"Why didn't I learn this in school?" is a question we've all asked ourselves at one point or another, particularly when we've learnt something relating to money. Not to worry, our children can still get the head start we would have wanted for ourselves. These three money lessons are a good place to start:
An allowance is a great way to teach children about money management. When they receive a regular income, they can learn the importance of budgeting to afford the things they want. You can also use the opportunity to teach them about saving and spending.
Children can also earn money by doing chores around the house. This teaches them that money is earned through hard work.
Shopping trips are a great time to show your young ones how to compare prices, make smart spending decisions and save for bigger purchases.
Budgeting is something that many adults haven't mastered, so it may feel like a bit of a stretch to teach children this topic. However, budgeting is a simple money management principle that is all about prioritizing and planning.
Sit with your children and help them create a budget for their allowance and any other earnings. You can show them how to allocate their money to different categories, such as
saving, spending, and donating. At this point, it would be a good idea to help them set financial goals, such as saving for a new toy or a trip to the movies. This will give them something to work towards and help them stay motivated.
Once your children understand how to make and manage money, teach them how to make money work for them!
A savings account is a safe and easy way to introduce them to the concept of interest. Taking them with you to open the account will be an exciting way to get them more engaged. Later on, you can also teach your children about compound interest (the interest earned on interest) when exploring other
investments.
Show them how to invest in stocks. Stocks are a riskier investment than a savings account, but they have the potential to earn higher returns, especially if they get started early. You can teach your children about the stock market and investing in companies using your own brokerage account or by opening one for them.
Teaching your children the principles of money management is one of the most important things you can do for them. And, the sooner you start, the earlier they will understand and start making better financial decisions. These lessons will last a lifetime and will put them in good stead to achieving financial success.
You have worked hard to give your children the education they need to achieve their goals. These goals, more often than not, may need financial support to be materialized. And, one of the best ways to do this and prepare for their future, is saving.
Putting aside a dedicated portion of your monthly earnings can ensure that their tuition, books, and other expenses are always taken care of. This
practice not only benefits you financially, but also emotionally and psychologically, as parents tend to spend a lot of time contemplating how to provide the best quality of life for their children. VM Building Society (VMBS) has therefore made it easier for you to save towards your children’s future, while earning interest and receiving great value, with our iSave account!
Opening a VM iSave account with a minimum deposit of J$5,000, can make it less burdensome to give your child the life they deserve. And, in addition to earning attractive interest rates, we have an extra sweet offer for you!
When you open an iSave account for your child, between
now and December 31, 2023, you can get perks such as: 5% – 50% discount on your purchases from select stores, a bonus on your deposit and more. You can also get a chance to win a million dollars in our iLive, iSave, iWin promotion.
Sign up online or visit your nearest VMBS location. We are also giving you more opportunities to sign up, as all VMBS branches will be open for business On Saturday, October 7, 2023, from 10 am to 3 pm.
There’s no time to delay, start saving for your child’s future today! Click here for details on our exclusive offer. Conditions apply.
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