As parents, we always want our kids to have a better future . We try to give them the best of everything in every way that we can. But as the saying goes, we should not always give them fish, we should teach them how to fish and help them grow.
In this generation, kids are way more independent, curious, and witty. At their young age they already have their own goals in life and dreams that they wanted to achieve.
What can we do as parents to help and make sure that our kids will become responsible and wise spenders as they get older?
Isn't it amazing if we can teach our kids on how to manage their finances at an early age? This will allow them to have knowledge on how to unlock financial stability and value the money that they earn or save.
Here are some tips in helping and teaching our kids how to manage their finances.
1. Php 1.00 P5.00 P10.00 challenge
As young as 2 years old you can start teaching your kids about her/his financial journey as early as possible.
Giving them a small piggy bank where your child can save her extra Php 1.00, Php 5.00 and Php 10.00 from her school pocket money.
As days, months and years goes your child will notice that they save up money.
Php 1.00 x 12 months = Php 365
Php 5.00 x 12 months = Php 1680
Php 10.00 x 12 months = Php 3720
2. Buy what you need, not what you want
Kids always needs guidance when it comes to what they need versus what they want. This is more of a result of what they usually see from friends or trends. This is one good reason that as early as now, we can teach them the value of money for them realize the importance of buying something as you need it since it will be worth the money that they have earned or saved.
3. Shape your kids to become a young investor
As parents it is important that we guide them to their financial journey. Opening a bank account. Having their own personal saving account teaches kids to be more responsible and independent in managing their savings and finances.
One of the most- friendly and accessible bank that like us parents can trust is the RCBC GoSavers Kids and Teens Savings account. It comes with a passbook and debit card for easier tracking of hard-earned money. This is the first and only savings account for kids that offers comprehensive insurance package for both parents and the child.
What's good about RCBC GoSavers Kids and Teen Savings account
➡️Php 100 pesos to open an account
➡️No maintaining balance required
➡️Easy and convenient transaction
➡️Comes with a comprehensive insurance package for both parents and the child once the ADB is 10,000
➡️An interest of 0.150 % ADB Php10,000
How to apply for RCBC GoSavers
➡️Apply online through www.rcbc.com/Personal/GoSaver
➡️ Drop by at any RCBC branch nationwide
Requirements for opening an account
➡️ Php 100 for initial deposit
➡️ Photo or a school ID with photo of the child.
Additional requirements for parents
➡️ 2 valid IDs
➡️ Proof of address
With the RCBC GoSavers, parents can enjoy the guarantee of a secured financial future and safety for their kids. It is open to children 21 years old and below.
I and my daughter Chelsea will visit the nearest RCBC bank this week to open her an RCBC GoSavers Kiddie Saving account. Will post the details soon here on the blog.
If you have any tips and other suggestions about how we can shape our kids to become a responsible and wise spenders, feel free to drop it in the comment box.
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