15/12/2020
Some parents although on the fewer side encourage their Children to save usually using a Susu box .
This is a good practice however children need to be educated on Savings Goals ; Short ,Medium & Long Term so they can have a more defined way of savings.
Let’s consider this scenario;
Kofi is a 12 year old, he plans to get a new CD for his XBox One Console.
The CD costs GHc100.
His parents have mentioned politely that it’s not on their Priority List at the moment and hence if Kofi wants it he might have to save for it.
Kofi has to decide if this savings goal falls under short term , medium term or a long term goal.
There are 4 determinants which can help him with this decision;
1. What minor jobs can he do (for his parents) to earn some coins to save?
2. How much can he save in a Week?
3. Does he already have some saved money he intends to use for this CD?
4.For how long is he willing to save towards this?
Note:
a) He should have already gone through the principles of Needs & Wants to have come to a point that this is a Need or a Want he can afford.
b) Also on which level of his priority list is this CD?
Financial Education is a must because it helps us make better and wiser decisions ,thankfully Kofi’s Parents enrolled him on the Tati ChildSave Financial Literacy Program so he knows how to go about this Challenge.
Would your Child be able to navigate their way through such a challenge?
Would you as a parent know what to do in such situations?
Our Next Financial Literacy Program starts in February God willing, enrol your Child Today.
Opened to Children 8-14 years.
Contact Charles on 0249134165.
Charles Adu-Sarkodie
Lead, Tati ChildSave Financial Literacy Program
**Please help us by Sharings. Thanks