How I Teach My Son to Save Money
Saving is one thing I teach my son about, I am so proud that he learn to value money as early as 7 years old.
I always tell him everything I went through when I was a student like him and how I was going to school without a penny on my pocket because of short income. He was like, 'Mama you were such a good daughter!' 'I am a good son but I don't think I can go to school without money in the pocket.' It cracks me whenever I hear that but also gives me worries.
When he goes to school, I have packed foods in lunch box for him and money allowance since I know being a child, there are also things he likes to buy for himself in school. But I do make sure to remind him not to buy junkies and street foods.
What I did, I teach him how to save money by saving half of his allowance. I told him he needs to save some. So, if time comes in the future that our income is not good enough as today, you have something to spend for yourself for school or for other important things.
When he comes home from school, he will immediately get my old coin purse from the drawer to put his remaining coins. It is indeed so great that he saves half of his baon or allowance.
I have opened a kiddie savings bank account named after him, then we go to the bank every 15th day of the month to deposit what he had saved. He started this routine on January this year and now I am excited than him to see that he has a good amount of money in his kiddie account.
When I tell him,you have enough money you can withdraw some to buy any toy you like in your favorite Toy Store, is there anything you wanna buy for yourself? He will answer, 'No mama I want to see my money grows.'
The fact that kids are drawn to toys but he prefers to save his money really surprises me.
What we do, from the bank we will take him all the way to fast food of his choice. He deserves more than that, so giving him any stuff of his favorite cartoon character Ben10 really makes the moment perfect.
I am so proud of him that since he started saving money, he became more diligent and sensitive in our needs financially. There even happened once, when we were in the Public Market, I was haggling for a pair of sock i would like to buy for him but he was like, mommy sayang pera okay pa naman mga socks ko.
I was surprised that he stopped me from buying the pair of sock and instead told me that he still can use his old socks.
What motivates a child to save money is a parent that motivates its child. It teaches the child to be responsible.
It is really important that we parents should teach and encourage our children to save money. It also taught discipline. Learning to save their allowance will make them smart about life. It opens a new door of learning, learn to value money.
