JAC's Top 5: Ways to save money for your kids from an early age
Tips on how to save money for your
little ones.
Saving money is a very important thing that is not often taken into consideration. By doing so, you afford your children a good financial footing or maybe enough money to pay for tertiary education.
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The following are ways to help you achieve these goals:
1. Educate your kids on the importance of saving money
While thinking of saving money for them, it is always better to do it with them, so they get into the habit of saving.
Sometimes not keeping the money with you guarantees discipline and ensures that you keep depositing money into the account, especially if you set a debit order for it.
If the household has more than one child, then sibling rivalry is a tool you can use to have them save money. While they think they are in a competition with each other, they would have been saving money indirectly.
Having your kids earn money by doing house chores instill discipline in them and the knowledge of how money is earned, and it is not just for spending.
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Unlike pocket money where they are guaranteed the money, teaching the value of money means allowing them to come up with ideas on how to make money. For example, they could sell sweets and/or lemonade to their friends and neighbours over the weekend.
Meanwhile, for more budgeting and personal finance advice check out our JacPod podcast, The Money Podcast, where self-made entrepreneurs Justin Harrison and Dawie Bester go off script and tackle controversial money issues, providing an alternative perspective on everything related to personal finance and money. Because money doesn’t have to be complicated or boring.