If you do not teach your children how to manage their money properly you are setting them up to fail. We are inundated with advertising messages geared towards instant gratification daily and the thought of patiently saving for that dream item seems out of reach for most. According to Sophie Elsworth one way to teach our children how to save is to open a savings account for them early on and then to regularly deposit money into it, this will slowly grow to a sizeable amount by the time they can access it.
“There’s a lot we can do now to get him started and the cost of living is so high and real estate is so difficult to get into at the moment so if we can start early it will give him a headstart.”
Another way to teach our children to save is to get them involved in the process. You can work towards a shared goal to which everyone has to contribute. To read more on how a single mom managed that, read more here: kidspot.com.au.
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Read the original source article here: news.com.au/finance