Match you child’s savings
Posted on March 13, 2007
Filed Under Advice, Personal, Savings |
I was given a piggy bank when i was about 6 yrs old. And every day, my mom will give me some money. It’s not much, just a few cents or so. Enough for any kid to buy a few candies or an ice-cream with. With the money, I can choose to either save it up or buy anything that i want. Now, tell me, what do you expect a 6 year old kid to do with the money. Of cos,the first thing i do is wait for the ice-cream man to come by in the evenings to buy my ice-cream, or go to the store opposite my house to buy candies and chocolates too.
Sometimes, whenever something catches my fancy, i’ll ask my mom to buy it for me. That’s when my mom taught me to save up my daily allowance to buy it for myself. If the item’s not very expensive, i can get it in a week. But my mom has another trick up her sleeve. She told me if i were to save every cent she gave me and not buy anything with it, by the end of every week, she’ll take me to the bank where all grown ups go to and put all the money into a savings account for me. And she’ll also match all my savings too.
Believe you me this works. Since then, i’ve learnt to save up my money and not to spend it on things like candies or chocolates unless i need the item very much. Mom has taught me how to save up for a rainy day and also patience at the same time. And i also cherish it more when i have to use my own money to buy it. Many parents do not like giving their children money, especially when they are still very young. They prefer to buy things for them. Why is that so? Are they afraid that their kids will not know how to handle it? If that’s the reason, then it’s time to start by giving them a piggy bank. Good financial habits starts from young.
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