Tips

1. Take the time to sit down with your child and explain how you budget for a year or monthly. Show them all the expenses and how you manage them.

2. Show your child how much you are saving fo their education as well.

3. Most paents keep this form their child and this does not enable or empower the child to learn that they to be careful with money.

4. Work out a monthly budget for your child in terms of their pocket money, transport, clothing,movies and entertaiment, hanging out with friends and other basic expenditures that our adolescent would use money for

5. Work out how much they are going to spend on it every year

6. Sit down with your child and work out a budget with them so they understand the process

7. Give them the money monthly and get them to writ down all their expenses

8. If they overspend, they cannot use money for entertaiment or things they like. Alternatively, you can deduct money from the next month if they overspend on entertaiment one month for example

9. Dont compromise on health if they inish their luch or break money for food, get them to take food from the house.

10. The key is that you work with your child every week for the first few weeks or months to keep them on track and teach them how to budget and manage their money, they will keep the right habits even when they leave home to work or go to university.

 

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