AS Colleen Marimo – a mother from Pimville in Soweto, knows – few people understand the need to involve their children in house finances.
SunMoney set out to find out what the money relationship between ekasi parents and kids is.
“I never speak to my children about money. It’s not necessary for them to know how much I earn – it is how I grew up around my parents,” said Colleen.
She said as long as children have their needs catered for, they shouldn’t worry about the rest.
But Alfred Ramosedi, African Bank group executive for sales and marketing, said it’s important to include children in your budgeting so that they grow to be responsible and manage money well.
This helps them to know what their money is spent on so that they understand and develop good money habits early.
“Remember, goals will only be achieved if you make your children part of your budget and savings plan.
“Every family member needs to be committed to achieving the goals.”
Alfred said everyone in the family should be part of its financial planning if it is to succeed.
“Sticking to a budget is a discipline that everyone should be taught as soon as they’re able.”
He said a budget should make provision for the here and now, but also include room for future goals such as retirement, education or going on a holiday.
“How well you manage your money and payments now plays a part in determining your future financial wellbeing.
“If kids learn this principle at a young age, they are more likely to be good in financial matters,” he said.
