17 Feb 2021
Let’s face it, most of us have terrible habits when it comes to saving and managing finances. We spend what we earn and don’t worry too much about having a fall-back fund. Living in this global economy has many challenges especially with the rising cost of living. We are constantly juggling our pennies to fill all the gaps.
Is this a habit we want our kids to follow?
Teach them about money early and teach them right.
We want to teach them savvy savings habits that will allow them to be financially independent adults that are prepared for emergencies, and not follow in our ‘reactive and destructive’ financial mindset.
Perhaps if we focus on teaching our kids the right way to manage money, we can also teach ourselves and break the cycle.
It is tricky teaching kids and teens about boring money stuff. They would rather be watching tv or playing games.
What can we do to make it more relevant and interesting for them?
There are probably many more ways to teach your children about money, but the most important is setting an example. If they see you spending like there is no tomorrow and not saving, then that is what they will do. They need to realise the value of money and how to work for it and save it.
Setting a good financial savvy example, will also help you get your finances back on track. Chat to your deVere Acuma adviser to help get a proper budget in place to control your spending habits. [email protected]
Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Acuma adviser for a personal consultation.
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.