age will lead to lifelong habits and financial freedom.
Here are some tips to help you create a savings habit for your young children:
Pocket Money
One of a young child’s first encounters with money is receiving pocket money, usually given by parents to spend at school. It is also the first opportunity to begin teaching a child savings and investment principles by encouraging responsible money behaviour with the use of these funds.
Grade 1 is a good starting point as in many schools, tuck shops are a feature and will soon have a child quickly learning that ten rand buys more than five rand. The amount you give your child initially must be a small – enough to buy a treat but not too much to start enforcing anti-social money behaviour. Many parents think that by giving a child a large amount of money that they are helping the child make friends and show off wealth. In fact, they are teaching the child not to value money and how to manipulate others using money, and possibly also encouraging obesity.
When is a child old enough to handle money?
This story is from the July - Sept 2016 edition of Baby's and Beyond.
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This story is from the July - Sept 2016 edition of Baby's and Beyond.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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