My Little Piggy Bank

Parental influence on children in the first 12 years of their lives have a permanent effect. Unfortunately, children come with no user manual. Each child is different from the other. Discuss how to handle emotional and educational needs of your child here.

How do you instill the saving habit for/in your child?

1. I gave my child a piggy..
12
57%
2. I opened a Junior Savings Account for my child..
5
24%
3. I contribute every month in our joint account..
2
10%
4. Don't bother... my child will learn to save on his/her own..
0
No votes
5. Got CDA what... gahmen give money oredi..
0
No votes
6. Sshh... I set aside a lotta $$$ in a Fixed Deposit for my child.. but cannot tell them... yet.
2
10%
7. I only make enuf for myself and family, how to save?
0
No votes
 
Total votes : 21

My Little Piggy Bank

Postby buds hubs » Thu Jul 09, 2009 12:57 pm

[Editor's note: Topic selected for Portal publication.]

I am sure that most of us have received a “piggy” bank from our parents
when we were young. I still remember my very first 'Mickey Mouse' piggy
bank which came together with a savings account. (P/S: My DW.. buds
has Donald Duck) As a young child, my parents have always instilled
good money handling habits to me and my siblings. They have always
expressed the importance of spending wisely and the real value of
money. I have heard countless stories from my parents of how people in
other parts of the world went through hardship due to poverty. At that
time, my parents also explained to me and my siblings about the process
of how they obtained money to support the family.

At a very young age, I had the basic knowledge that my parents had to
work hard to get money from their employers. After receiving money
from their employers, they would then spend their hard earned money on
me and my siblings’ education as well as pocket money. This helped me
to appreciate whatever little pocket money I received from my parents
and the occasional red packets which I got from the new year....

I was motivated to save as much as I could and fill up my “piggy” bank
right to the brim. When it was full, I recalled the excitement of counting
the money in the piggy bank (Just like Scrooge Mc’Duck in Ducktales) and
writing down the amount on a little “555” note book to monitor what I
have saved. I also enjoyed the occasional trip to the bank to deposit my
savings and receiving a sticker or stamp on the savings passbook every
time a deposit was made. My siblings and I used to have our very own
little healthy competition to see who had the most stamps or stickers. To
up the stakes, my parents also decided to award us with extra “one for
one” contribution into our bank accounts, if we did well in school... (This
idea came way before the government’s CDA account).

In the event that I wanted to get something that I liked eg: Toys, Books
etc.. They would allow me to get it using my own savings. This helped me
to treasure the items which I bought from my own personal saving.

In schools, children are taught about good spending & saving habits
through subjects such as Social Studies and Civics and Moral Education at
the primary and secondary levels. I have also heard about extra-
curricular activities such as interactive board games and inter-school
financial literacy competitions to promote good saving & money handling
habits. Very soon, our children will grow up in a society that is
increasingly cashless. They are also likely to have access to credit earlier
in life. It is thus important that we anticipate such developments and
prepare them. In my opinion, it is never too early to get started.

Instilling good saving habits early during childhood, begins a child's life-
long journey in financial education. Children who grow into adulthood
without learning to appreciate the real value of money very often face the
consequences later in life when they find themselves unable to manage
their finances. In my line of work, I have seen many young adults whom
have succumbed to the temptation of easy credit and excessive spending,
forgetting that financial independence comes with heavy responsibilities.
They had to learn their lessons the hard way, through their struggle to
free themselves from financial embarrassments. Hence, I feel imparting
such critical life-skills early is essential for preparing our children for the
challenges of a constantly changing future.

As parents, buds are I am aware of the importance of instilling good
saving habits among our children. We are still keeping to the tradition of
keeping a “piggy” bank for both our DDs. We also make them write down
their cash flow in a little journal for them to note their own expenditure in
an effort to promote good spending habits & teaching them the value of
money.

To date, I still have a piggy bank for all the coins which I empty out of my
pockets at the end of the day’s work. Both my DDs enjoy emptying
the “piggy” bank when it is full & counting all the shiny coins with me. Of
course, there wouldn’t be much money in the piggy bank but enough to
give the entire family an outing or dinner treat...

Here are some tips which would help motivate and instill
good spending/saving habits in children:


1.Match Savings:
For every dollar your child saves, offer to put in a matching contribution.
When they are little, you might be able to match 100%. Once they are
older 25% or 50% might be reasonable to encourage them to save.

2.Open a Savings Account:
Encourage them to deposit a portion of money he/she saves into a
savings account and track the interest earned on his/her account.

3.Encourage Them to Set Goals:
If they want to purchase an expensive toy, hang up a drawing of an
empty thermometer. As they save their money, color in the thermometer.
They'll be able to track their progress visually.

