Save up, dream big!

Saving is one of the most valuable skills children can learn. It lays the foundation for future success and helps build discipline, patience and goal-setting habits from a young age. By learning to save, children not only understand the value of money but also gain the power to work toward their dreams. Oscar Antindi, a personal financial advisor at Old Mutual, explains why saving is so important for children. "Teaching kids to save, sets them up for lifelong financial security. Developing this habit early on helps children understand the value of money and delayed gratification."Starting with something as simple as a piggy bank allows children to see their coins add up toward small goals. As they grow older, opening a bank account introduces them to concepts like interest, which allows their money to grow over time.Aislinn Mouers, a mother of two, puts this into practice with her kids. "I always tell my children to save if they want new toys or equipment," she says. "To encourage them, my husband and I promise to cover the rest once they reach their savings goal."This approach turned into a real-life lesson for her ten-year-old son, Alex, who diligently saved N$100 every month in his "bike fund" jar. After six months, he met his target and true to their word, his parents contributed the remaining amount. The proud smile on Alex’s face as he rode his new bicycle was a testament to the power of patience, discipline, and smart saving.Three key strategies make saving successful for children.1. Start with a clear purpose. Whether it's a special toy, a new game or a bicycle like Alex’s, having a specific goal makes saving meaningful. Antindi said, "Knowing why makes commitment easier." Decorating a savings jar with pictures of the desired item serves as a constant reminder of motivation. 2. Make money grow wisely. While piggy banks are great starters, bank accounts offer the advantage of earning interest. Even small, regular deposits add up. Just N$10 a week grows to N$520 in a year. Parents can help by turning saving into a fun challenge with appropriate rewards.3. Using separate jars for different goals teaches basic budgeting skills. Children can increase their savings by earning extra money through age-appropriate chores like washing cars or helping with household tasks. Most importantly, celebrating each milestone, no matter how small builds confidence and encourages bigger dreams.

Save up, dream big!

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Republikein 2025-07-15

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Save up, dream big!

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Republikein 2025-07-15

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