Children learn from observation. They see how you behave and that leaves a lasting impression. The saying, “do what I say, don’t do what I do” will never work with kids! It is best therefore to practice good financial habits. If saving is instilled as a value in your child at a young age, they will be far more likely to save in the future.
By saving, the next generation will learn that there is an alternative to instant gratification. By saving and waiting they can achieve their goals and obtain things that they really want. They will also appreciate that it is not easy to get money and they will be more grateful for the things that they have.
How does it help to have savings?
Savings can help in many ways. If you set aside money every month this will accumulate and it can then be used in various ways. It may be needed for a deposit so that you can buy a house. If you experience an accident or have a run of bad luck, savings can help. Perhaps you are retrenched or find yourself in hospital unable to work. Rainy day savings can keep you afloat in these circumstances. When you have savings you don’t lead a hand to mouth existence. This could mean that your life is less stressful and you are less at the mercy of circumstances. Being financially independent is good goal to aspire to.
What if you haven’t saved?
If you have had the misfortune to find yourself in debt, do not despair. Being placed under Debt Review will provide you with a plan and the support you need to get out of debt. You are still being an excellent role model for your children. You will be teaching them that it is important to resolve a problem. You will be demonstrating that with discipline and perseverance financial problems can be fixed. Call One Debt today if you are over indebted. They will help you to become debt free once again.