My father once did it – saving for kids

There is this great article I saw on the Forbes website about teaching kids how to save titled “The Family 401(k): Teaching Kids And Grandkids How To Build Wealth” find it here.

In a brief it goes that kids when they get some sort of income either from chores or a gift they have a choice to spend it or put it in a piggy bank. A piggy bank saving will result in whatever was put there being doubled by the parent = that is the carrot. The stick if you spend it its gone. But also the piggy bank can only be opened on your birthday so it tests the kids willpower.

I love the idea though and want to try it out with my kids.

Kayin and Kaylin hokoyo.

Oh my father did open for a banking accounts when we re young as well, put in ZWD10 (it was worth a lot back then) every month, problem was he would occasionally come back and raid! POSB was brilliant back then you had to sen the green book to Harare for interest and it was a lot! Miss those days.

Thank you.

[Image courtesy Nehanda Radio]