How to Start Open or Close
Where to begin can sometimes be daunting, you may feel as though you're staring at a blank piece of paper just waiting for something to write itself. Relax, because it doesn’t really matter where you begin, only that you do. It may however, be a good idea to talk to your child and find out how much they already understand about finances and then build on that.
This site contains information that can help your child in their journey to financial literacy but it can only go so far. As a parent you want the best for your child and that requires an investment of your time in teaching them simple financial principles. Remember, they are watching you even when you don’t think they are and they are learning all about financial matters through you.
The Importance of Teaching Children to Save Open or Close
Society as we know it, has undergone many changes throughout the last century. We have, as the human race progressed in all areas of our development. Physically we excel in sport, mentally we are constantly advancing in technology. With these advances and through the capitalistic nature of our actions, we have acidentaly made learning more complicated for our children.
When it comes to learning, the most effective method or principle for total recall is making use of as many senses as possible. If we see, if we hear and if we touch, we can in most cases remember even the smallest of details. But with the quest to simplify processes, we have started eliminating the use of some of our most basic senses and with that, made it more difficult to learn.
Money as a tangible medium that can be physically saved, was a simple principle and easy to convey. But as we develop new methods of spending though: debit and credit cards, through internet transactions and online purchases, we have an intricate system difficult to understand. Children have to learn these new principals in order to become financially responsible and they can't do it without our help.
Being financially secure is something that each of us strive for and the earlier a foundation in financial literacy can be introduced, the better off the person will be. Teach Children to Save South Africa is an initiative started by the Banking Association South Africa, with the goal of helping youngsters become “money wise”. The TCTS SA™ Lesson Plan was developed in conjunction with the Department of Basic Education under the Economic Managment Science Subject. We believe that through delivering fun and dynamic training in financial responsibility and capability, we can help the next generation of leaders plan better for the future.
Here are some practical ways in which you can help: Open or Close
- Give your child pocket money and teach them about saving a percentage of it.
- Teach them the difference between things they need and things they want.
- Help them navigate this site and go through the information with them.
- Bring them into discussions about planning finance for a holiday or trip.
- Point out specials in the supermarket and explain how to buy and save.
- Encourage them to start their own small business.
Teaching Entrepreneurial Skills Open or Close
Business is the lifeblood of the economy and the world is run by progressive thinkers, with the will and determination to push on. As a youngster, your child has big dreams and in order to realise those dreams, they need a strong financial background. They may not realise it, but there is a large amount of potential business all around them. Entrepreneurs do nothing more, than spot a need or opportunity that others passed by. Go to the kids section to see what kind of business your child can be involved in, or use it to gain inspiration.
As a parent it’s important to encourage your child in whatever direction they decide to go. Even if you think their idea for business will fail, help them try to make it a success. Every entrepreneur has had failures, but they have learned from them and picked themselves up again.
Make sure your child participates at the school's Entrepreneur Day.
A word of caution as your children enter the world of business: Open or Close
- Make sure you always know where they are.
- Do not allow them to go door to door by themselves.
- Recommend that they do chores they enjoy.
- Be sure they are mentally prepared to follow through on their commitments.
- If there are set up costs for their business, make sure that the cost of setting up is covered by the profits.
- Don’t let their business interfere with their homework or school work.
- Help them in setting fair prices for the services they’re offering.
- Remind them to come to you for advice if they need it.
- Give them the space to feel successful by not taking over.
- Understand the money Cycle: Earn > Save > Spend > Donate > Invest