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Teaching Your Kids to Save

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Teaching your kids to save is not an easy task. They do not understand yet the concept of money earned and money well-spent, which is why you should think outside the box when trying to orient them about how they handle their own money. Especially at an early age, kids are prone to learn about the basic things in life, which is why you should strike whilst the iron is hot and take this very opportunity to teach them about the importance of saving. Here are just a few valuable tips:

1. Money doesn’t grow on trees.

First of all, make them realize that money isn’t something that pops out of nowhere, neither is it easy to attain. Each centavo is hard-earned and you should make them realize that. Let them know that there is a reason why you do not spend all your money in one go. Be creative in explaining, using examples and metaphors for the message to sink in. There are also various fables concerning this life lesson, hence, dust off those old story books.

2. The advantages of saving.

While explaining the importance of saving, you may encounter this particular topic. There are always advantages in saving money, and what better way to convince your kids to save than to inform them of these advantages. Your kids may not realize it at first, but these advantages can go a long way. Letting them save for their toys for example can develop their awareness with how saving can help them achieve their dreams. They may also develop this into a habit, saving every month so they have something to spend come Christmas time.

3. The disadvantages of not saving.

Okay, you’ve discussed the advantages once they save, but never forget the disadvantages once they don’t. As much as you wouldn’t want them to learn of the ugly things in life, like the lack of money and thereof, you should not sugarcoat the reality of too much spending. Any resource which is unwisely spent would run out, and money is no exemption. Let them know that once they’ve used up their pocket money, you wouldn’t give them anymore of the same amount, as you are sticking to your tight budget as well.

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.