As young as three years old, I already taught my eldest child the value of saving. At this early, she’s already aware of the basics of money.
If not checking on my wallet, she actually asked me for some pennies. BUT, she is not asking for coins just to buy something she like… she wants to keep it. She told me that she’s saving to buy her little brother “a pair of shoes, bag, school uniform, and school supplies.”
I laughed but touched by her sweet gesture. And then I told her that she cannot just ask for money from us or from anyone. Money should be earned by working, and that she can only spend what she earned.
Admittedly, sometimes I am a loose spender, an impulsive buyer and I only saved a little from my salary. I had experienced the worst because of not saving any. So, I promised to myself that I will teach my children the importance of saving for the future, thus, help them to gain financial security.
When my daughter was a year and half old, I opened a savings account for her at Metrobank. The bank offers accounts for kids below 7 years called Fun Savers Club. With an initial deposit of P500 (around $11), you could start saving for your child. Then, few years ago, we opened other junior savings account for my two kids at Banco de Oro.
I still remember how my little girl got excited when she took a hold of her savings passbook.