By Dickson Tumuramye
It
is not always easy for some people to save money. While
some people despise their income as too little for saving, others have enough
to save but do not know how.
In
the parable of the talents in the Bible (Matthew 25:14-30), each man was given
a certain amount of money, but only two out of three used it appropriately.
The
two invested their money and it earned interest and multiplied. He
who hid it remained with the same amount, which was also taken away from him by
the master and given to the one with more. Therefore, the one who
has more will always be added
to more. This is why your children need to learn the
value of saving and growing their money at a tender age.
I have also heard testimonies
of 3 children below 15 years old who saved
from their pocket money with the
purpose of doing something and they have achieved their goals. They started with buying some chicken and that later developed
into a piggery project.
A savings culture is a habit that
every child needs to learn from childhood to become financially
responsible. It is easier to instill any behavior in a child and they pick it up much
faster than adults. It's very possible to encourage it right now
in your children.
Teach them to start saving
from any money source. This could be pocket money, money from visitors and
friends, their businesses, and parents among others. This money can be saved in
pig banks or savings boxes. It doesn't matter how much they drop in at any
time; one day it will be much for something big. Teach them the principle of
one-to-one makes a bundle.
Another way children can save
is by opening savings accounts in
banks, SACCOs, or any organized
group where that account should be earning them interest on a
regular basis. Even if it's you giving them that money to deposit in their
accounts, they get to know the
language that they are saving money somewhere.
Save with a purpose of an end in mind. It's better
for a child to save
with a target to hit. This encourages them to save with
the intention of ensuring they multiply that money in
a given period of time and invest it in something else. This minimizes any
wastage or unnecessary spending of any money. When you see that one likes spending
anyhow, you just remind him/her of the target to achieve.
Impart in them the value of
saving as a group, especially at a family level. Our children have their
savings group and we borrow from
them money. They also learned it from their friends and their
savings have grown over
time. This encourages teamwork as they grow up and family unity.
We taught them record keeping
because they need to track all
income, expenditure, money borrowed out, returned or not in the
given period of time, and interest earned. This helps them to make reviews and plan accordingly. Our
children now know who pays back well, and they also learned to remind the
borrower to pay
back as the borrower's agreement states. These are some of the financial
management skills they are learning along the way. You don't give
out business money and relax about it. Penalties are enforced should one fail to pay on time. This
challenges the parent to demonstrate faithfulness and be a good example so that they too get to know that when you borrow from
someone or a bank, you must pay back as promised.
Expose them to different
notices and teach them the value of each and what it takes to get a big one.
Even when you are giving
them money for any task, keep giving them different notices so that they appreciate
it and are
encouraged to work harder for it. They should also know how to count it, ask
for balance/change, and be well-equipped. This means that even when they
are spending, they should know the value and spend only what must
be spent not because you have a lot of money at hand.
It may seem challenging to
develop this habit in your children but with your positive attitude
about it and consistency, it is very feasible and
the rewards are immense when they master it.
The writer is the
Executive Director of Hope Regeneration Africa,
a parenting coach, marriage counselor, and founder of
the Men of Purpose Mentorship Program.
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Dickson Tumuramye is also a passionate speaker on:
#Positive parenting
#Marriage and family
#Child counseling
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