Streaming issues? Report here
Aubrey Masango 2019 BW Aubrey Masango 2019 BW
The Aubrey Masango Show
20:00 - 22:00
volume_up
volume_mute

Up Next: Best of CapeTalk
See full line-up
The Aubrey Masango Show
20:00 - 22:00
Home
arrow_forward

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

Side hustle 123rf 123rfbusiness 123rflifestyle

No such thing as 'no time' for a side hustle! 5 tips from a serial entrepreneur

7 January 2021 8:50 PM

'It's a priority problem!' Nic Haralambous shares his tried-and-tested time-organising tips to increase your income in 2021.

Share this:
Read More arrow_forward

Life hack hacks 123rf 123rfbusiness 123rflifestyle

3 lifehacks that changed my life in 2020 - Brent Lindeque (Good Things Guy)

7 January 2021 2:55 PM

Pippa Hudson interviews Good Things Guy founder Brent Lindeque about three "life hacks" that helped him cope with 2020.

Share this:
Read More arrow_forward

200122doorgif

Subletting your home this holiday? Here's what you should know...

21 December 2020 10:34 AM

A sublet is a contract under which a tenant rents out their apartment to another person while their name is still on the lease.

Share this:
Read More arrow_forward

Christmas dinner festive season holidays family friends 123rflifestyle 123rf

Struggling with an eating disorder? How to cope with festive focus on food

19 December 2020 3:42 PM

'My disease does not take holidays!' Sara-Jayne King chats to a recovering addict and an eating disorders specialist.

Share this:
Read More arrow_forward

money

Budgeting is the best way to overcome financial stress of 2020, says expert

5 December 2020 9:55 AM

With good financial planning, 2020 doesn't have to end on a bad note. Certified financial planner Kirsty Scully shares her expert advice.

Share this:
Read More arrow_forward

Young woman holds smart phone and credit card banking 123rf 123rfbusiness

Capitec Bank/FNB 'virtual card': Use it! It’s just safer - tech journo

24 November 2020 9:56 AM

"You have no reason not to use Capitec Bank or FNB’s virtual card," says tech journo Nafisa Akabor. "It’s way more secure."

Share this:
Read More arrow_forward

sleep-bed-alarm-clock-time-duration-rest-health-123rf

Not everyone needs to aim for 8 hours of sleep, says Dr Dale Rae

21 November 2020 10:42 AM

Everyone has different sleep needs, says UCT sleep specialist Dr Dale Rae.

Share this:
Read More arrow_forward

car-insurancejpg

What happens if you've skipped an insurance payment and you're in an accident?

28 October 2020 8:25 PM

A policy holder has an automatic 15-day grace period. Make sure you know how it works, warns consumer ninja Wendy Knowler.

Share this:
Read More arrow_forward

mammogram-mammography-breast-cancer-screening-123rf

'The point of breast cancer screening is to catch it before there's a lump'

18 October 2020 10:38 AM

Don't wait until you have symptoms to go for a breast cancer exam, says Dr. Dominique Stott.

Share this:
Read More arrow_forward

black-family-house-for-sale-sold-property-household-investment-bond-rent-123rf

In the market for buying a home? Why you should wait until you have 10% deposit

14 September 2020 11:36 AM

Sit tight if you're in the market for buying property until you have at least 10% to put down advises FNB's Mfundo Mabaso.

Share this:
Read More arrow_forward