Rap's Savings8:13 PM
We started giving Rap lunch money as soon as the school year started. I was half-hearted at first because I doubted his ability to responsibly handle money. Aside from that, I was afraid that he'll buy things on a whim from his extra money. Of the 100 pesos I give him, he only gets to spend 75 for his snacks and lunch.
Well, I was wrong. Giving him his allowance taught him how to save money. He's become thriftier and a bit bordering on stingy, actually. To date, he now has more than 3 thousand pesos in savings. We'll be opening his own savings account soon and I hope, with that, he'll be more motivated to save. He also told me that he wants to buy a Pioneer Sparxx Max card that comes along with the Private Iris comics. Although he really saves money to buy Marvel graphic novels, I still love the idea that he's spending his own savings for that.
Do you give your kids allowance? How do you encourage them to save?
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