VM Elevate - May 2023

Raising Financially Savvy Kids

Tending to your children’s financial well-being is setting them up for success, and is one of the best gifts a parent can give. Not only will they learn how to navigate life without the challenges of financial instability, they’ll also be able to confidently identify and take advantage of opportunities. When we think of giving children a good start, we often think of putting money aside for their future, but that only scratches the surface. Whether you come from a wealthy family or not, there are more ways to ensure that a wealthy family will come from you.

If you aim to raise financially savvy kids in today’s world, here are three things you can do to make it happen.

Lead by Example

To raise financially savvy kids, you need to lead by example. Your children will be more likely to follow what you do, regardless of what you say. So, creating an environment where they can see and learn from your financial decisions is a great way to prepare them. Some good ways to do this, include:

• Paying your bills on time.

• Living within your means.

• Saving for the future.

• Managing debt wisely.

• Making smart financial decisions.

When children see you making good financial choices, and understand why you make them, they’ll be more likely to make good financial decisions themselves.

Teach Financial Principles

Once your children have a basic understanding of how money works, it’s time to start teaching them financial principles. Using terms and explanations appropriate for their age, you can show them the importance of budgeting and saving. You can teach them how to put money to work by investing. You can also explain the importance of using credit responsibly.

There are many resources available to help you teach your kids the basics when it comes to personal finances. The VM Financial Group's website provides financial education resources. There are also books, apps and other web-based resources that can help you teach your kids about money.

Provide Opportunities for Growth

The best way for children to learn and retain what they’ve learned is by doing. Once they have a basic understanding

of financial principles, you can start providing them with opportunities to put what they’ve learnt into practice. Giving them an allowance is a good way to get them started. You can also let them sit with you and help with the family budget, as long as your explanations are tailored for their level of understanding. Although banking can be done online these days, taking them to the bank and opening a savings account for them is another good learning experience. It’s also a chance for them to see more of the world of finance. When they’re ready, you can also help them invest in a wealth instrument. These kinds of learning experiences create opportunities for growth and will help your children develop more of the skills they need to make smart choices.

Raising financially savvy kids takes time and effort, but it’s one of the best gifts that you can give. By following these three steps, you can help your kids develop the financial skills they need to succeed.

iSave for their Future!

“Every mickle, makes a muckle” when you are saving for your child’s education. With an iSave account from VM Building Society you don’t have to choose between a good life and giving your little one a good education. Here’s how you can start saving towards their future:

• Click here to open an iSave account or visit the nearest VMBS location.

• Set up a standing order for monthly deposits.

• Stay on top of your savings and watch it grow interest.

VM Building Society

From Building Blocks to Building Wealth!

Normalize raising rich kids by opening a VM Wealth Management Unit Trust Account for your littlest loves. You can create a promising future for your children with a minimum investment as low as J$10,000 and fund the account monthly by setting up a standing order.

Relax knowing that your child’s investment will grow, with gains from our top performing Unit Trust options. Click here to get all the details you need or call 1-876960-5000 to speak to a Wealth Advisor today!

VM Wealth Management

Creating a Better Future for our Children

The VM Foundation is dedicated to youth development and empowerment and continues to support youth initiatives across Jamaica. With May being Child’s Month, VM Foundation partnered with the Child Foster Care Programme, by donating a seed funding of J$50,000 to their efforts of providing Christian homes for children who are in state care. The target is to raise an additional J$300,000 this year and onwards to foster a child annually. Click Spurropen.com/ vmfoundation to donate today and give a child a better life.

And the Foundation has been up to more good things, through our VM EnRich Programme. The VM Foundation is providing approximately 100 teens with the opportunity to learn about social enterprise in Jamaica. The programme incorporates lessons from successful social entrepreneurs and targets secondary school students in grade seven to nine to provide them with soft skills for developing their own

businesses.

The Foundation aims to make more youths aware of social enterprise as a viable option for business, separate from traditional jobs, in encouraging students to create opportunities for themselves. Social enterprise also creates more

access to the financial system among people in a country and contributes to national development.

Learn more about these and other projects at vmfoundation.

myvmgroup.com

VM Foundation