LISTEN: #BadMomsClub - "My 16-year-old son is irresponsible with money!"
On Thursday, a mother from Margate contacted Carol Ofori for help with her 16-year-old son who needs to learn about the value of money.
As we move into uncertain times, it's important to teach our kids about being financially savvy. We can honestly say that many people made it through tough times because of their healthy saving traits.
As much as it is sad, because many have had to pick off the piggy bank to make ends meet, it's also quite inspiring to know that many people have a healthy and sustainable relationship with their savings account.
This week on Bad Moms Club, we thought it fitting that a mom chats about teaching her kids about the value of money, considering it's the start of the new month, and July happens to be 'Savings Month'.
Read more: Money tips for young people
Today on the show, Carol Ofori shares some very valuable advice when it comes to having teenagers who display different relationships with money. She also hosts a professional (Ayanda Tetyana) to advise Sarah from a medical point of view.
A mother from Margate sent in her problem and asks KZN mothers to help her with the dilemma she is facing with her kids, especially her 16-year-old son.
Hey Bad Moms Club, I have three kids all in their teens and they’re all very different to each other! My 16-year-old son is terrible with money and with looking after things in general. His pocket money is wasted on rubbish as soon as he gets it and then he manipulates his younger sister to give him some of hers. I don’t want to stop the pocket money, but he needs to learn that money is valuable and he must plan for tomorrow. I know he’s still young, but how do I teach him the value of money without punishing him?
A mother on Instagram shares the importance of teaching children good saving habits. She says, that "talking about money helps children to understand the difference between earning, spending and saving, it also helps children understand the value of money 💰 at an early age and help them make better financial decisions… here is a couple examples to teach them...
1. Open a bank account it helps to understand the system
2. Give them a piggy bank, be honest who doesn’t like to put coins and count later…
3. Teach the concept of credit, you can create an easy game where you loan your children and be clear how he/she needs to return it.
4. Create a simple budget for thing that they like, keep it simple and small
5. Teach them how to make money, let them earn some bucks for cleaning the car… again keep it small and easy according to the age." (Instagram)
Image Courtesy of Instagram