Children are the future of the economy. The sooner you teach your young one/s to be moneywise in the financial world, the better it will be for the national economy in the long run. This week, 24 – 29 April 2017, some organisations are spreading the word: Teach Your Children to Save. This initiative originated from the American Bankers Association’s educational program. And has been taking place since 1997. The aim of this initiative is to create awareness amongst the younger generation on how to save and work with money.

 

Zeeva encourages parents to develop their kids’ saving habits as early as possible.  Zeeva therefore shares a few tips on how to educate your kids about money and saving.

 

Initiate open communication 

The ideal way to get children in the habit of saving is to talk to them about money and the responsibility thereof. Have regular talks with them and including them in the communication process, for example when it comes to the chores that need to be done for a certain amount of pocket money each month/week.

 

Make the concept tangible

A concrete concept of how to become savvy savers need to be portrayed to your kids. Young children need to physically touch and see the money that they save. This makes it easier to ‘feel’ the loss of it when it is gone. The swipe of a credit card is not the ideal way to start teaching your kid/s how to save and take responsibility when it comes to finances. This is where piggy banks or savings jars come in for younger kids. Let them make a jar for each saving goal, for example one for holidays and one for events like birthdays or Christmas.  It is also a good idea to open up a savings account when the children get older. This can be an indicator for your kids to know they have shown progress in their saving skills and can now take an advanced step to test if they are a money savvy steward or not. 

 

Draw up a savings chart

Let your child/children assist you in making their own money savings chart. This chart needs to include a timeline that demonstrates how many weeks it will take to save for a certain goal. You can also offer a reward to indicate when they have reached a savings goal.

 

Practice what you preach

What good does it do if you tell your kids to be prudent in spending and proactive in saving, when you, as a parent, never show a sign of it? Lead by example and have your own savings jar to put money in regularly. Also show them, when you go shopping, what you look out for and what they have to take into account when comparing prices for example.  

 

Some say it is never too late to save, but Zeeva advises it is better to start sooner rather than later. Educate your kids (from a young age) to be part of a savvy savers generation and prepare them to be financially successful individuals. Join Zeeva in creating awareness on how to teach your children to save, you know it is the right thing to do.  If you are a mother struggling with your own finances and over-indebtedness, why not contact the Zeeva team? Zeeva is a Debt Management Program especially created for women by women.

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