Teaching Saving

I have written before about how much I love the 7-Eleven fuel watch app. In an age where petrol prices fluctuate dramatically, it’s great to have an app which costs nothing and which lets you lock in the current price per litre for up to 7 days. I used it to great effect as an educational tool when I was driving with one of my grand children over the weekend. I show the him the app, and pointed out that petrol prices appeared to be going down, but I have not locked in a price because I thought they make it go down even further.

When we got to the service station I pulled out my phone, asked the app to find the cheapest fuel price at 711 station Brisbane and discovered it was three cents a litre cheaper than what was showing the petrol pump. I simply locked in that price on the spot, filled the tank up at my locked in price, and saved $0.87 on the transaction.

I appreciate that $0.87 may be a tiny sum, but it’s the habit. Once a child learns to make small savings, they will start to develop a real savings habit which could be worth a fortune to them in their lifetime.