Financial literacy is a hard subject to teach because most of our financial decisions are emotive.
However, one doesn’t need to give up. Teaching your young children the virtue of saving money early on in life is a great thing that will go a long way to give you peace of mind in your sunset years.
Saving is a skill that lasts a lifetime, and getting them into good habits now, will help set them up for success.
Financial independence is the best thing to ever happen to anyone, but it comes at a cost. One has to inculcate the virtues of hard work, perseverance and frugality. One must pay the price.
To decide what is best for your child, approach saving with a few considerations in mind. The general rule for saving is that a person should put at least 10 percent of their income away. Most financial experts accept this rule of thumb but point out that it is extremely general.
By teaching kids how to save and going the extra mile to save for them, the kids learn the value of money, learn how to budget and understand the importance of savings.
There are many offers in the market as to where and how to save for one’s kids.
Metropolitan National Sacco a product that is best suited for this task.
FOSA Junior account
In order to start saving for your kids, one needs to become a member of the Metropolitan National Sacco (MNS).
The FOSA Junior Account does not levy any charges and is available for children of MNS members.
The membership requirements are as follows: One needs a passport photo, a copy of your National Identification Card, pay Sh 1000 membership fee, produce a recent payslip for the employed.
One is also required to fill out a membership form which can be downloaded from the Sacco’s website or taken from the Sacco’s offices in town.
Metropolitan is regulated by the Sacco Societies Regulatory Authority (Sasra), with which it discussed with, its growth strategy anchored on diversification, customer service excellence and developed products.
Once you become a member or if you are already a member, you can open a FOSA Junior account for your young ones.