4.Give Non-monetary Savings Rewards:
Young children may not understand that $10 tomorrow is better than $5
today. Consider rewarding children with things special to them for saving
their money: stickers, toys, and special outings can be helpful.

5.Make a Wish List:
Encourage children to identify fun things to spend their money on. For
older children, prioritizing the list can be a helpful challenge.

6.Display a Picture:
Hang a picture of a wanted item off their wish list on the wall. If your child
is saving for a special purchase, hang up a picture to remind them of
what they are working towards.

7.Save Money in Front of Your Children:
Keep your own piggy bank or deposit money in the bank when you are
with your children. Explain what you are saving for and your children will
mimic your behavior.

8.Help Them Spend Money:
Occasionally, children will get so focused on saving their money, that they
won't spend any money along the way. Help them enjoy their money by
spending some on small purchases or surprising them by buying
something they'd like.

9. Praise your child
Keep encouraging your child to keep saving even if they spend all their
money on a purchase. Praise them for their effort in saving up for
something and eventually achieving their goal by affording it.
Last edited by buds hubs on Thu Jul 09, 2009 11:15 pm, edited 3 times in total.

buds hubs
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Postby EN » Thu Jul 09, 2009 1:34 pm

I don't know how to vote cause currently we are doing 1, 2, 3 and 6.

I open up joint saving accounts for them when they were a baby. I arranged for a fix amount of money to be transferred to their account monthly. When they started schooling, I realized that their left over pocket money is strewn all over the house, so I bought a piggy bank for them to save daily. Part of their saving, I took out some and put them on a fixed deposit account under my name. That will be return to them when they are of age.

My ds is extremely frugal and I am trying to teach him to balance up between saving and spending. They are allowed to draw out money from their piggy bank when we go travelling. No more than $10 at most to buy souvenirs for their friends or any bric brac that catch their fancy. For celebrating father's/mother's day or our family birthday, they are taught to draw from their piggy bank too for presents. Again cannot be more than $10.

EN
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Re: My Little Piggy Bank

Postby ChiefKiasu » Thu Jul 09, 2009 1:38 pm

Off-Topic: ah... buds_hubs... what happened to your fire-breathing Chinese dragon avatar, har? Got doused by buds?

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Postby buds hubs » Thu Jul 09, 2009 1:41 pm

EN wrote:I don't know how to vote cause currently we are doing 1, 2, 3 and 6.


Hmmm.. EN,Too bad KSP doesnt allow multiple vote functions.. :D

But, whatever youre doing, its fine by me as long as your kids will benefit from it..

:celebrate:

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Re: My Little Piggy Bank

Postby buds hubs » Thu Jul 09, 2009 1:47 pm

ChiefKiasu wrote:Off-Topic: ah... buds_hubs... what happened to your fire-breathing Chinese dragon avatar, har? Got doused by buds?


Hahaa... Yupp.. After she read my post about in law problems.. :rotflmao:

Actually I planning to change the avatar but couldnt find something suitable yet..

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Re: My Little Piggy Bank

Postby buds hubs » Thu Jul 09, 2009 11:48 pm

ChiefKiasu wrote:Off-Topic: ah... buds_hubs... what happened to your fire-breathing Chinese dragon avatar, har? Got doused by buds?


Sorry hor.. I edited the earlier post & made some additions to it.

CKS, added new avatar but somehow, its not moving...Sigh!!

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Re: My Little Piggy Bank

Postby ChiefKiasu » Fri Jul 10, 2009 12:05 am

buds hubs wrote:...CKS, added new avatar but somehow, its not moving...Sigh!!


Strange... looks like the same problem with ZacK's ant not running around the screen. Email me your original gif file and let me take a look at it.

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Postby buds » Fri Jul 10, 2009 12:07 am

It's NOT ZacK ler...
Blur again.

It's heutistmeintag's ant.
And thank gawd it ain't moving.
It will drive me crazy again thinkin it's real. :|

buds
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Re: My Little Piggy Bank

Postby buds » Fri Jul 10, 2009 12:10 am

buds hubs wrote:
ChiefKiasu wrote:Off-Topic: ah... buds_hubs... what happened to your fire-breathing Chinese dragon avatar, har? Got doused by buds?


Hahaa... Yupp.. After she read my post about in law problems.. :rotflmao:

Actually I planning to change the avatar but couldnt find something suitable yet..


Aaaaahh... I haven't gone into that as yet.
You wait... :x :x :x

buds
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Postby winth » Fri Jul 10, 2009 9:53 am

I had downloaded lots of avatars that initially moved, but didn't manage to when it's downloaded into KSParents.

Only this little T-Rex here managed to move.

We bought a piggy bank that's translucent so that we can see how many coins are put in. Hopefully it works for him, still waiting for him to start P1.

winth
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