Teaching my boys about Savings AccountsBy Randell Tiongson on July 13th, 2012
I recently wrote about a blog about what I need to teach my children at the Act Like a Man blog site. Check out the post here. I was encouraged by the positive response to that blog and how many people found it helpful and enlightening. In essence, I mention 3 things I felt I needed to strongly teach my children about: 1) Making Money 2) Handling Money and 3) Loving God above everyone else.
Today, our family had a milestone in the area where we felt my wife and I needed to empower our younger boys on — that of savings. We have encouraged our boys to keep all the coins they have (mostly from me) and place it in their coin banks. Getting kids to save using coins is the first step and it is a very important step. I hear many parents complain about their kids not seeing the value of money. We believe that for kids (or adults) to see the value of money, they must first value the smallest amounts — coins! My kids have been dutiful in putting their coins in their coin banks and we felt they are ready to do the next step.
So what is the next step? Get them to open their own Savings Accounts! Many parents open accounts for their children but my wife and I felt that the experience of opening accounts themselves will leave a positive imprint. I also found out that BDO’s Junior Savings Program only has a minimum initial deposit of P100 which was really encouraging.
Here’s my son Riggs filling up the forms
Now it’s Chino’s turn to sign his name in the forms
BDO had some give-away for kids opening their accounts. In the 70’s I remember Banco Filipino and BPI would give piggy banks for their kiddie accounts. I would have been more cool if they got piggy banks like we did before eh?
Opening an account themselves is a cool experience. The branch staff were so thrilled seeing young kids pumped up about opening accounts. It was also an opportunity for me to talk to them about the virtues of teaching the next generation on proper money management. The new accounts staff had a difficulty counting all those coins my boys carefully sorted and taped themselves but was very elated to see that kids were experiencing their first real banking transaction.
I also took the opportunity of teaching them on subsequent depositing after they received their first passbooks (no ATM for them yet!). I gave them P100 each and told them they can now add on to their accounts by making a deposit. Their older sisters (they insisted to witness this milestone) were on hand to assist the boys in filling up their deposit slips.
Then it’s Chino’s turn to make his deposit.
A trip to the bank will not really be a complete experience without the waiting and the reading of the newspaper while waiting, haha!
As we left the bank, the Branch Manager gave my boys a good hand shake and welcome them as the bank’s newest depositors. We wish to thank the very helpful, cheerful and accommodating staff of BDO Pasig-Pioneer Branch. What an experience for all of us!
Train a child in the way he should go and when he is old he will not turn from it. – Proverbs 22:5, NIV