Today, we give our kids a kickstart to their savings by opening each of them their very own bank accounts. It has been a long overdue project. And now that we have finally opened their own savings accounts, I am happy that I can start to teach my children to value money and save for their future.
How can the kids have their own savings when they are not yet making their own money? Over the years, the kids received monetary gifts from everyone, especially from my sisters and their ninongs and ninangs (God parents). These monetary gifts were either spent buying clothes, toys, or doing other activities. Now that they have their own savings accounts, all or part of the monetary gifts will go to their savings.
As parents, we value what they have received not because our kids do not know yet the value of savings, but we wanted to give what are for them and make them decide what to do when they are ready. Once they’ve learned how to value money and manage them wisely, they’ll have more access to their accounts.
Why not just give them a piggy bank to put their money into? Yes, it is also an option. However, based on experience, having it at arms’ reach will not help them to grow and understand – it’s too easy to break whenever “necessity” comes.
When I was young, I didn’t know the value of saving. I had my first savings account after I received my first pay check when I was about 16 years old. At that age, I had lots of things that I wanted to spend on, so I didn’t really manage to save. I have learned to value it since, though, more especially now that I have my children.
It is good to give our children this opportunity and encourage them early to save for the future – not only because they will have something for their future but also save for a rainy day. Give a child toys and gifts, and he will be happy and thank you today. Teach him how to save, and he will thank you in the years to come 🙂 🙏
The Three Musketeers' Corner 