According to studies, South Africans are often criticised for being notoriously bad savers. We believe that teaching children how to save money from a tender age can help and change the fact that many people do not save for rainy days.
July has been declared a saving month and here are a few tips on how you can help your children learn to save:
• Pocket money
Invent ways to help your children earn money from you instead of just giving it out to them. That way they will learn not to just use money anyhow knowing that getting it is not easy.
• Open a bank account
Open a junior savings account from the bank and watch them enjoy saving money to take to the bank at the end of each month.
• Goals
Help them set goals, e.g., buying an electronic train toy at the end of the year, and help them budget and save in order to achieve that goal.
• Set budgets
When you give your children money to spend, be it on a holiday or anything,tell them that’s all they can spend and once it’s finished they are not getting any more cash to spend.
• Set money challenges:
Give them money to go shopping with and tell them they can keep any change left over. This will teach them the value of looking for ways to save and get them to see the costs of certain items that they may not have considered.
• Teach them banking
Take them to the bank and let them do their own banking and let them check their own statements as they watch their money grow.
Credit: https://www.ratecity.com.au/savings accounts/articles/money-saving-tips-for-children
