Dad, here’s how you can be your child’s financial superhero
Two truths: 1) Fathers are often their children’s first real-life superheroes. 2) Children do as we do, not as we say. So dads, our question to you this month is – are you modelling good financial behaviour?
Give your kids a good step up in life my teaching them how to manage their money from a young age. Below are some tips on what you should be telling your children. (You can quote us word for word!)
Tip 1: “Money doesn’t grow on trees” – all about earning
Your kids know that money doesn’t really grow on trees, but the important lesson here is that money is valuable. It must be earned, it must be saved. The general idea is to spend less money than you earn and maybe even to save and invest some.
Show your kids that chores can make the perfect “first” job. By helping around the house, whether it be taking out the rubbish, cleaning the table or taking the dogs for a walk, they can start earning pocket money to spend on things they want.
Tip 2: “Being in debt is bad” – all about saving
Spend time teaching your kids the value of saving. When they head off to university, college or just move out of the house they will understand what it means to save and budget. Open a savings account for your child and let him/her manage it online. It is the best way to learn about saving.
Tip 3: “Giving is the best medicine” – all about giving back
Giving to those less fortunate is about teaching our children humanity. Encourage your children to either contribute a small portion of their money or their time to a worthy cause.
Are you looking to save towards your child’s future educational needs? An African Bank Tax-Free Investment is the perfect way to get started – investfrom as little as R500 per month.
Our top three tips for saving towards your future