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WHEN SHOULD YOU TEACH YOUR CHILD ABOUT MONEY AND THE CONCEPT OF SAVING?



Lazy hands make for poverty, but diligent hands bring wealth. He who gathers crops in summer is a prudent son, but he who sleeps during harvest is a disgraceful son. Proverbs 10: 4-5

Last year, I decided to open a savings account for my daughter. It was at that time when I resigned from my corporate job and started working at home. I only have a little savings and God taught me valuable lessons in life especially on managing our finances. My 2018 was my breakthrough.
I learned about BDO Junior Savers and I knew then that it’s the start of my journey towards teaching Aki the value of money (saving and investing). With only a minimum amount of P100.00 you can open a savings account for your children.

This is what I did, I went to BDO with Aki and I filled up an application form. I want her to be acquainted with how things work, and our first lesson was about PATIENCE.

PATIENCE is an integral part of financial management especially in the concept of investing. But for Aki, she’s only 2 years old and of course ‘di niya maiintindihan kung ano ‘yung saving at investing. Aki being an impatient little creature, easily gets bored whenever I tag her along. So, we did our 1st Financial 101 class inside the bank. It was precious to see her happy face upon receiving her passbook. A few minutes prior she was so irritable and wanted to go outside the bank. It’s my subtle way of teaching her that money/saving/investment does not grow overnight.

I was reluctant at first to let her hold money. Because it’s dirty. Haha. But I know I must. Next, I taught her about tithing/offering. I introduced her to Sunday School and would give her money for her offering. Train up a child in the way she should go so, when she’s old she will not depart from it. My mother taught me the importance of tithing. I am passing it on to Aki.

So, when should you teach a child about money and saving? You might think it’s too early for Aki but Beth Kobliner, a personal finance commentator and journalist says that children as young as three years old can grasp financial concepts like saving and investing. There was also a research conducted and result showed that kids’ money habits are formed at 7 years old.


We have to teach our children about the importance of managing money and resources. It’s my regret for not allotting money early for the future. This is why I don’t want Aki to commit the same fate. I must educate and guide her well. If you are a parent reading this, it’s not yet late. We can always learn together with our children.



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