If you’re like most parents you want your child to grow up with the skills he or she will need to succeed in life.
One of the most important skills you can help your child develop is how to manage their money. So whether your child is in pre-school or a teenager, learning about money is an important part of their life.
The good news is you can teach them those skills as part of your everyday routines.
The following are some suggestions and tips on how to install wise money management habits in your child:
Set the example: Be your child’s role model when it comes to money management.
Talk about money: Discuss financial priorities and setting financial goals. Show your children your bills and teach them about household economies. Teach them the importance of switching off lights when they leave a room and saving water.
Open a bank account for your child: What better way is there to demonstrate how savings grow than by bringing your children to the bank? Speak to a consultant at your Standard Bank branch to find out more about the banking options available for children.
Start early: The sooner children start to save, the longer they have to save, and the more money they'll end up with. The challenge however is to help them understand and act on this concept. You can start teaching a child as young as five years about money.
Show them the family’s monthly budget: Explain to them what a budget is and how it works.
With these tips, your child is sure to grow up with a responsible attitude towards money.