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Helping your kids to manage their money

canada goose outlet online reviews As a mum, my goal is to see my two children grow up to be independent. A big canada goose uk shop part of this journey is financial education. You can give your children the best academic education you can afford http://www.canadagoosecanadaoutlet.com, but if they don manage their finances, there is a good chance that you will be bailing them out at some stage. canada goose outlet online reviews

canada goose outlet shop I recently had a great opportunity to role play financial life Canada Goose Outlet skills with my eldest son. Along the way I learnt a bit more about why we sometimes struggle to manage money. canada goose outlet shop

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canada goose outlet montreal The first step was opening a bank account. Although he had a kid saving account, he now needed more functionality. We discussed what his needs would be and how many cheap canada goose uk transactions he was likely to make each month, and then we Canada Goose sale did buy canada goose jacket some research. We found the account that would most effectively serve his needs at the best cost. To be honest canada goose outlet , even I found Canada Goose Jackets it impossible to fathom as Canada Goose Coats On Sale there were annotations and abbreviations I couldn make canada goose coats on sale sense of. I made canada goose him go to the HR department and get clarity on exactly what all the payments and deductions were for. This taught him that Canada Goose online his salary is valuable and he needs to know exactly what he is paid, and what is deducted and why. canada goose outlet montreal

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canada goose outlet us Within the first two weeks of work, I picked buy canada goose jacket cheap up that he had a spending problem. He was working at a food retailer and every day he would buy himself food and snacks despite the fact that he took food to work. He was spending nearly half of what he was earning per day on junk food! We calculated how much he was spending each canada goose coats day and extrapolated that for a monthly figure. We then compared that to his monthly income. While R40 a day didn seem like a lot of money to him, the monthly figure of R1 000 gave him a real wake up call. canada goose outlet us

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canada goose outlet uk This was a good time to start talking about a budget how much did he want to be spending and saving each month? What things did he want to spend his money on and what were his saving goals? He was quite clear that he did not want to be spending R1 000 per month on junk food. We calculated how much was reasonable to spend daily on a treat at work canada goose clearance sale and how much he wanted to spend on other entertainment and mobile data. He discussed his short term goals (spending money on a family holiday) uk canada goose outlet and his longer term goals (buying a car). The day his salary hit his account I made canada goose black friday sale him transfer the savings allocation immediately, so that he could not spend it. I thought my job was done but then I learnt that managing a bank card is not something we Canada Goose Parka do automatically. canada goose outlet uk

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canada goose jacket uk Despite having a budget, his spending continued and within two weeks the money was canada goose store gone. Because he wasn keeping track, he had incurred fees for declined card swipes (R8.50 a time!). Basically, he was struggling with the concept of money and keeping track of what he was spending. canada goose jacket uk

canada goose outlet online We now live in a cashless world and have stopped handling actual cash notes, replacing them with plastic cards and banking apps. What was clear from my son experience was that this just wasn working for him. canada goose outlet online

canada goose outlet price Despite having a canada goose uk outlet banking app, he wasn checking the balances or keeping track of his money. So, he decided on a different strategy. He calculated how much he would spend each week and then drew the cash. He left his bank card at home and each day took just enough cash to spend that day. That cheap Canada Goose created a spending discipline and also gave him a real sense of the value of money. canada goose outlet price

canada goose outlet store uk After two months of using cash, he felt confident to return to using his card and keeping track on his banking app. It is still early days, but I have definitely seen a shift in his canadian goose jacket thinking. He is checking his balance and transactions frequently and he is taking more responsibility. He owed me some money for a purchase I had made on his behalf and he even transferred the money without a reminder (if you have kids, you will know this is a major breakthrough!). canada goose outlet store uk

canada goose outlet in new york As a mom, I have found this to be a very interesting journey and I am so grateful to have this opportunity to guide my son and be a safety net as he takes baby steps Canada Goose Online into the real world. As parents we need to do this more often; we need to allow our children to engage with the real world while we still have their backs. All too soon they will be making their own mistakes for which the consequences may not be so benign canada goose outlet in new york.

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