Teaching kids (and teens) to start saving money as early as possible is a good way for them to learn the basics of personal finance. They will become responsible enough and build a habit of handling money in the right way.
Why your kids should have their own bank account?
1. They will learn how to plan ahead.
By having their own bank account, they will eventually plan on how they can increase their savings.
2. They will learn to be focused on their goals and priorities.
After they plan out things, they will be determined to focus on their goals and priorities.
3. They will learn the value of money and not to waste it.
They will grasp the concept of learning to value money, instead of wasting it on things that are not very important and valuable.
4. They will learn how to deposit a check or a slip.
They will learn this one! And trust me when I say that this was one of the very exciting things to do when I was still a teen and motivated me to save money all over again just so I could deposit a slip again.
5. They will learn basic math skills.
By having time to look at their own passbook or computing for the amount of things they want to buy in the future, they are going to use and practice basic mathematics.
6. They will learn to save for the things they want until they can afford it.
At an early age, they can build up the habit of saving for things they want until they can afford it. Later on, they will practice delayed gratification.
7. They will be introduced on how their money can grow because of the interest.
At a young age, they will have an idea already that money has a potential to grow.
When I was 14 years old, my Aunt noticed that I love saving or hoarding money. So she always told me and she insisted that I should open a bank account at Metrobank Fun Savers Club.
The younger me was somehow fascinated with the thought of putting my money in a bank because:
I was used to putting my savings only in a piggy bank or in my personal wallet.
I thought banks are only for grown ups.
Afterwards, I told my Mama about my Aunt's idea and she supported me by preparing the requirements and going along with me to the nearest Metrobank branch in our hometown. We chose to open at Metrobank instead of other banks because it is very near to our grandma's house, my relatives have accounts with them and they are known to be one of the best banks in a very long time here in our country, Philippines.
Here are information in opening a Metrobank Fun Savers Account:
What is the Metrobank Fun Savers Club account?
It is an exclusive savings account for as early as 0 until 18 years old.
The initial deposit requirement is PHP 100, while the minimum maintaining balance is PHP 500.
The maintaining balance must be PHP 4,000 in order to earn a 0.25% interest rate.
No ATM option, passbook only.
What are the requirements?
Valid ID (with the child's signature)
Parent's valid ID, if child's ID has no signature
Original birth certificate
Why is it worthy?
It includes a welcome gift for children, which is a blue bag.
Free educational trust benefit worth PHP 50,000 if you met minimum ADB requirement.
Discounts and privileges from partner establishments such as Tom's World and Active Fun.
Any other similar option?
BDO Junior Savers Account
Equicom Kiddie Builders Savings Account
BPI Jumpstart Savings
Security Bank Junior One Account
PS Bank Kiddie and Teen Savers Account
RCBC Wise Savings Account
If you are a minor, don't be shy to tell your parents about it.
Or if you know someone, maybe your kids, younger siblings or cousins, I highly recommend that you give them a suggestion to let them open a bank account. Start ‘em young!
If you are a parent or a guardian, discuss this matter with your child regarding this and I am sure that he/she will be fascinated with the idea of opening a bank account for themselves. It is an early gateway for your child to learn frugality and money management.
"The secret to getting ahead is getting started."
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Date Published: July 1, 2021
I like the fun savers part, dun ako unang nag save. Having a savings bank made me realize that money is essentially important to live and I need to save some that I still apply today.