Simple steps to raising a money smart child1st Nov, 2017
A tiny cub will one day grow into a mighty lion and the KCB Cub Account can help you to raise a money-smart child who will one day grow into a money-savvy adult. But first we’ll have to start by opening a KCB Cub Account to start reaping these many benefits:
- Find your nearest KCB branch and arrive with a copy of your child’s birth certificate or notification. You will also need a copy of your national ID card or passport, along with 2 passport photos.
- Deposit an opening balance of Ksh 1000.
- Earn your annual interest rate after 1 year of saving!
For younger children, you can turn daily activities into learning opportunities, for example, by taking your child with you to the bank, ATMs or shops. It is also important to use cash for your purchases as it makes money tangible and real. When spending hurts, the child will learn to spend less. Do not forget to let them use their allowance as this teaches the biggest financial lesson of all: personal responsibility.
Teaching money management can easily be broken down into 4 activities: budgeting, earning, saving and spending. Create a simplified weekly budget for your child with columns for “Money in/Money out” in order for them to learn financial responsibility. You can also encourage them to earn all or part of the money they need for an item they would like to own as a great method of teaching goal-setting and discipline. Open a savings account for your child and match some portion of every shilling they save to incentivize them. You can open the piggy bank together to count the total savings, or, even review monthly statements with them.
Finally, though spending is the fun part of learning about money for your child, help them become smart spenders by encouraging comparison shopping, share discount coupons with them, and help them uncover the hidden costs of things such as insurance covers when buying a car.
Cultivating money-saving habits at a young age will be hard to let go of when they turn into financially empowered adults. Open a KCB Cub Account today and teach your child the steps and benefits of saving.
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