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By this time, your kids have accumulated quite a significant amount
from the many aginaldos and ang paos they received during the
holidays. Add everything up and the next question will be:
What is the best thing to do for all the Christmas money the kids
got during the Christmas holidays?
This happy season is always a good time for
parents to teach our kids the value of saving. The New Year, in
particular, is the best time to teach children new things they can
put to good use for the rest of their life. Parents can introduce
their young ones to New Years’ resolutions and excite them about
how these can result in magical transformations if they pursue them
all year long.
Jose G. Araullo, more popularly known to the
young depositors of The Real Bank as “Lolo Pepe,” shares some
personal habits that he developed as a child for today’s parents
and their children.
1. It may be wise for kids to save one half of
their Christmas money in a piggy bank. The other half, they can
spend on toys, clothes or books. Children should be encouraged to
spend their money on things or services that last, or that will add
to their knowledge or skills.
2. Children should be taught how to save up for
something that they really want but cannot buy in the present with
what they have. This will teach them about discipline and hard work.
3. If they receive relatively big amounts of
money for their birthdays or other holidays, kids should be
encouraged to open their own savings account, of course, with the
help of their parents. Having a bank book that shows them the amount
of money that they have will make children feel a sense of
accomplishment every time they make a deposit.
4. Parents can play “money games” with their
kids starting in 2008. Encourage them to save a certain amount every
month. If they can increase their savings for the next month,
parents can reward their kids’ achievement by adding a counterpart
amount for the extra saving.
“When it comes to building awareness and
responsibility towards money among children, parents must use
different strategies to explain and motivate their kids, depending
on the child’s age. Financial education in the home starts with
the parents who reflect their own values and attitudes towards
money,” says Lolo Pepe.
For more information about saving, wise spending
and the Kiddie savings program of The Real Bank, please log on to www.realbank.com.ph.
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