Former principal teaches kids to save money at a young age

CHILDREN can be taught to save from as soon as they can speak and contribute to basic tasks on their own, says an early childhood development advocate.

“By allowing them to contribute to work around the home they can be given a little pocket money at the end of each week. Children will then associate responsibility and working together towards a reward. Parents should also encourage children to use that money towards their Baker Baker/tuckshop at school and then to encourage them to save if there is any left,” according to Scilla Edmonds from Be Sustainably Yours!

Also read: Every day is Earth Day at local school

Edmonds facilitates the Early Years Enterprise Challenge, initiated by Teach a Man to Fish, supported by The Saville Foundation.

Below, this former principal offers valuable insights on teaching children the importance of saving and establishment of entrepreneurial skills:

Teaching Children to Save:

From very young….

– Parents can encourage children to earn pocket money by contributing to household chores.

– Families can teach children to use their money wisely, such as saving for special goals or using it for school expenses.

– At the same time they can encourage children to save a portion of their money and go with them to open a bank account.

Entrepreneurship in Schools:

– The Early Years Enterprise Challenge aims to encourage schools to introduce entrepreneurship and business skills from as early as four years.

– Together, schools are encouraged to consider creating child driven businesses, exploring ideas, business plans, and showcasing them at a Market Place and School functions.

– This exciting addition to the curriculum is an additional way to enhance mathematics, literacy, and life skills even further. It is also a great addition to conventional fundraising!

Business Ideas for Children:

– Edmonds advocates that very young children have the capacity to work in a team and are encouraged to creat Green Businesses especially using waste as a ‘Trash to Cash’ initiative.

– She cites an example of a 10-year-old girl, Zoe Nagoor, who since being a Business Buddy at the age of five, now successfully runs two businesses, including making earrings from left overs from the popular ‘Checkers Minis’.

Tips for Parents:

– Discuss expectations and tasks with children and reward them accordingly.

– Encourage children to save and budget their money.

– Consider gifting money instead of physical presents to teach children the value of money.

– Encourage children to have a piggy bank and a bank account for saving.

Edmonds added that too many parents just hand out money, and in so doing the children do not get to know the value of money, getting to earn their own – and learning to save for something special.

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