Streaming issues? Report here
Temp 702 logo 1000 x 1000 2020 Temp 702 logo 1000 x 1000 2020
Best of 702
00:00 - 04:00
volume_up
volume_mute

Up Next: Early Breakfast with Africa Melane
See full line-up
Best of 702
00:00 - 04:00
Home
arrow_forward

Making the most of pocket money - why it's important

13 July 2019 12:20 PM
Tags:
National Savings Month
pocket money
children and money

It's Savings Month and parenting expert Nikki Bush has valuable advice on teaching your child about money from a young age.

South Africans are notoriously bad at saving - would it help if our children start learning about this essential money tool at an early age?

As it's national Savings Month, Refiloe Mpakanyane raises the question of pocket money with Nikki Bush.

In an increasingly cashless society says the parenting expert, it's truly important for parents to provide kids with 'real money' experiences.

We live in a world of credit and debit cards, store accounts and internet banking and a fear of carrying real hard cash. Our children don't often get to experience money... They know that money and cards go together.

Nikki Bush, Creative parenting expert

She says you can start giving your child a small amount of pocket money already from the age of three for their own 'fun' use.

They need to be given an amount of cold, hard cash... They need to experience it running out, too... when it's spent, it's gone.

Nikki Bush, Creative parenting expert

That is just to spend on something frivolous - it could be going to the sweet shop, it could be going to the toy store.

Nikki Bush, Creative parenting expert

The spending of the money to buy them (little things) is an investment in a future life habit of learning to use and spend your money wisely. It's about a choice, that's what I'm buying or that's what I'm saving up for.

Nikki Bush, Creative parenting expert

She suggests giving them three different piggy banks - the first for saving, which teaches how to plan and how to deal with delayed gratification.

The second piggy bank would be savings for charity and the third would be used for money that can be spent at any time.

You can also help them picture a savings goal.

Nikki Bush, Creative parenting expert

Bush says the next step is opening a bank account, at the age of seven or eight, when children are aware of what it means.

This also activates a savings goal, for example you could agree that an account can be opened once there's an accumulated amount of R200.

You need to almost make it a family ritual. It's a big moment, it's like going to 'big school'.

Nikki Bush, Creative parenting expert

For more tips on teaching your child about money, take a listen:


13 July 2019 12:20 PM
Tags:
National Savings Month
pocket money
children and money

More from Valuable Tips & Advice

Give your child the best education you can afford – here’s how to invest

16 April 2021 11:03 AM

Personal finance advisor Warren Ingram on how to save and invest for your child’s future education.

Share this:
Read More arrow_forward

WARNING: Check your Facebook account to make sure your data is not at risk

15 April 2021 1:28 PM

Global Crypto executive editor James Preston encourages users with Facebook accounts to change banking details

Share this:
Read More arrow_forward

[LISTEN] How to claim for home office tax

11 April 2021 8:54 AM

Certified financial planner Paul Roelofse explains how you can claim tax back from working from home.

Share this:
Read More arrow_forward

Study shows 53% of South Africans want to work from home

10 April 2021 10:57 AM

BCG principal and recruiting director Rudi van Blerk explains the study which included almost 209,000 people worldwide.

Share this:
Read More arrow_forward

[LISTEN] Why sitting all day is not good for your health

10 April 2021 9:45 AM

Physiotherapist and author Lesley Meyer says our bodies are not designed to be in one position for a longer period of time.

Share this:
Read More arrow_forward

[LISTEN] Why financial literacy is crucial

28 March 2021 8:48 AM

Certified financial planner Paul Roelofse talks about the importance of financial literacy and saving for the future.

Share this:
Read More arrow_forward

Most people eat twice as much recommended dosage of salt - Doctor

20 March 2021 7:35 AM

Practical Health Solutions CEO Dr Fundile Nyathi reflects on the amount of salt that South Africans take.

Share this:
Read More arrow_forward

[EXPLAINED] How to consume less sugar - for an instant improvement in health

18 March 2021 10:42 AM

Consuming even just a bit less has instant health benefits. Wasanga Mehana interviews registered dietitian Hayley Daries.

Share this:
Read More arrow_forward

Serious back pain? Take quick action as it could be cancer

15 March 2021 4:35 PM

Medical Doctor from Quad Care Dr Dulcy Rakumakoe talks about the different back pains and when to seek medical attention.

Share this:
Read More arrow_forward

Making extra money: Key tips on finding a side hustle idea that works for you

11 March 2021 8:52 PM

If your first idea is not perfect, move on and get another one!, says side hustle coach and entrepreneur Nic Haralambous.

Share this:
Read More arrow_forward