As parents, we want the best for our children.<\/p>\n
You want them to get the best education possible, live in a decent community and provide them with suitable and safe transportation for school-related activities.<\/p>
You want them to have all the things you never had and more.<\/p>\n
All these things contribute to high expenses and that’s part of the reason why so many South African parents are in debt.<\/p>\n
You don’t want your children to live their lives paying off debt.<\/p>\n
So, what can you do to teach them early on how to deal with money and build that skill for life?<\/p>\n
Lindi Monyae, managing executive for Liberty\u2019s emerging consumer market said, \u201cWith knowledge comes power.<\/p>\n
\u201cBy putting yourself in the driver\u2019s seat of your children\u2019s financial education, you can help them to successfully navigate any financial challenges that may come their way for now and the future.\u201d<\/p>\n
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ALSO READ:<\/span><\/p>\n Be clever, be safe, buckle up to stay alive<\/a><\/p>\n Stay safe in the swimming pool this festive season<\/a><\/p>\n Five tips to teach your children about money:<\/strong><\/p>\n \u2022 Start teaching them early:<\/strong> \u2022 Teach them how to budget:<\/strong> \u2022 Help them understand the value of goods:<\/strong> \u2022 Practice what you preach:<\/strong> \u2022 Find the right financial adviser:<\/strong> \u201cNo matter the size of your pay cheque, sound financial advice is invaluable.<\/p>\n \u201cTeaching your children this gives them a better head start towards good financial management,\u201d explained Monyae.<\/p>\n \u201cWhile you are teaching them, you might gain a penny or two.\u201d<\/p>\n <\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Ashley Kiley (Journalist)\u00a0ashleyk@caxton.co.za.<\/a><\/strong><\/p>\n Also follow us on:<\/p>\n
\nThe younger children are when they start learning about money the better. You could consider teaching them about where money comes from, why you pay for goods and services or why it is important to use money accordingly. Make the lessons as practical as possible by getting them actively involved in the world of money. You can also get a variety of children\u2019s books on financial education and easy ways to learn about managing your money.<\/p>\n
\nTry not to scare your children into adopting a budget. Instead, show them the benefits of not spending more than you earn. Teach them to earn pocket money, save it up and spend it once or twice a year on something special. Make sure that they understand the importance of time, especially when it comes to saving.<\/p>\n
\nWhen you\u2019re shopping, have your child read out the prices of your groceries. Try to pay with cash, so that the child can see you receive your change. Make it fun and engaging. Allow them to transact with the cashier, especially when you are buying gifts for them. By seeing the cash, they\u2019ll soon understand its value.<\/p>\n
\nChildren learn from their parents. So, when it comes to your money, put what you\u2019re teaching your children into practice. Show them that you\u2019re actively working towards reducing your debt, paying your bills and fulfilling your financial responsibilities. Try not to panic about money in front of your children, they\u2019ll pick up this energy from you.<\/p>\n
\nIntroduce your children to your financial adviser. If you do not have one, find one that you resonate with. If you decide to take out life insurance, a funeral policy or make a long-term investment, introduce your children to the adviser. This will teach them that to get the most out of their money, they need to make the right financial moves.<\/p>\n
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