Blog Post

Parenting Advice - Growing Money Smartly

ADvTECH Group • January 7, 2022

Parenting Advice - Growing Money Smartly.

Teaching our children about money is a balancing act, especially in South Africa! On the one hand, we try not to make our children's lives all about material goods and money. On the other hand however, money sure does make the world go round and it’s never too early to teach your kids the fundamentals of money to prepare them for the future. Here are some age-appropriate money concepts that Crawford International families can teach their kids.


Ages 03 - 05


What to say: If you do something or make something, you can get money for it. This is called a job and getting money to do that job is called ‘earning’. 


Activity idea: Job hunt!

Walk through your Crawford International Campus with your child and point out people who are working, such as the teacher, the cleaner, the canteen chef, or the coach. Talk about HOW those people earn money. You could do the same at your local shopping centre.


Mind your own business: Entrepreneurship

You can introduce your children to the concept of entrepreneurship. Teach them about people who start their own businesses and how they pay themselves. Encourage your child to think of their own cool business and how they can make money from it.


Example: 

Name and age: Aaron, age 6.

Business idea: A bicycle shop.

Name of the business: Rides.

How the business would make money: "I would fix bicycles. And sell some new ones, too."


Concept: Saving


What to say: When you have to wait for a turn on the trampoline or you are looking forward to a play date at your friend’s house, you will notice that sometimes you have to wait for things you want. When it comes to money, you might not have enough money to get what you want today, but if you keep putting money into your piggy bank, one day you will have enough to buy whatever you want. It's called 'saving'.


Activity idea: Make the bank!

Help your child make his or her own piggy bank. Follow these instructions for some ‘saving’ fun:

  1. Take an empty 2-litre cold drink bottle.
  2. Cut it in half and slide the bottom half into the top half.
  3. Make a slit at the top of the bottle. (for the moolah)
  4. Spray paint the bottle pink.
  5. Spray the bottle lid pink and stick it on for the nose.
  6. Glue on some googly eyes, paper ears and tail and other lids for the feet.


Concept: Shopping


What to say: When you shop, you need to see what items are things that you need and what items are things that you want. Things you need must always be the first things you buy. Buying things you want before things you need can leave you in a tricky situation...think of toilet paper, for instance!


Activity idea: Shop!

Let your child be in charge of shopping for three items that you NEED and three items that you WANT. See how in-touch your children are with necessities and wants.

Also, if you have some money lying around the house (ja right!), let your child sort through the different coins and notes. They must identify the money, group them together and then add them up.

Ages 06- 12


In this age category, you can teach day-to-day habits that will eventually shape how they earn, save, and shop.


Concept: Earning


What to say: Kids can ‘earn money’ through an allowance or by doing odd jobs for the family or for friends, but it is important to talk to them about what they intend to do with the money they have earned. If it's all ‘spend, spend, spend’ then you know that they need a little guidance.


Activity idea: Save or spend wisely.

Pretend that your child has received R200 as a gift. Ask your child what they will do with that money. There are two outcomes we are looking for here:

1. Saving – maybe they will choose to spend half and save half, and this could be rewarded. Some parents match what their child has saved as a savings reward. 

2. Entrepreneurship – encourage your child to use the R200 to make more money! 


Example:

Name and age: Tazzie, age 12.

Business idea: Cookie business.

Name of the business: Tazzy Sweet Treats.

How Tazzy Sweet Treats will turn R200 into R640: "I used the money to buy ingredients, then made some Valentine’s Day biscuits and iced people's names on them. I sold 32 biscuits at R20 each. I made R640!"

Entrepreneur!


Concept: Saving.


What to say: You want it, you buy it.

As parents we need to stop the instant gratification. Don't run out and buy what your child wants when they want it – you are not teaching them anything about finances nor about valuing items that they worked for and bought themselves. Give your child a sense of accomplishment by working towards a goal.


Activity idea: Delayed gratification!

Establish something your child wants, which is the reward. Set up a rewards chart that relates to money. The rewards chart should have random jobs on it, and a monetary value assigned to each job.

Your child can bid to do that job, and you can accept. Once they have done that job, they get paid. Once they have done all the jobs and earned all the money, they can buy their own reward! 


Concept: Shopping


What to say: Product competition! Which product is best based on price and quality, and how much could you save with better choices?


Activity idea: Shop online!

Let your child do online shopping with you. They can compare prices from the comfort of their home and they can see the savings on the shopping list immediately.


Concept: Borrowing


What to say: If you borrow money, you have to it pay back, plus more – this is called ‘interest’.


Discussion: Working against your ‘savings’ lesson, kids at this age can also understand credit cards and interest. Speak to them about instant gratification and if they want something right now, you will "lend" them the money immediately, but they will need to pay it back with interest.


Help them work out how much the item would cost if they saved for it, and how much it would cost on credit with interest and then let them make the decision. The big lesson will come when they get their allowance, and you take it all back because of interest, and so they can't go to the movies with their friends.


If you allow them to fall into more debt than they can repay, then you may have to repossess their bed to make a point (only kidding, but a fact of finance).

February 7, 2025
A Guide for First-Time School Parents With the first term of the year now well underway, families with school-going children are settling into routines. For many, this includes preparing little ones for their very first day of school, a milestone that brings excitement and perhaps a touch of nervousness. Starting school is a significant chapter not only for children but also for parents who are navigating this journey for the first time. From choosing the right school to managing separation anxiety and building new routines, the experience can feel both rewarding and daunting. This guide is designed to provide practical points and reassurance, helping first-time school parents make the most of this transformative time. Preparing for the First Day of School Preparation is key to ensuring a smooth start to the school year. Begin by establishing a routine that aligns with the school schedule a few weeks before the term begins. This includes waking up at the same time, practising getting ready, and having breakfast together. Shopping for school stationery is another important task. Involve your child in picking out their school bag, stationery, and uniform. This can help create a sense of excitement and ownership over the process. Familiarise your child with the school environment before their first day. Many schools offer orientation sessions or open days. If this is an option, make sure to attend. Walking around the campus and meeting some of the staff can help reduce first-day nerves (Department of Basic Education, 2023). Choosing the Right School Selecting a school is one of the most crucial decisions parents make. Factors to consider include the school’s curriculum, location, fees, and extracurricular offerings. Visit the schools you’re considering to observe the environment and meet the teaching staff. Talk to other parents in your community for recommendations. Their experiences can provide valuable insights into a school’s strengths and areas for improvement. Remember to involve your child in the decision-making process, especially if they are old enough to articulate their preferences. Understanding School Communication Channels Effective communication is essential for staying informed about your child’s progress and school activities. Familiarise yourself with the school’s communication tools, whether they use newsletters, emails, or dedicated apps. For example, Crawford International uses the Toddle platform to facilitate seamless communication between parents and teachers. Parents can instantly share concerns, track academic progress, or even discuss issues requiring immediate attention. Open communication ensures you remain an active participant in your child’s education. Helping Your Child Adjust The transition to school can be challenging, especially for younger children. 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Aim for a manageable routine that allows your child to enjoy after-school activities without compromising on homework or relaxation time. Create a weekly calendar to plan your child’s schedule. This not only helps with time management but also ensures you can monitor their workload and adjust when necessary. Building a Homework Routine Homework can become a source of stress if not managed well. Establish a designated homework area in your home that is quiet and free from distractions. Set a consistent time for homework each day, and ensure all necessary supplies are easily accessible. While it’s important to supervise, avoid completing tasks for your child. Instead, offer guidance and encourage problem-solving. Praise their efforts rather than just the outcomes to build confidence and resilience. 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