Covid-19 Outbreak SA Online Resource | More info
Insurance, Car Insurance, Funeral Cover, Life Insurance, Budget Insurance, Insurance Quotes, CompareGuru, South Africa.
Car and Household
Business
Life and Funeral
Car Insurance
Cover your vehicle
More Information
Get Quote
Pre-Owned Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Extended Warranty
Cover the mechanical and electrical components of your vehicle
More Information
Get Quote
Scratch and Dent
Cover small dents, chips and scratches to your vehicle
More Information
Get Quote
Tyre and Rim
Cover damages to your wheels
More Information
Get Quote
Home Insurance
Cover your home and everything in it
More Information
Get Quote
Commercial Vehicle Insurance
Protect vehicles and drivers used in the day-to-day operation of your business against risks like financial loss, damage or personal injury.
More Information
Get Quote
Commercial Insurance
Provide cover against common risks and disruptions to business operations, such as theft, damage to property, employee / client injury and much more.
More Information
Get Quote
Directors and Officers Liability
Safeguard your business and key players from financial loss with the right policy.
More Information
Get Quote
Errors and Omissions Liability
Covers your business and employees against claims of negligence, poor workmanship, and more.
More Information
Get Quote
Life Insurance
Provide for your loved ones
More Information
Get Quote
Disability Insurance
Protect your paycheck
More Information
Get Quote
Serious Illness Insurance
Cover yourself for illnesses like cancer, Alzheimers, Parkinsons, strokes or heart attacks.
More Information
Get Quote
Funeral Cover
Protect your family financially and cover funeral expenses
More Information
Get Quote
Domestic Worker Insurance
Cover the person that looks after you and your family everyday
More Information
Get Quote
Menu
Home
About Us
Domestic Worker Cover Quote
Life Insurance Quote
Car Insurance Quote
Funeral Insurance Quote
Extended Warranty Quote
Pre-Owned Warranty Quote
Scratch and Dent Quote
Tyre And Rim Quote
News Room
Meet The Team
Careers
Providers
Insurance
Car Insurance
Building Insurance
Household Contents Insurance
Life Insurance
Disability Insurance
Serious Illness Insurance
Domestic Worker Insurance
All Risk Insurance
Funeral Insurance
MotorVAPS Cover
Commercial Insurance
Commercial Vehicle Insurance
Directors and Officers Liability Insurance
Errors and Omissions Liability Insurance
Support
Contact Us
Terms of Service
Privacy Policy
Disclosures
Client Letter
POPI Act
PIA Act
CIM Policy
Complaint Escalation
TCF Form

News Room

4 Simple Ways To Teach Your Kids Financial Responsibility

Compare Guru
2015-08-04
From the moment they are introduced to this world your kids are exposed to advertising and marketing. From television to billboards advertisements, children are encouraged to purchase the latest toys, clothes and technology. And while school may teach them everything they need to know about maths and science, it is the parents responsibility to teach kids about being financially savvy and responsible.
Like every parent, you worry about your child's ability to look after themselves when they ultimately fly the nest. A conundrum you may be faced with is at what age do you start teaching them about financial responsibility?

Here are 4 simple ways to teach your child exactly what they need to know

Financial Responsibility Practise What You Preach. Kids are more inclined to practise what you do a lot more than what you say. Being thrifty, maintaining good savings habits, reducing debt and cutting frivolous spending are all good financial habits that children should be exposed to from an early age. Some fun money-wise activities you and your children can do together are:
  • Keep a savings jar that you both contribute to, and when full go on a shopping spree together!
  • Reward your children when they save rather than spend.
  • Draw up a spending plan together where you prioritise certain purchases over others.
Explain The Difference Between ‘Wants’ And ‘Needs’ Expenditure. While this is may be obvious to adults, children do not always understand the need to prioritise between purchasing essential and luxury items. Parents can enforce this rule by taking their children along on shopping trips and ask the children to help fill the trolley. While they pack the trolley full of their favourite goodies, explain to them the need for essential foods over items like treats and sweets. And then let them pick out their favourite fruits, vegetables and other essentials. Very young children don’t always understand the finite nature of your money. You can explain and teach them this important rule by giving them the grocery money and allowing them to hand the cash to the cashier at the end of your shopping trip. Put A Good Allowance Policy Into Place. Giving your children an allowance is one of the best ways you can teach them to manage their own money. Start when they are young, around age six, with a monthly allowance and continue this throughout their teenage years. Make sure that you remain consistent with any allowance rules, and make as few exceptions as possible. This will give your child hands on experience of managing their own money, so it is important for the parents not to intervene in the way that the children spend their allowance. Allowing them to make poor spending decisions with their allowance can be turned into a learning opportunity for making better decisions with their money in the future. Open A Junior Bank Account For Them. Learning the basic principles of banking is an important part of your child’s financial knowledge. By opening a junior savings account for them you are providing the groundwork to learn about aspects such as bank costs and interest, and how they can use these to grow their savings. Explain to them the importance of saving for their future over spending their money quickly. Interest is a great way to show the importance of saving in action, and if done throughout their childhood, will also provide them with a decent sum for when they leave the house, get their first job, begin to study, etc.
CompareGuru Social TwitterCompareGuru Social FacebookCompareGuru Social LinkedIn

Sign up to our Newsletter now, and don’t miss a beat.

Email Address
Name
Sign Up