Perhaps, aside from birthdays, children appreciate Christmas the most. They get to receive gifts, and the food is just overflowing.
Christmas is also the time for reunions and meetups. Visiting friends and relatives not only gives us the time to catch up but gives the boys — much to their delight– the opportunity to receive gifts either in cash or in kind. My boys received mostly cash from these visits.
Usually, I let them spend their Christmas money, but still under my supervision. Last December though, husband and I encouraged them to open a bank account and start saving. Part of the money they deposited were their own savings from their school allowance. To encourage them all the more, husband promised the boys he will double the money they invested in the bank.
So a day before the bank closed for the holidays, we paid a visit to a bank and opened an account for each child. The boys were just too giddy counting their coins and paper bills in front of the bank manager. They even compared how much they have saved and recalled their most expensive, useful, and even wasteful purchases. They also laughed at each others’ signatures!
We spent about three hours inside the bank. After our transaction, the kind bank manager each gave the boys a pencil case. She even congratulated the boys for having their own bank accounts. But she asked this mother, “Why only now?”
WHEN IS THE RIGHT TIME TO TEACH THE KIDS ABOUT BANK SAVINGS?
In our family, I guess now is the right time. For the longest time, the boys go to school with baon already tucked inside their bags. They don’t need money. Last school year though until today, we give them school allowance on certain days which they need to budget. They also each have a jar where they would put loose change from their school allowance. I just want to know if they would put something in it.
Last school year they didn’t.
But this year, I see changes. They would drop coins into the jar. Then I would see paper bills. And just before Christmas, their jars are almost half full. Indeed now is the right time.
I would want my boys to grow up with the proper perspective on good financial habits, saving their money included. But I do not want to rush them and talk seriously about it.
Why? Because it was only last school year that they were given money as baon and I would want them to feel how to handle their own money. I remember Firstborn would buy ice cream instead of sandwich or rice meals at school. From his Christmas and birthday money, he would again buy ice cream. And I let him eat all the ice cream he could until such time comes he is tired of buying and eating them.
My boys are just kids so I let them be. At their stage, they are impulsive buyers so let them enjoy their purchase and learn from it. Childhood is a special stage, and for the most part, it should be filled with fun. Though I remind them about spending wisely and saving money once in a while, there is no point articulating every day the pros and cons of splurging. They just are not ready for it. That time.
Now, changes happen real fast. Perhaps, because Firstborn had had too many ice creams in his life. Or my two other boys completed their book collection from the Christmas money they have saved. Or their parents buy them rewards and gifts that there’s nothing left to buy.
So again, when is the right time to teach kids about bank savings?
As a parent, you would know. Their actions and spendings would tell you. Sometimes they would even tell you, “Mama, I miss your Spaghetti. Instead of giving me money, may you cook spaghetti? I want that to be my baon to school tomorrow.”
So when the kids show excitement to open a bank account act fast as well. They might see in television commercials or read in magazines the latest Sphero, the BB8 app-enabled droid from Star Wars, and would want to have that instead.
Wow! That must be very exciting for your kids. Tama yan na sa murang edad pa lang we’ll be able to teach them about the value of money. Good luck to their savings!
Haha. Thanks. Yes, good luck Talaga sa savings nila. I hope Di ningas kugon. 🙂
Ever since my daughter was born, I always see to it that any monetary gifts she receives will go straight into her savings. She doesn’t have an account yet and only uses my account that is solely dedicated for her money. Now, my daughter is turning 5, she already knows how to save through her alkansya! Hehe!
Very good mommy. I must admit I do the same but sadly, Di Ko na na monitor how much money Nya from mine dahil we share the same account.
I plan to open a savings account for my daughter too. Maybe early next month. Importate talaga ang financial education eh
Yes. Our kids will appreciate our gesture in the long run.
I can’t wait to teach my son about money! He has a bank account but he doesn’t understand the concept yet. He does understand the concept of “expensive,” though!
Good start to have a bank account. Haha, my boys too are cautious na of “mahal” and “mura.” Minsan I find it funny when they compare then hear them say “wag YAN, mahal yan.” Ihihi.
I like the jar idea. I’m gonna do this when my preschool become grade school. For now kasi puro snacks ang baon. But I already open his savings accnt na. hehe. excited much.
Yes, we moms are the super excited ones. Ihihi.
I think it’s about time I teach the kids how to save up. Starting them early is the best way I guess!
Yes. Happy saving’
My little one is just a year old, but we opted to open her up a bank account where we will steadily start building her “college fund” in the future though I also plan to teach her the value of money and hard work. So happy for your kids and their enthusiasm to save!
That’s nice. Start me early Talaga. The college fund is good move Talaga.
Congrats to you mommy! I will also teach my son on how to save money when he is old enough.
Thank you. Yes, kids should understand first the concept of savings so that they could appreciate it more.
I guess when they understand the concept of money they can 🙂
yes, indeed. 🙂
My two oldest kids are in high school already and they’ve had their own accounts for a few years now. My youngest is only 4 though and I haven’t taught him much about money yet. We’ll open an account for him as soon as he understands the concept of money a bit more. 🙂
Yes, it’s better to open an account if the kid understands its importance. Good luck.
For me, parents need to set an example for their kids. We need to teach them the concept of saving up early. But I’d rather invest it in mutual fund when the money is bigger than just save in the bank where it only earns as little as 1% annually.
Yes, mutual funds or bank’s UITF.
all my daughter’s monetary gifts go to her bank account, and she also has piggy bank too for the coins we collect. At 2 I’ve seen signs of her getting thrilled about putting in coins to her piggy bank.. That’s a good thing right?
yes. very good girl naman!
My kid is just 5 whenever he receive money this holiday usually 20 and 50 he insisted to buy mini oreo and his coins in his coin bank. He is more into toys pa kasi, but he knows how to save and put money in his piggy bank
haha. so cute. he must have loved that oreo very much.
So this is where you went right before our Christmas party at the Pancake House. Hehehe.
I’m pretty sure ang laki ng savings ng boys mo.
Nagpapautang ba sila?:)
Hahahah. Di Ko pa nga nakukuha ang atm Nila. Yes, they invested sa baboy Ni j so malamang Pwede Umutang sa kanila. Hahaha.
Gusto ko yung concept ng jar ma! Kaso po minsan di talga mapigilan na kunin nya rin ulit haha. Siguro kelangan ko lang antayin yung will nya din na gusto nya magsave ng money.. Maganda po kase na habang bata sila,, marunong na sila pano humawak ng pera at kung kelabn gagastos.. Hoping na sana magustuhan niya rin magsave..