Encourage your children to start saving early

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Encourage your children to start saving early
Encourage your children to start saving early

Africa-Press – Liberia. Parents and elders often start saving for their children from a young age. While this initial step is great in helping them set up their life goals; children should also learn the basics of saving and investing from a young age.

“The only way your children will start building this saving habit is by learning about money matters from a young age, understanding how it can work for them, and being given the chance to start managing their finances on their own, with positive guidance from parents and elders. Assistance and guidance are necessary for ensuring that they save for the right things as opposed to undisciplined spending on anything that catches their eye. This early savings habit could also help in ensuring that they have access to savings in the event of an emergency,” says Elzita Beukes, FNB Communications Manager.

She adds that “Building a culture of saving is important. With ongoing price increases, inflation, and economic pressures consumers are left with a little less in their pockets at the end of every month. Saving money regularly will teach children the power of being able to buy bigger and more meaningful items after disciplined saving, such as a bicycle or games console, rather than many small items that quickly lose their appeal and value, such as unhealthy snacks or low-quality toys.”

Beukes suggest the following tips to help your children start saving from a young age: “It’s never too late to help your children to start saving and investing, but the earlier you start saving the better in the long-term. This mindset will help your children become financially independent in the future,” concludes Beukes.

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