September 09, 2013

Coins vs Candies


We went to my friend’s house blessing last Saturday, our timing was really perfect because we’re just in time sa paghagis ng coins. #hehehe! My son was picking all the candies and I told him don’t get the candies; you must get all the coins. I stopped taking pictures and helped my son. #stagemother.


My son doesn’t know the value of money yet. If someone gave him money, he will give it to me and he forgets about it. He doesn’t even know that he has savings and time deposit account. I opened his savings account when I got his birth certificate; I think he was only 1 month old. So all the money he got from birthday, Christmas, earnings from junk shop goes straight to his account. Then just this year, I transferred part of his savings in time deposit but this one is under my name, I’m not sure if he can open his own time deposit. I just applied online.

fruit of our labor
I don’t know how and when the right time to teach him about money. any suggestions?

11 comments:

  1. good question... actually, nagulat ako kasi yung pamangkin kong girl, kinder 2 pa lang, lesson na nila yung Philippine currency. She might have memorized yung itsura ng money pero di pa din nya alam yung value nun, alam nya lang ang money is to buy their food and milk. hehehe!

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    1. Same here, lesson nila Ethan yan last year using play money pa. Alam lang niya identify pero di niya alam gamitin and di rin niya alam na nauubos din money. hehehe!

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  2. hi mommy michi I was the one who messaged you sa Gtalk if you can still remember. :) nice naman may account na siya. If I may ask how did you apply online? I wanted to open one for my son too. thanks!

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    1. Hi, yung time deposit ang inapply ko online sa bpi account ko. For step by step, you can check my other blog michishomesweethome.com. May post ako dun about time deposit. :)

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    2. or check here http://www.michiphotostory.com/2013/02/bpi-online-time-deposit.html

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  3. I think you can't use the coins you got from a house blessing. I heard a belief about it that states that you have to place it in your home or wallet for luck or something. Hehehe!

    I think you can teach your son as early as now about saving and the value of money. Being a SAHM now, we're strictly adhering to a budget since we're saving up for something. So nowadays, whenever we go out and the Little One wants something that doesn't fit our budget for the day, I talk to her calmly and tell her we can see next time and that we don't have enough for that now. She understands naman kasi after that she stops her tantrums agad after.

    I've read other parents naman, when giving their child their allowance for day, tells the kid to drop a small portion of the allowance in their piggy bank immediately. Tapos explain to them na he should save for a rainy day, etc. I plan to do that din when the Little One does start receiving an allowance soon. It will instill in her the habit of paying herself first before anything else.

    I'm actually torn between opening a saving account for her in the bank or investing the money she's received na through the past 2 years. The interest rate in a bank is soooooo small na it seems like it's not worth it. E since she won't be needing the money naman soon, I'm thinking it might be good to invest it na lang. I've been hearing about COL Financial from Bo Sanchez and it looks promising. We, ourselves might be trying them out next year since we plan to close one of our time share accounts (sobrang baba talaga ng interest rate. Naiiyak ako every time we check the earnings. Hehehhe!) Try mo rin. You can open an account at COL c/o your child so that when he's finally of legal age, it can be transferred to him na rin. =)

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    1. I agree sis, sobrang baba ng interest rate even on td. I plan to use the bpi trade account of my husband for ethan's investment since he will open in COL too but thanks for the info. Pwede pala yung c/o. Yun na lang gawin ko tamang-tama, down pa stocks ngayon. Mukhang di nakinig mabuti si hubby sa COL seminar. Hehehe!

      Wala pa naman school allowance anak ko. Food lang baon.

      About sa coins, di ko alam yun buti nakasupot pa siya. Hehehe!

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  4. my daughter likes money. but she sees them the way she sees a ball -- toy lang :) try converting your accounts to bpi maxi saver, mas malaki ang interest compared with a regular savings and TD account :)

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  5. Wag mo munang turuan. Baka gastusin savings acoount nya:)

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    1. hehehe! In time malalaman din naman niya yun. :)

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