With the lockdown being the new norm, many are learning to juggle jobs, kids, partners and parents from the confines of their homes. It remains uncertain when schools will reopen and some schools are offering schoolwork or running online lessons resulting in countless parents trying their hands at the challenging task of homeschooling whilst keeping a job. Getting through the schoolwork can be quite daunting but we shouldn’t miss the opportunity to teach our children valuable life and money lessons amid the economic crisis created by the COVID-19 pandemic, says Kenosi Magosha, Head: Client Solutions Savings at Sanlam.
In fact, if this is the time to revisit a new way of living, then there’s all the more reason to use the opportunity to teach our children how to get smart about life, money and saving.
Magosha says teaching children about money management in the context of how life is lived could, in fact, instil a valuable foundation of financial literacy for life. “Talking about money can be taboo and quite challenging, particularly now when there is so much uncertainty on what the future holds. As challenging as it is, given the times we are in, our approach can help with setting up our children, families, communities and country for long-term financial sustainability. Teach the value of each rand by tackling how money is made and also teach them the three S’s of money: Spend, Save, and Share… Spend: how to make the most of limited resources; Save: setting goals for the future; and Share: how to give if you can to help others.”