The difference between needs and wants may seem quite straightforward to adults but to the younger generations, the lines may be blurred. Prioritise your budget and take charge of your money. How do you do that? First things first. Identify where your money is going on a day-to-day basis. Once you start doing that, you…
Finance may be the LAST thing on your mind. That is, until you get your first job and start thinking about buying that car you had your eyes on for a while, and, eventually, getting a place of your own. So, let’s start with some basic Rules of Thumb of money management that, we promise,…
Living within your means is the key to good financial management. This requires a balancing act between your monthly income and monthly expenditure. Adjusting your income may be difficult in the short term when this is driven by your fixed salary. This would be your take home pay, that is, your salary once taxes and…
As an individual, what is affordable depends exclusively on your own income. First your needs have to be prioritised, and then the remaining income can be shared between spending on wants, maintaining a buffer for unexpected costs, and saving for old age. Additional considerations come into play when two persons form a couple. In this…
Talk about bills and where money goes. Explain ways to pay including direct debits, monthly bills, etc. Have children help you find the best price by comparing prices in stores. A budget, or money plan, also helps with looking after money. Explain what you spend money on and how you know where money has to…
building block 1 Teaching your children 3 to 4 years : link building block 2 Teaching your children 5 to 6 years : link Teaching your children 7 to 8 years o If your child is starting to get regular pocket money, talk about how they will keep it safe. Will they keep it in a jar…
Through Saving At the Shops Through Adverts Through Saving o Children can start to understand the idea that you have to save money for things. Learning to wait will help them as they grow o Think of something small to save for as a family. Save together in a penny jar or in the bank…
Through play Around the House Before you go shopping At the Shop or Supermarket Click on each tab below for further reading. Through play Children love playing shop. Make it as real as possible, adding price tags to items to show that things cost money. Start showing your children the difference between coins. Explain that…
The list of monthly expenses goes beyond the costs related to buying a home. Here’s a list of essential expenses to include in your monthly budget: Home Loan Repayments Most likely, this will be your biggest ongoing expense. Have a chat with your bank representative to go over a fixed monthly payment schedule that works…
Ben Camille discusses the importance of teaching your children money management Research shows that kids grasp money concepts and have many of their money habits set at a very early age. Research by behaviour experts David Whitebread and Sue Bingham of the University of Cambridge found that our approach to money, such as planning and…
