Home Kids Encourage your children to start saving

Encourage your children to start saving

Saving money is one of the most important aspects to securing your financial future. When taught early, it becomes easy to develop good financial habits that will yield long-term benefits.

Ester Ochse, from FNB, said that encouraging children to save from an early age plays an important role and will help when they get older.

“Exposing your children to saving and managing their own finances early will allow them to make mistakes, learn from their mistakes and identify habits that will help them be more responsible with their finances.”

Ochse shared tips on how parents can encourage children to save:
  • Help them set a goal. Firstly, you need to help them set a goal and demonstrate what they stand to achieve if they reach their goal. For example, if your child wants to purchase a new TV game, encourage them to save from the pocket money they receive and set a timeline to achieving the goal. When they reach the goal, they will see the benefits of saving and working towards what you need.
  • Wants vs. needs. Understanding the difference between needs and wants is crucial in helping children avoid spending money on unnecessary expenses. Once they understand the difference, they will be more cautious about where and how their money is spent.
  • Match their savings. Consider matching your child’s contribution. For example, if their monthly target is to save R300 a month, match it with R300 to make it R600. This will encourage them to continue saving because they will see progress and value of their savings.
  • Lead by example. When you receive your salary every month, sit down with your kids and show them how much you are saving towards their school fees. At the end of the year, show them how much you have saved as well as the interest received on savings. Furthermore, show them the discounts that applies when paying school fees in advance and demonstrate how much you will save because of paying school fees in advance.
- Advertisement -

 

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

Movie fun for the whole family

[email protected] Silverstar is open and has something for everyone - from family to adventure to thrillers & sci-Fi – they have it all.Catch a...

WIN five reads for mom!

EVERY MOTHER DESERVES A GOOD STORY — AND SOME PEACE AND QUIET SO SHE CAN READ IT. SO, IF YOU HAVE A BOOKISH MOM,...

Mothers. Daughters. And a handful of thrilling reads.

500 pages of pure adrenalin rush ... if you like thrillers that keep you guessing, you’re going to love Lindwood Barclay’s Find You First....

Plant gorgeous calla lilies to add a dash of colour to your home…

INDOOR PLANT OF THE MONTHColourful calla lilies (Zantedeschia sp) are guaranteed to brighten up a room … just what is needed as the days...

Blueberry lemon protein muffins…

Muffins are the perfect go-to breakfast or snack. So, whip up a batch and if there is any left over (which we strongly doubt!)...