Hi,

And welcome to another edition of Mini Millionaires.

Please keep those emails and DMs about your family’s money smarts journey. We love to hear it. 

In this week’s edition, we’re tackling: How to teach kids about budgeting.

Everything in South Africa is getting more and more expensive. And the cost of living is outpacing people’s salaries at an alarming rate. So much so that more than 70% of South Africans are drowning in debt, many of whom do so simply to get by.

So it’s becoming increasingly important to show kids how to budget their money from an early age.

Let’s dive into this week’s edition...

If your grocery bags feel lighter but the amount you spend at the till keeps growing, you’re not alone. 

In 1995, the typical South African grocery basket consisting of 15 staple items including: rice, bread, milk, eggs, apples, potatoes, coffee, and a few basics, cost just R82.68.

Today, that same basket rings up at around R644.85, a 680% jump in grocery prices, nearly double the overall inflation rate.

With food, fuel, and electricity prices climbing, most South African families are re-looking at how far each Rand can stretch. 

Kids notice these changes too: The “not today” in the sweet aisle, the swap from takeaways to home dinners. 

But these moments open the door to a serious money smart conversation. 

When children learn to budget, they discover how to make choices, delay gratification, and be in the driver's seat of their finances (even when things cost more than they used to).

Every Rand has a job.

Encourage your mini millionaire to think of each Rand as having work to do. Some Rands have the job of spending, others are saving, some are for sharing, while other Rands go towards sowing for their future. 

Behavioural economist Richard Thaler called this mental accounting.

It doesn't matter what it’s for, or where it came from, but every Rand has the same value.

So this means that even if we receive a birthday gift, the temptation might be to spend it all on something nice. It is, after all, “extra money”. But that’s not the case.

Any and all money forms part of our broader financial health, and as such, should be subject to the same planning, or be given a specific job to do.

Takeaway: When every Rand has a job, kids learn that planning brings peace.

Budget together.

Make budgeting something your family does side by side. 

(We know. Awkies.)

But you don't need to show them the full picture.

Invite your mini millionaires to help plan this week’s spending. Compare brands at the shop, or decide together what fits into the monthly treat budget. Talk through what happens when something costs more than you bargained for. Do we leave it out for this week, swap it out for something more affordable, or swap it out for something else altogether?

Talking through trade-offs shows them that budgets aren’t simply super secret spreadsheets, but they’re actually the lifeblood of a family’s financial health. 

You’ll be surprised how quickly everyone gets on the same page when every family member knows what they’re working towards.

Takeaway: Budgeting together builds awareness and teamwork.

The Four-Jar Challenge.

Give your child four jars labelled Spend, Save, Share, Sow. 

When they receive pocket money or gifts, guide them to divide it up: 

Many adults still struggle with basic budgeting concepts. Simple, hands-on tools like our “Four Jars System” build early money confidence in mini millionaires.

Takeaway: When every Rand gets a home, kids see that budgeting gives them choices, purpose, and independence.

Kids don’t need fancy spreadsheets or complicated formulas to learn about money (not yet, anyway, unless they’re already some money mogul, in which case, we’d love to know their story).

This week’s free, downloadable, (and printable) resource is not only easy-to-use, but also extremely good-looking.

The Money Map helps mini millionaires see exactly where their Rands are going while learning the basics of budgeting. Just download it, print it, and stick it up somewhere visible.

 Then jot down what’s coming in and how much goes into each jar: 

It’s a hands-on way to make budgeting feel clear, visual, and fun.

Have you heard of our board game, FinMaster: the ultimate game for future millionaires?

It’s a fun way of teaching kids of all ages how to become money-smart, by buying assets, navigating market mayhem, and using clever strategies to come out on top. 

PS: ICYMI, FinMaster was recently crowned runner-up at the International Educational Games Competition that was part of the European Conference for Game-Based Learning hosted at Nord University in Levanger, Norway.

So get your copy of the award-winning FinMaster now.

Last week, we asked when your mini millionaire asks for something they don’t need, what do you usually do? And we’re so glad to hear that talking it through is the winner. Money convos FTW. 

🟨🟨⬜️⬜️⬜️ 🛒 Give in (just this once)

🟩🟩🟩🟩🟩 💬 Talk it through

🟨🟨⬜️⬜️⬜️ ⏳ Ask them to wait

⬜️⬜️⬜️⬜️⬜️ 💰 Offer to split the cost

⬜️⬜️⬜️⬜️⬜️ 📋 Add it to the Wish List Jar

What you said: 

“Usually happens when we're doing grocery shopping - hahahaha. Ask them to wait, but the Wish List Jar resource looks very helpful. Going to try it out. Thanks guys.”

Jason 

And usually when you’re in a rush, right? So glad to hear you’re enjoying the resources.

What’s the mindset, habit, or tip you want to try this week?

What worked, what didn’t? Or is there something that’s got you and your mini millionaire excited? 

We’d love to get your thoughts, so hit reply to this email and let us know what's on your mind.

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