family finances

Rap's Savings

8:13 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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  1. not yet coz he is still a baby but i'm planning to open a kiddie savings account for him in the future.

    i admire your son and hopefully my son will be like yours too. can't wait for that day but certainly i have to enjoy these days when he is still dependent on us. :)


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