A Kuripot Mom's Guide to Raising Kids With the Right 'Matipid' Attitude

During Smart Parenting’s "Money Strategies for SmartMoms" this month at Discovery Suites, in partnership with Insular Life, a lot of the mommy attendees laughed, nodded, and agreed, when the guest speaker and investment advocate, Aya Laraya, said Filipinos have a negative connotation about money. 

“When someone praises you for looking rich, what do you say?” Laraya asked. 

The audience replied, “Hindi naman.” 

“Why do we say that?” Laraya asked and continued, “Kasi takot tayong mautangan.” The audience nodded their heads as they laughed.

Laraya pointed out Filipinos have this notion that it’s okay to be poor but vocally aspiring to have a better life, you get labeled “mukhang pera.”

“Kuripot” is another term that sounds negative but it actually isn’t. In the Filipino culture, you’re considered “kuripot” or stingy if you prioritize practicality, like preferring to pack lunch over eating out, commuting over bringing the car or buying things on sale overpaying for the full price. But what is wrong with it?

It’s just that we’ve gotten so used to our negative mindset about money that we find it hard to break away from it. With our kids, we can instill a better attitude when it comes to talking and handling money.

Mom of three and Insular Life financial advisor Victoria Larcia, provided moms with a list of ways to show kids the value of savings and investment. This way, you’re raising financially mindful children without them even knowing! Here’s how: 

Let the kids work for their allowance

Let’s say you have chores that need to be done at home. Instead of badgering your kids to do them, why not offer a “salary system?” Don’t think of it as a bribe, but a more practical way of teaching them the value of hard work. If you let them out to the real world without teaching them this core value, they expect to get things in return for minimal effort.

Help your kids understand the value of saving.

The first thing you need to do is open a bank account for your kids and regularly go over their bank statements with them. Once they’ve gotten used to saving, they would understand the value of discipline and goal setting. Motivate them to save even more by requiring them to regularly put money in their accounts to help pay for larger purchases. Take it from this mom who taught her kids the installment scheme.

Be a good example.

What better way to teach your kids about being responsible with money by showing them exactly how it’s done. Don’t spend money that you do not have. Your kids are likely to pick up your spending and saving habits, so always be mindful. Make sure that your income is enough for your current expenses. Prevent unnecessary debts or add another source of income but setting up a business or get a part-time job.

Talk to to your kids about money.

It’s a common Pinoy family mistake to shy away from conversations about money. But regularly discussing money management concepts with your children can help them develop good spending habits so you don't have to worry about them when they become grown-ups.