How to teach your child to save money
The habit of saving money may be a crucial life skill, but it is not one that always comes easy, financial coach says.
WESTVILLE financial coach Portia Dludlu, encourages parents to assist their children to develop saving habits early in life because that can lay the foundation for a bright financial future.
The financial coach, who is a director and founder of Libunjwa Liseva Development also shares the tips for parents to teach their children to save money.
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“Building healthy habits at a young age makes children more likely to grow into adults who experience much less financial stress than people who did not grow up with this kind of training. The habit of saving money may be a crucial life skill, but it is not one that always comes easy,” Portia says.
She advises that teaching children about delayed gratification when it comes to money can help them guard against unnecessary spending and learn to value establishing control of their money.
Portia added; “One way to encourage kids to set aside some of their money is by providing a place for them to save. For younger kids, that may mean getting them a piggy bank, older kids can open up a bank account or debit card of their own. You can also pay them interest on what they save, providing an incentive to set aside money for the future.”
Here are five tips that can help parents teach their children to save shared by coach Portia.
- Discuss needs and wants with your child.
- Teach your child how to earn his or her own money.
- Set saving goals with your child.
- Provide a place to save for your child.
- Set a good example as a parent by being a good money saver.
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