It is never too early to learn about the value of money and how to budget and save. The earlier you can teach a child about earning interest versus paying it, the better prepared they will be to manage their own money.
There are different degrees of knowledge and responsibility a child or teenager can have regarding money. Here are some ideas, broken down by age group, on how you can teach money management to a child of any age.
Building a savings can mean the difference between sink and swim in money management. However, sometimes finding money to save is like trying to walk on water.
Ben Franklin said, “A penny saved is a penny earned.” Here are few money saving tips that help cut expenses and add cash to your coffers.
Clothing your family can be an expensive endeavour, especially with the growth spurts that children go through so often when they are younger.
Rule of thumb- don’t waste trendy, expensive clothing on newborns and toddlers. Your child’s teenage years are going to demand enough of that so save yourself the financial stress and temper tantrums over ZAR 700 jeans for when they’re older.
When money is tight, everything must be evaluated- is it really necessary? Is it that important? Can you do without? Sometimes drawing the line can be difficult, especially when it comes to your children. When holidays and birthdays draw closer, it’s normal to feel some anxiety about being able to provide a great experience for your family.
The economy is in the gutter, job security is nonexistent, gas, fuel, electricity and water prices / costs are through the roof- what’s next? The price of food is not far behind. With trips to the grocery store getting more and more expensive, you’re probably wondering how many more hits your bank account can take. Here’s a suggestion- buy more.
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