One of the best lessons you can teach your children early in their working life is how to save.
In the days of internet banking and electronic transfers – this can be a lot more simple than it was in days gone by when you had to go to the bank to transfer funds between accounts – but it also presents a temptation many will find hard to resist.
My suggestions for saving money area:
- calculate how much you want to save per pay packet (this may be a dollar amount or a percentage) and set up a direct debit from your normal bank account to a savings account on the day of or after your pay day
- many employers will allow you to split your pay packet between two or more bank accounts, if this option is available – take it!
- your savings account should have limited access (I have one account with no key card or internet access, it means I have to actually go to the bank to get the money – who has time for that?)
- in calculating how much to save, set your self a goal – this might be buying a car or new electronic device, or perhaps a holiday is in order – work out how much you need and go from there
- savings goals for kids might be lower in value, but the lesson learned from having to work for it will be valuable to them
Tell me, what are your money saving tips?