Having good financial management skills from a young age can set a good foundation for a bright financial future. For many parents, finding the time to set the right foundation and teaching their children valuable lessons in managing money can be tricky.
Fortunately, Mymoneymap by Nedbank is the ideal solution to such challenges.
Mymoneymap is a simple and easy-to-use online financial management tool. It teaches kids from an early age how to spend, save, grow and do good with their cash.
The system allows kids to split their allowance received into categories of saving, spending, growing and giving.
Nedbank is one of the major banking institutions in South Africa. The bank strives to offer its clients the most efficient banking products and services. Through the Mymoneymap account by Nedbank, the institution provides a tool that simplifies the banking process so that children can quickly grasp how to use it efficiently.
How it works:
To register, you need to visit the website www.mymoneymap.co.za . You have the option to register as a child or as a parent. You’ll then complete the registration form. Add the children you will be helping or invite your parent or guardian to help you out.
You can then use this online allowance management tool to save money.
As a parent and child you can plan together and agree on a daily, weekly or monthly allowance.
How children can benefit:
They can set up goals for themselves. Nedbank makes it easy for children to learn how to plan ahead by using this tool.
Watch their saving efforts progress. Mymoneymap makes it easy for children to track how much money they’re spending and how fast their money is growing.