Streaming issues? Report here
volume_up
volume_mute

Making the most of pocket money - why it's important

13 July 2019 12:20 PM
Tags:
National Savings Month
pocket money
children and money
It's Savings Month and parenting expert Nikki Bush has valuable advice on teaching your child about money from a young age.

South Africans are notoriously bad at saving - would it help if our children start learning about this essential money tool at an early age?

As it's national Savings Month, Refiloe Mpakanyane raises the question of pocket money with Nikki Bush.

In an increasingly cashless society says the parenting expert, it's truly important for parents to provide kids with 'real money' experiences.

We live in a world of credit and debit cards, store accounts and internet banking and a fear of carrying real hard cash. Our children don't often get to experience money... They know that money and cards go together.

Nikki Bush, Creative parenting expert

She says you can start giving your child a small amount of pocket money already from the age of three for their own 'fun' use.

They need to be given an amount of cold, hard cash... They need to experience it running out, too... when it's spent, it's gone.

Nikki Bush, Creative parenting expert

That is just to spend on something frivolous - it could be going to the sweet shop, it could be going to the toy store.

Nikki Bush, Creative parenting expert

The spending of the money to buy them (little things) is an investment in a future life habit of learning to use and spend your money wisely. It's about a choice, that's what I'm buying or that's what I'm saving up for.

Nikki Bush, Creative parenting expert

She suggests giving them three different piggy banks - the first for saving, which teaches how to plan and how to deal with delayed gratification.

The second piggy bank would be savings for charity and the third would be used for money that can be spent at any time.

You can also help them picture a savings goal.

Nikki Bush, Creative parenting expert

Bush says the next step is opening a bank account, at the age of seven or eight, when children are aware of what it means.

This also activates a savings goal, for example you could agree that an account can be opened once there's an accumulated amount of R200.

You need to almost make it a family ritual. It's a big moment, it's like going to 'big school'.

Nikki Bush, Creative parenting expert

For more tips on teaching your child about money, take a listen:


This article first appeared on 702 : Making the most of pocket money - why it's important


13 July 2019 12:20 PM
Tags:
National Savings Month
pocket money
children and money

More from Life Advice

[LISTEN] How to avoid falling victim to job scams

15 July 2019 3:13 PM

Africa Check's Caley Clifford and Naphtali Khumalo share five red flags to watch out for.

Read More arrow_forward

Tips on how to cope in a toxic working environment

3 July 2019 1:19 PM

Business and executive coach Dawn Klatzko says one of the things you need in your survival tactics is to practise diplomacy.

Read More arrow_forward

9 tough questions you should never be afraid to ask your financial advisor

26 June 2019 6:39 PM

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

Read More arrow_forward

Your employer can ask your doctor to write an affidavit to support a sick note

5 June 2019 12:22 PM

Law says if a traditional healer is part of medical council with a registered number he or she can write a medical certificate.

Read More arrow_forward

Tips on writing that stand-out CV

28 May 2019 6:52 AM

Consultant and coach Anja Van Beek shares advice on what should go into your curriculum vitae.

Read More arrow_forward

Pocket money: From what age? How often? How much?

27 May 2019 3:06 PM

Certified financial planner Kirsty Scully shares her advice on teaching children about the value of money.

Read More arrow_forward

Watch out for suppliers trying to mislead you about warranties

15 May 2019 2:28 PM

Consumer journalist Wendy Knowler examines buyers' rights and the just-released Banking Services Ombudsman's report.

Read More arrow_forward

Easy-to-follow advice on saving money and investing (shares, unit trusts, etc.)

26 April 2019 11:32 AM

The Money Show's Bruce Whitfield interviews Chris Sloane, author of “Use Some Common Cents to Build Financial Independence”.

Read More arrow_forward

Tips on how to future-proof your job and management skills

13 March 2019 12:39 PM

COO of Jack Hammer Advaita Naidoo explains how both companies and the workforce can prepare for jobs of the future.

Read More arrow_forward

Tips on how and why we all need to look after our mental health

4 March 2019 12:45 PM

Clinical psychologist Cassandra Govender speaks about the importance of keeping both mentally and physically healthy.

Read More arrow_forward