On Saving Money

Saving money everyday is a good introduction to your child on money matters. Everyday, when you give him his allowance, tell him to save part of his money. Put it in the piggy bank, jar, wallet, anywhere where he can put his money. Repeat this everyday, then, after a month, ask him how much he has. 

This can be related to discipline. It may seem sorrowful at first, but it will bring the gift of righteousness. Same thing with money. What you save may be small at first, but it will eventually be too much to fit in your piggy bank, jar, etc.

Saving money everyday is good. Your child will have enough money to buy what he wants, without having to bug you to buy. Let him decide whether to save part of his money or spend everything. You can tell him to save his money before buying what he wants later on.

I wouldn’t be writing about this if I wasn’t practicing this. I save 25 pesos everyday and right now I have 865 pesos with coins. I don’t have to ask mom or dad to buy what I want. It gives me freedom on buying what I want, so long as it’s within my allowance. I don’t buy all things I like, however. You have to also ask your child if the thing he’s going to buy is important or useful. This helps at least prevent shopping regrets and unnecessary spending.

However, the child will also be influenced by you, because you are the parent. You have to save money yourself by putting aside money, better if the child can see you doing the same thing, otherwise, it’ll create a contradiction between what you say and what you do. You can’t go preaching to your child/children the importance of saving money if you yourself are in the red with huge credit card debts. You should not always give in to your child’s wishes and always reward him/her material things, because it will defeat the purpose of making your child save up to buy what he/she wants. 

Last of all, both parents, mother and father, should save up money too. The money you save will not always go to the things you want, but at least it will help in paying regular expenses, serve as back-up if a parent loses his/her job, and also for family vacations.

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