How to Train Your Kids to be Financially Wise

I myself am a self-confessed ‘gastodora’. I had gone through a lot to finally understand the importance of saving for the future. Sabi nga nila – “Kapag may isinuksok, may madudukot.” My husband and I had been through difficult financial situations before finally realizing we had to control our finances. Because at the end of the day, no matter how many friends you have, believe me, not every one of them will be there for you when the dark days come. Or they may be there for you, but can’t actually help you because they themselves were broke financially.

I myself am a self-confessed ‘gastodora’. I had gone through a lot to finally understand the importance of saving for the future. Sabi nga nila – “Kapag may isinuksok, may madudukot.” My husband and I had been through difficult financial situations before finally realizing we had to control our finances. Because at the end of the day, no matter how many friends you have, believe me, not every one of them will be there for you when the dark days come. Or they may be there for you, but can’t actually help you because they themselves were broke financially.

We as parents want our children to have a better life than we have hence we teach them every single lesson we could. It is very important for parents to teach their children the value of saving money. The mere fact of us experiencing difficulties in money matters, how hard it was to be in that situation, the more we do not want our kids to suffer from it. That is why we must teach our kids how to handle money correctly.

I started giving money (baon) to my eldest – Maddie when she was in second grade. I have to mention though that we started with just five pesos a day plus of course food as their legit baon. I did the same thing with Macy, my second child. I thought at that time that I had to start early in teaching them how to handle their finances. Weeks before I actually gave them five pesos a day, I spoke with them a hundred times and taught them how to buy, what to buy and to keep what’s left of it.

It was not a perfect drill I tell you, because during the first week, Maddie lost the money. I stopped myself from being angry at that time because I didn’t want her to have an impression that it’s all the money that matters. So I told her to be careful the next time. In my heart I was kind of doubtful if I was doing the right thing but then I trusted my motherly instinct. The second day, she was able to spend the money I gave her at the canteen however she was not able to get the change from buying a candy. So I taught her again to ask, wait and count her money. Macy’s story was hilarious, nakakainis, nakakagalit all at the same time, believe me it was a nightmare.

It was a long journey before finally getting to a point where they were able to save a portion of what I give them. Maddie is now in fifth grade while Macy is on second grade. I am proud to say that Macy is now getting a long quite well with saving. As a matter of fact she was able to save more than two hundred pesos since the beginning of this school year. Maddie on the other hand is a work in progress. Well I think we all are, aren’t we?

Proper handling of finances should begin at an early stage. Remember, we as adults have been trying to fit our budget day by day for a long time now but still a lot of us have failing grades in this aspect. The earlier we start the better. Do not be discouraged when they don’t get it the first time, I mean hey we all did. What matters is being patient enough to teach them this very important aspect of their life that they will bring until their last day alive.

Let us give our children a better future by letting them learn from our mistakes. I must confess that I still suck at this, well I’m still learning and I am a work in progress. This is a journey that should be traveled with guidance from us as parents so our children can have a good shot at a great future.

Advertisements

Leave a Comment =)

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s