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Rewards and Incentives: Saving as a Motivation

Teaching your kids to save at an early age would be beneficial for their future. Aside from the fact that it would develop a lifelong habit to use their money wisely as they grow up, they would also be disciplined well enough to not spend their future earnings in one go. Indeed, teaching your kids the value of money in their younger years would yield great results in the long run, but such task is not easy. As a parent, you should orient them that if  they were to sow as early as now, they would surely reap a great reward. Of course, it would take a lot of convincing to make them follow through with this life lesson, but perhaps you may inform them of the following examples, a few rewards and incentives that they may encounter along the way:

1)Developing the habit to save would help them set aside a few amounts for future needs.

It’s basically telling them about the proper use of their lunch money. If they were to keep loose change from their daily allowance, come Christmas time, they may have enough for that shiny new toy they saw at the mall. Toys are always good motivators for kids, and you may use this to your advantage in training them to save. It would also avoid the unnecessary purchases of candies, since kids would usually avail sweets with their remaining loose changes at school.

2) Developing the need to save would reap higher rewards, something that they may even forget about.

This would be best implemented if you were to provide them with a piggy bank. The thing about piggy banks is that you wouldn’t be able to see or count the full amount, unless you were to break it open (though some modern piggy banks now have removable lids on them). Your kids would be inclined to drop their loose change after school in the piggy bank, and you should make sure that they do this every day. If you would implement this consistently, the piggy bank would be too heavy for your toddlers to carry, a little indication that you may now break it open, after which, allow them see the amazing result of saving. Sometimes, they may even forget about the rewards at the end, only dropping loose change in the piggy bank due to habit. Saving a little each day would result to huge savings at the end.

3) Developing the habit of saving would ready them for the future as whole.

Let them know that many grown-ups still struggle with their finances due to them missing this important lesson at an early age. While setting aside the darker details, in a very casual and kid-friendly manner, tell them stories of adults and families being stuck in the loop of debt, due lack of discipline with money. Yes, it is a very replaceable commodity, but lack of it thereof results to very critical situations, and even sometimes, into poverty.

With all of that being said, you’re probably looking for a bank that you’d be able to trust with all of your life’s worth of savings (and perhaps a Kids Savings Account for your little ones as well). Look no further than Cebuana Lhuiller’s Micro Savings. Initially offered in our Rural Bank branches, it is now available through our entire Cebuana Lhuillier branch networks. Simply put, you can use your 24K Plus cards at any of our Cebuana Lhuillier Pawnshop and Bank Branches in order to withdraw from or deposit to your savings. With a minimum deposit amount of only P50 and no minimum maintaining balance, it’s incredibly easy to apply for one. You can even check your savings amount via SMS. Visit your nearest Cebuana Lhuillier branch now – we assure a fast, easy and secure transaction.