The world of investing may seem scary at first – but don’t worry! Many parents, including moms like yourself, are succeeding in personal finance and investment. As long as you don’t take extreme risks, investing can be a safe and rewarding activity.
In fact, you and your kids should learn the basics of investment together for this important reason: investing is the best way to build wealth. Fortunately, there are now a lot of websites and even blogs that share information about investment basics, and the very first step is to become regular savers.
No person can ever build wealth if they haven’t made saving a lifetime habit and commitment first. So before you teach your kids about investment, make sure that they learn about the basics of money management first. Registered financial planner Fitz Villafuerte gives a simplified guide to teaching your kids these skills.
If your child is old enough to be receiving an allowance, then it’s time to have them open their own savings account. This gives your child the learning opportunity–and develops their confidence–to maintain savings under your guidance.
For this, you can try out BDO Junior Savers, a savings account just for kids til 12 years old. It has an affordable initial deposit and a low maintaining balance [Click here for more information: https://www.bdo.com.ph/personal/accounts/peso-savings-account/junior-savers].
Once your child has their BDO Junior Savers account, you can make it easier for yourself to teach him or her the habit of saving through the Junior Savers Plan. Using your BDO Online Banking Account, you can schedule regular money deposits to your child’s account, customized based on your preferred schedule and preferred amount for automatic transfer.
Start raising your kids to be savers and wealth builders now – it’s the best way to protect their future.
Wish I learned how to save at a young age!! Now, I’ve developed a habit of overspending and never saving. Lol. This sounds like a great idea
It is best to teach kids about personal finance as early as possible. Our kids have their own accounts, with parental control, and they will get full access until they reach 18 years old.
yes, teaching kids to save is truly a great idea..My eldest have his own account too, we just opened this year
My eldest’s first account was BDO, but we had to change banks because they don’t accept checks in the child’s name . Maybe now that he’s a teen, he can open a BDO account.
I’m glad my oldest son is now into investing. His dad introduced him to stocks when he was 12. This makes him learn the ups and downs of money. Both boys also have their own accounts in the Philippines but they are not able to access it because they only get to visit the bank everytime we go home. We see the importance of financial literacy to the kids.
My husband and I have both savings account. we have investments on both stocks and properties. She’s only 6 years old but I am planing to open a savings account for her so she can start saving for herself.
Investing is a good option, my husband and I have stocks and properties for our daugther. she also has her own savings account so she can saving for herself as well.