play another game of cricket in the garden with Dad? Teaching our children financial responsibility and value for money is another great lesson. Pocket money may be the answer here, but there is a lot of debate surrounding paying children for good behaviour or doing chores around the house. Some feel that pocket money is an unrealistic model of the real world, where no-one pays us to look after ourselves, our pets and our belongings, while others feel that the earlier we teach children to manage their own money the better prepared they will be for life. The balance lies somewhere in the middle. Wendy suggests that chores that teach personal responsibility – such as making beds, tidying up toys and feeding pets – should not be done for reward, whereas washing mom’s car or sorting the Tupperware cupboard can be rewarded. In this way children begin to understand the link between hard work, money and possessions.
Craig Zeeman, a single dad of three teenage girls living in Johannesburg, adds: “I introduced pocket money at eight years old. I also opened bank accounts for the girls and taught them how to save for more expensive items. Now when they go to the mall they use their own bank cards to pay for movies and luxuries. They seem to spend less when the money is theirs. It teaches them responsibility and the value of money.”
back to basics Neil Madgwick and his wife Jo have chosen to live a frugal life in the Midlands joburg’s
25 kilometres from Pietermaritzburg, where they home-school their five children and share their experiences on a family blog in the hopes of inspiring other families. Jo says: “Seven years ago when Neil was teaching in Cape Town he turned the discussion to brand-name clothing. He told the class he had bought a pair of genuine Levi’s jeans for only R100 because the red Levi’s label had been cut out. They were amazed, not because he had picked up a bargain, but because they didn’t see the point in wearing the jeans if the label was missing. That’s when alarm bells started ringing for us. Now we live a simple life and focus more on family and traditions. We raise chickens, grow vegetables and make gifts for each other. We talk to our children all the time about money and how to use it wisely. With five children we buy most things in bulk and just can’t justify spending money on expensive items.” While we can’t all get away from our fast-paced lifestyle, we can slow down enough to take moments with our children – a walk to the park, a game of frisbee or time to chat. These happy moments that don’t cost anything can’t be bought, but will be remembered long after the next big purchase is gathering dust somewhere.
recommended reading If you’re going to be getting out your wallet, these books offer food for thought. • Affluenza by Oliver James • Consuming Kids by Susan Linn • Born to Buy by Juliet Schor • The High Price of Materialism by Tim Kasser
September 2010
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