With lockdown under way in South Africa and extra time with your children, grab this opportunity to spend some of the time teaching your children about money.
As we know, the savings culture in SA is pretty poor. This difficulty seems to be compounded when we attempt to introduce our children to this concept. Talking “money and saving” to a generation that has an “instant gratification” expectation is challenging.
So, as we try to help our children with the concept of money, we should look to cover the following aspects:You really can’t start teaching your children early enough, as long as you make sure that what you are saying and the type of interaction is age appropriate. There are several ways to structure allowances. You could, for instance, create a monthly “salary” that is paid for ongoing chores that are undertaken throughout the month.
You can compare prices of items with older children. If you are shopping for something new, ask your child to help look at sales flyers or search for the best deal online.
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