Lessons about money and savings need to start at an early age says Stanbic Bank. The lessons include lessons on spending, investing and saving money.
“Youths need to have an understanding of how money and finances work. It's better if you start learning the basics at an early age,” said Stanbic Bank’s Head of Marketing and Corporate Affairs, Palmer Mugavha.
“Banks are a regular part of our lives. Youths must have an understanding of how banks work and how they make money. This gives you the fundamentals of how a bank keeps your money and how your money earns interest.
Understand the basic information of assets and liabilities. Learn to build assets at an early age and make your assets sweat for you. Assets can include property that you lease out for rentals.
We are encouraging youths to create sustainable spending habits. No matter how little or how much you earn, you should never spend more than you earn. Wanting something and needing it are two different things. Also, check your buying choices, buy quality things that are more durable than less priced things that may cost you more in the long run. As the saying goes, at times cheap is expensive. ”said Palmer.
Learn about investments, read books about successful financial habits and create a savings culture. Some may argue that they do not have enough money to start saving. No amount is too small to start a savings habit.