Saving and giving

Hindsight is always a wonderful thing, especially when you are parenting and seeking to give your kids the skills they need for life to manage their own money and set them up for success. We asked some of our staff to reflect back what they wished they knew when they were younger, and what they look to instil in their own families to share with you their top tips for saving and giving.

Gavin Young, Senior Manager, Operational Risk, shares his top tip: plan and save!

'Even as a youngster, I had strong financial discipline. In my early teens, I planned and saved for two years to buy the $1,500 guitar I so desperately wanted. Today, this may not sound so remarkable, but remember, this was back in the mid ‘80’s and the equivalent of approximately $4,000 today! A considerable sum for a 14 year old to have saved,’ Gavin said.

Gavin went on to say, ‘I have maintained this discipline of planning and saving throughout life, and have saved for everything, rather than borrowing. When the time came to buy my first home I had already saved the deposit, and went on to pay down the loan as quickly as possible by making more than the minimum repayments. This isn’t hard to do – it just requires a bit of discipline.’

Teaching your child the value of saving towards a special goal can help instil within them a multitude of skills, including the discipline of creating a plan and sticking to it, which will then breed a strong sense of accomplishment and confidence. Teaching young kids the skills to manage their own money to reach their goals is something they will carry with them throughout life.

There are many budgeting tools available these days – a quick online search will reveal a multitude of budgeting spreadsheets and online calculators to help you better manage saving and spending habits. You can share this concept with your children to help them understand and plan their savings, and attain those special goals.

Giving can be more rewarding than receiving

Teaching your child the value of giving is an important skill, it teaches them compassion and an understanding of potentially how fortunate they are. However, this can be a tricky skill to teach to young children but by starting them young, you can create an awareness of others and instil in them the ideals of giving to those in need.

Mark Rogan, Digital Marketing Manager, shares his top tip: encourage giving from a young age!

‘My tip is to spend time educating kids on the benefits of donating old toys, school supplies and clothing to children in need – and paying a visit to charitable organisations to supply them with the donation in person’, said Mark.

Other popular ways to educate your child about the value of giving to others is by donating your time by volunteering, asking your children to fill a box before Christmas to donate, or giving them coins to donate into donation buckets for charities or directly to those that are homeless. Talk to your child about those who may be less fortunate and how much their kind gesture could mean to them.