Teach them saving from early age

2017-11-09 06:01

Parents should teach their kids money-saving tips from an early age.

Given how important financial skills are on life’s journey, it’s surprising that schools don’t teach children about money.

Parents are the number one influence on their children’s financial behaviour, so it’s up to us to raise a generation of careful consumers, investors, savers and givers.

The next generation needs to be taught the basics about money to avoid mistakes and live financially fit lives.

Young people enjoy spending money, so teaching your kids how it works, as well as how to save, is an important life skill that should follow them into adulthood.

We need to ensure our children understand the importance of saving for the future, as well as the joy of giving to others.

Children as young as four can understand what saving and spending means.

If you want your child to manage money well, give them advice about how to become a successful saver and it will be a joy to see when their saving plans pay off.

One of the best ways to teach children to save is to encourage them to set aside some of their pocket money each week to use in the future.

Encourage them to save up for something they really want, rather than spending it as quickly as possible.

Parents need to lead by example as kids also learn about saving from watching what you do.

Patrick Kwazi Nyanga

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