READER REPORT:

Spending teaches saving lessons

SUSAN VAN ZANTEN
Last updated 05:00 25/03/2014
Piggybank piggy bank
Create savings accounts for your kids pocket money or wages.

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I am a mother of four. As each child reached the age of 12-13-years-old, I explained to them that I would always provide them with food, clothing, school fees, sports subscriptions, birthday and christmas gifts.

But when it came to the fun stuff like going to the mall, going to the pictures, and extras that they wanted it was time for them to get a job after school.

All four of my kids got jobs. The eldest worked as a waiter, the second worked in a supermarket, the third did odd jobs and the forth washed dishes at a restaurant.

They were each paid about $80 a week. I first got them bank accounts that they had to go to the bank to withdraw money, with my approval.

At first I let them spend it all to show them how quick it disappeared. Then when they realised that money is spent quickly, I got them a savings accounts and an eftpos account set up with internet banking.

Now when they get paid, the money goes straight to their savings account and they can decide how much they will need to transfer to their eftpos accounts to spend.

All four now have healthy savings accounts and watch what they spend their money on. They have also joined Kiwi Saver.


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