Finance,  Parenting

Leave Your Child True Riches

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The Ancient Greek philosopher Aristotle once said: “Education is the best provision for old age.” And, without a doubt, this remains the truth to this very day. Education was and is the best legacy parents can leave their children, not to mention the easiest. Giving them this education isn’t just limited to sending them to the best schools – by all means, if you can, do so – education is also about teaching them the necessary life skills, credit smarts, etc., to survive in this rapidly changing world.

Below are a couple of tips for this kind of learning, the kind that both parents and children can do together.

Thinking abundantly. A sort of winners mindset where you. You shouldn’t be telling your child that you can’t afford something that they want most of the time; rather, you should sit down with your kids and start discussing ways to earn money required to make the purchase fit. This creates a mindset of abundance in the child – so instead of being defeated by scarcity, they are instead shown how hard work and ingenuity can get us what we want and need. Money is always there; it is figuring out how to earn it, that is the question.

Business and investment. Starting businesses and investments nowadays is easy for young people, trivial even for some. In fact, it has become that simple that even children-with the appropriate adult supervision- can start a business or invest in something. And now, many such youngsters and youth are selling their products, food, and even services online. Take the time to Google some ideas for such a business, get the think-tank running. Of course, you gotta keep it simple somewhat, something that your child can think about, put up, and grow. As for investing, there are dozens, if not hundreds, of resources in various online libraries that can help you teach the basics of investment to your child and prepare him or her for a brighter future.

Spend on needs before wants. In terms of allowances given to the kids for school, teaching them that spending it on food, school supplies, and school requirements should prioritize toys, accessories, and other non-essential wants. These basic principles are the foundation for teaching your kids how to create a proper budget, with all the expenses and savings that come with it.

Savings for your child’s future. These are basic reasons for saving regularly and consistently: we save for anticipating emergencies and preparing for a future, essential expense. And these should be explained to your kids clearly and concisely, and thoroughly. Give examples that your child can relate to, as well as helping them find ways to save money to introduce the habit, such as saving their school allowance money.

Getting the habit of saving money to stick with your kids becomes much easier when working with your bank. For example, BDO has a specially designed Junior Savers Account for kids and the like. With an affordable initial deposit and a low maintenance balance, the Junior Savers Account is easy to open and maintain at any BDO branch. https://www.bdo.com.ph/personal/accounts/peso-savings-account/junior-savers

Once your kids already have a BDO Junior Savers account, help them grow their funds by scheduling regular deposits using your BDO Digital Banking account. Setting the amount and date of transfer can easily build their savings.

Learning to save money is the basic step for anyone, even a child, to learn proper money management and, eventually, start building wealth. By taking these first steps with your child, you’ve already given them true riches.

Lifestyle Mommy Blogger and Virtual Assistant from Cagayan de Oro City, Philippines. Aside from doing product reviews and events coverage, she blogs about solo parenting, homeschooling, and things in between.

19 Comments

  • Manilyn Inciso Dacut

    Maganda talaga na habang bata pa ang mga kids natin ma save na natin ang future nila isa ito sa magandang investment. Isa ang BDO sa talagang maaasahan mapag kakatiwalaan na pag dating sa pag se save.

  • Jannah Mariz Mendoza

    It’s true mommy. Very helpful and convenient to have an account just for our kids. So we parents don’t have to worry about their future. Also this will teach are kids how to save money, and to spent money wise fully.

  • Abegail Alejandro Esuga

    Magandang mindset talaga mommy na dapat gumawa ng paraan para makamit o makuha ang gusto o kailangan .Huwag nating sabihing wala eh, hindi kaya, walang pera, etc. At dapat din iintact sa mind habang bata palang ang importansya ng needs sa wants ..At syempre ang kahalagahan ng pag iipon . Thanks to BDO dahil meron silang Junior Savings kaya we can save our child’s future.

  • Nicole Mae Benitez Broso

    Yes indeed. Us parents were responsible to there growth as a human and we are also responsible to their education. Education does not only mean going to school. Alam naman natin na sa tahanan unang nagsisimula ang kanilang pagkatoto. Just like the example above halimbawa may gusto yung anak mo instead na sabihin mo sa kanya na walabka pambili, try to say things that can help them to bought that things. The best pa rin ang edukasyon na natututunan sa loob ng tahanan.Dahil sa loob ng tahanan natututo tayo magpakatao, natututo tayo magsikap, natututunan natin kung anu ang tama at mali.Parents are the best teacher pangalawa na lang ang guro.

  • Rose Amido Lazaro

    Kailangan ng bata na matuto mag ipon. Habang lumaki sila, matuto sila kng pano magtipid, mag ipon ng kanilang pera. Para din naman sa kanila yan. Thanks for this Mommy Ruby.

