Whether at home or at school, teaching the important lessons about money is best done at a young age. Children pick things up far quicker than we do as adults, so ensuring these lessons are taught young could mean the difference between a saver and a spender.
Here are a few simple things you can do at home to teach your little ones about the important of money:
- Obviously, your children are not working age, but that shouldn’t stop them from learning about income. Things like setting up a lemonade stand (if you live in a secure complex), or selling their lightly used toys and clothing on Gumtree are a great way to learn the value of a Rand.
- Ask your children what their dream toys are and help them come up with an actionable plan to make it happen. Perhaps a list of chores they can do to make their own money to purchase the item, or a certain monetary reward for each good report card.
- Purchase a piggy bank or help them open up their very own bank account to teach them the importance of saving, the will-power it takes to do so, and the reward they can expect once they have saved up enough for a big-ticket item they have longed for.
- Have a conversation with your children about the costs involved with sending them to school and University, as well as the costs involved with retirement and help them open up a savings account or retirement annuity from a young age.
- If you have a young teenager on your hands, do a Gumtree search for rental properties in your area, as well as starter vehicles to give them an idea on how much these things cost. Have them write these costs down and compare it with what they would be able to make at an entry-level job.