piggy bankIf your children are old enough to get pocket money, then talk with them about a simple budget.

There’s a great piggy bank concept here which divides pocket money up into four different slots: investing, saving, spending, charity.

Kids can decide for themselves (with some guidance from you) about how much to put in each slot. Talk to them about long term saving as well (and let them know if you have savings for them as well, such as Fundisa or other policies).

Here is an article about how the tough economic times of today are making children more aware of long term goals such as university or home ownership. Even if it’s saving for a toy, introducing the concept of saving (and reward for it) is a great idea to start young.

There are also online tools to help, such as Roosterbank or apps on your smartphone.

 

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