Financial coach Phelisa Rabedwa shares her practical steps to nurture your kid’s financial journey.   

Keep it simple

Make the idea of saving money as something simple that they can do. Set challenges, asking them to set aside a portion of their pocket money every day for the week. Attach an incentive at the end of week to reward their efforts.

Get everyone involved

Make saving the "in thing" in the household. If you have more than one child allow them to compete with one another by seeing who is able to save the most money in the week. When it comes to how they spend their money, let them buy what they want to buy. As a parent, try not to influence the choice as this increases their confidence.

Make it about them

By nature, children love to achieve goals and to be recognised for their accomplishment really matters to them. Once you make it about you and that you want them to save, they won’t understand the beauty of reaping the rewards of hard work. As parents, when we acknowledge their efforts we will see how quickly money-saving behaviour becomes a norm for them.

Make it practical

Use your garden as a practical way to demonstrate the power in sowing seeds. The philosophy of  sowing a seed, leaving it in the ground, watering it and after some time a plant grows will show children how saving works and why it is important. Saving is not about leaving you feeling strained. It’s about paying your future self by sowing the seeds today.