Skip to main content

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.



Labels:

Comments

Post a Comment

Popular posts from this blog

WHAT MOTHERHOOD TAUGHT ME THAT MADE ME A BETTER INDIVIDUAL

To all mothers in every circumstance, including those who struggle- and all will- I say “Be peaceful. Believe in God and yourself. You are doing better than you think you are.” -Jeffrey Holland I grew up in an environment where women are empowered. My mom single-handedly raised us when my father died. I was only 6 that time, my younger brother at 4. Life was hard but I didn’t know that because my mother was able to conceal the ugly side of life. Fast forward to present and I am now a mother myself. My daughter will be turning 3 this May and so far, I’m still able to cope up with the hustle and bustle of motherhood. Wow! Life’s pretty amazing and chaotic with a toddler. Being a millennial mom, these are the things that I’ve learned and experienced that I want to share with you. If you are a mother yourself, I know you can relate with these. If you are expecting or planning to have kids in the future, these might give you an idea of what awaits you. #1. A baby i...
Post a Comment
Read more

BDO Junior Savers Account ALERT!!!

As parents, we always want the best for our children. It’s their welfare that is our top most priority. We want to give them an improved life and a secured future. What better way to start or continue this dream is through savings. This is my desire to my daughter, to teach her early the importance of financial discipline. I want her to grow up knowing how to manage her resources especially on money. I was browsing my feed when I came across this advertisement from BDO Unibank. It offers a Junior Savers Account that you can open for as low as 100 Php. I got curious, opened the link and read further. I told my husband about it and he said maybe I should visit the bank one of these days. I remember telling him I will sure go and inquire myself about it. When I was a kid, my mom also opened a bank account for me similar to the Junior Savers. However, the bank closed, and I don’t know if my mom ever thought about checking the account. Or maybe she was able to withdraw the money...
Post a Comment
Read more

HOW A SINGLE QUESTION CHANGED MY BELIEF ABOUT INSURANCE

“If I die, why do I need money?” You don’t. But your family, or your business might. -Life Insurance I used to be among other Filipinos who don’t believe in the importance of getting a life insurance. Whenever I see a friend or an old colleague trying to sell me an insurance, making me feel how bad my financial planning is for not being able to save enough, or when I sense he’s just after the commission, I would turn my back and pretend I need to attend to something urgent. I even said to myself I’d never sell a life insurance. Why would I sell something I don’t believe in, right? Fast forward to present, I am on my last week of training as a Bancassurance Sales Officer. What is it? My role is to basically help people in financial planning and encourage them to get an insurance. Sounds ironic; a non-believer marketing intangible product, something my old self would never purchase. For those of you who’d been following my social media account, know that I re...
Post a Comment
Read more