  • Criselda Benin Alarcon

    Mahalaga ang future ng ating mga anak❤️❤️❤️ maganda ang mag-ipon habang bata pa sila❤️

  • Virgenia Velasco

    I agree with all these momsh! Napaka importante po talaga na ma educate natin ang mga kids natin habang maliit pa sila turuan natin sila mag-ipon at ang kahalagahan neto.Disiplinahin din natin sila sa mga bagay-bagay lalo na sa mga needs at wants Kailangan e prioritize ang mga needs talaga bago luho pra matutuo sila in the future.And most important dapat turuan din natin silang mag invest o mag business para sa paglaki nila marunong sila dumiskarte sa buhay.Salamat dito kay BDO laking tulong neto sa ating mga parents na mag save ng pera habang maliit pa ang mga kids so that in the future ma sesecure na natin ang future nila.Thanks BDO for helping us pra matuto sa ganitong paraan.

  • Fhin C Canaling

    Naniniwala rin ako na every good things na itinuturo natin sa mga anak natin habang bata pa sila ay tiyak madadala nila hanggang sa pagtanda nila.
    Sa ngayon, wala pa silang individual savings account pero mayroon silang mga kanya-kanyang coin bank sa bahay. I really wanted them to have their own savings accounts. And planning to open their own once the situations we’re into settled down.

  • Nylyduj allidap

    Kailngan po tlga ntin mg save lalo n po hnd ntin nmamLayan lumalki n ang ating mga anak and ang BDO po tlga ang mkktulong satin .safe pa ang pera na nasasave ntin..

  • Mellanie Sales

    Nice talaga ng BDO kasi our child will learn how to save money they will know the importance of saving money kaya anak ko may savings din kahit sa piggy bank???
    #CDOmommyblogger

  • Marie Bella

    I agree with you Mommy Ruby! BDO had proved itself for many years and counting! A good way to ensure the safety,education and future expense that will come is to secure an account ofcourse to the trusted Banks and BDO is a good choice.. Many parents are busy making money to provide financial needs especially to make their children have a good foundation in education, with this new normal setting online business is what most parents especially mommies out there, do, with the plight of economy we have to deal smart and work hard enough to fully provide the essential needs of our children. Together with the education, let us also provide a good conduct and make them wise in making decision with regards to their personal needs, the wants and likes. I believe what we implement and what we show to them affects the thinking of our children, i agree that we should leave them a good and well founded education and being a “street smart”in life. WHAT WE DO REFLECTS OUR CHILDREN, so, we should as a parent should be responsible enough to strengthen the road to the future success of their lives.?

  • Ma.Elma Abe

    Maganda talaga ang BDO trusted na ng nakakarami..ito din yung gusto ko para sa mga anak ko..malaking tulong ito para sa knilang future..dapat ito ang isa sa mga pinaglalaanan nating mga nanay para sa kinabukasan ng ating mga anak.
    FB: Abe Macion Emz

  • Karen Joy Daban

    Naalala ko tuloy ang Laging Pinapaala samin ni Mama At Lola nung mga bata pa kami tanging edukasyon lang ang maipamamana nila samin at ang edukasyon ito ay hindi lamang sa skwelahan natututunan.Lumaki kami sa hirap kaya sa murang edad natuto akong kumita ng pera kasabay ng pagaaral.Sabi ko nga diskarte at sipag talaga para mabuhay kaya nung nagkapamilya ako sinabi ko sa sarili ko na ituturo ko sa mga anak ko pero hindi sa paraan na dinanas ko.Everytime na may matatanggap silang pera.Hindi ko pinapakelaman yun at nilalagay ko sa bank acct nila for their future.This is the best way that I can para sa future nila.

  • Kezia mae Sualog

    Thank you for this mommy. Tama po tlaga. Habang maaga mag save ba tayo para sa mga kids natin. Ganda po nang topic nyo. Madami po ako natutunan. Ganda tlaga nang bdo. Big help para sa araw araw natin. Habang maaga pa ipon ma para pag dumating ang araw na need mo tlaga may maiidukot ka.

  • Meng Sunga

    That’s true mommy. It’s very important talaga na habang bata pa ang mga kids meron na silang saving account. Sobrang laking tulong nito para sa future nila. Maganda na bata palang ay naturuan na natin sila kung pano mag-ipon, pano mag-manage at kung pano pahalagahan ang pera. Mas mabuti ding maipaliwanag natin sa kanila ang kahalagahan ng “needs” at “wants”. Kaya naman tinuturuan ko ang kids mag-save on their own. Thankfully my BDO na super trusted when it comes to secured & safe banking. Thanks for sharing this mommy, will definitely open an account for my kids too.

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