Are you and your children savvy about money? If the answer is yes, you and your family have a secure and satisfying future ahead.
Educating, motivating, and empowering children to become regular savers will help them keep more of their allowance and do more with what they have. Everyday, children are faced with temptations to buy useless or frivolous things that can affect their financial status in the future. Wouldn’t you want them to be more responsible about money?
The Real Bank, a multi-awarded thrift bank that has received local and international awards for its savings advocacy program for children, offers the following tips to help you educate your kids about personal finance and managing money:
It is never too early to teach kids about money. Introduce them to money as soon as they can count. Get them a piggy bank as early as age two and teach them to 'feed' the piggy regularly. By doing so, you teach them important lessons on caring and discipline.
As they grow older, share your values about money with your kids. Tell them how to save money, how to make it grow and how to spend it wisely. Excite them about what money that is well-earned and well-saved can do and buy. This will teach them the value of patience and looking towards a goal. Give them an incentive if they can save weekly, or when their total savings this year are bigger then the previous years.
Teach your kids to set goals while they are young. If your child wants a toy or a special item like an iPod, let him or her make it a goal that they can work for. Goal-setting teaches children to be aspirational and responsible too.
Emphasize the value of savings versus spending. Explain and demonstrate the concept of earning interest on savings to your kids. Start by paying your child interest if he or she can save his or her allowance. This shows them that regular, successful saving leads to good credit rating and other tangible rewards. This is the real way to provide for your children’s future.
Lastly, bring your child to the bank with you. It will excite him or her because they will feel that they are being prepared for bigger things. Make your children feel at home with processes and institutions that will make them savvy money managers in the future.
To help parents teach kids the wonders of saving, The Real Bank put up the Real Kiddies Savers Club, where children are encouraged to bring their piggy banks to deposit their money in a real bank.
The Real Bank has also introduced Kinabukasan Savings, a savings program that encourages people of all ages to save their money and to feed their deposits an agreed fixed amount each month. To reward the savings habit and to make the practice of regular savings an exciting activity, the bank rewards Kinabukasan Savings depositors with higher interest on their accounts as they continue to save on a regular basis.
Educating, motivating, and empowering children to become regular savers will help them keep more of their allowance and do more with what they have. Everyday, children are faced with temptations to buy useless or frivolous things that can affect their financial status in the future. Wouldn’t you want them to be more responsible about money?
The Real Bank, a multi-awarded thrift bank that has received local and international awards for its savings advocacy program for children, offers the following tips to help you educate your kids about personal finance and managing money:
It is never too early to teach kids about money. Introduce them to money as soon as they can count. Get them a piggy bank as early as age two and teach them to 'feed' the piggy regularly. By doing so, you teach them important lessons on caring and discipline.
As they grow older, share your values about money with your kids. Tell them how to save money, how to make it grow and how to spend it wisely. Excite them about what money that is well-earned and well-saved can do and buy. This will teach them the value of patience and looking towards a goal. Give them an incentive if they can save weekly, or when their total savings this year are bigger then the previous years.
Teach your kids to set goals while they are young. If your child wants a toy or a special item like an iPod, let him or her make it a goal that they can work for. Goal-setting teaches children to be aspirational and responsible too.
Emphasize the value of savings versus spending. Explain and demonstrate the concept of earning interest on savings to your kids. Start by paying your child interest if he or she can save his or her allowance. This shows them that regular, successful saving leads to good credit rating and other tangible rewards. This is the real way to provide for your children’s future.
Lastly, bring your child to the bank with you. It will excite him or her because they will feel that they are being prepared for bigger things. Make your children feel at home with processes and institutions that will make them savvy money managers in the future.
To help parents teach kids the wonders of saving, The Real Bank put up the Real Kiddies Savers Club, where children are encouraged to bring their piggy banks to deposit their money in a real bank.
The Real Bank has also introduced Kinabukasan Savings, a savings program that encourages people of all ages to save their money and to feed their deposits an agreed fixed amount each month. To reward the savings habit and to make the practice of regular savings an exciting activity, the bank rewards Kinabukasan Savings depositors with higher interest on their accounts as they continue to save on a regular basis.
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Oh I just remember when I was in the 3rd grade my mother and I went to a bank to open an account... And until I closed my account I haven't remember a thing about depositing any money to it. But I think my mom did it... :)
Lette's Haven