Start early, succeed big: Teaching kids the value of money

We all know how difficult it is to save.

In today’s tough economic times the majority of us are finding it hard to make ends meet, let alone put some money away each month due to the rising costs of just about everything and our high level of unemployment.

But if we want our children – and their children – to stand a chance later in life, saving is crucial.

And so is teaching our children from a young age the importance of the value of money by showing how small contributions early in life can lead to significant wealth accumulation later on.

Yesterday was Teach Your Children to Save Day.

ALSO READ: South Africans under 35 and women most likely to save

Head of marketing at Momentum Investo Andile Jonas is not unrealistic when he says “financial freedom is a universal goal, achievable through diligence and planning, accessible to all”.

He believes “everyone can attain financial freedom and live life on their own terms”, provided parents “instil financial literacy from an early age, through chores, savings accounts, and real-world money decisions”.

He teaches his son about earning, saving and spending responsibly, while highlighting the power of compound interest and investment.

It’s a big, bad world out there.

If we teach our children correctly from an early age, the chances of them navigating the tough road ahead will be made just a bit easier.

ALSO READ: Cash stuffing: Could envelopes be the trick to spending less and saving more?