I remember enjoying going to the bank with my mom when I was a little girl. Not only did I love staying in the air-conditioned room while waiting for our turn, but I also looked forward to seeing the numbers grow in my bank passbook.
Every time I received cash gifts from relatives and godparents, my mom would put them in my savings account almost immediately and would show me how much my money has grown. I remembered feeling so good each time I saw how much I saved, and it is this feeling that I carry up to this day each time I am tempted to splurge. Those early moments with my mom marked the beginning of my lessons about the importance of saving.
Now that I’m a mother myself, I am eager to start teaching my little daughter the value of being prudent with money. She’s only almost 2 years old now, but I’ve already opened a savings account and a mutual fund account under her name. Once she turns 5 years old, I will involve her in managing these accounts, and hopefully, she will discover the thrill of making her savings grow. Like how my mom did with me, I hope I get to teach my little girl that saving money can be as fun and fulfilling as spending it (if not more).
For parents who are interested in teaching their kids about saving, opening a kiddie savings account is one of the easiest ways and most convenient tools to start educating your child about money. These accounts usually require a very minimum initial deposit as well as low maintaining balance. Also, most of them allow you to open an account for your baby as soon as they are born.
To help you decide on which bank to choose to open a kiddie account, here are 13 kiddie accounts offered by local banks with their respective pros and cons. For more details, go to websites by clicking on the bank name.
Teaching a child the value of saving money is one of the surest ways to make sure he is ready for the future. And giving them the responsibility of handling their account is the most effective method to make them discover the joy and fulfillment of building their savings. So go ahead, open for your child a bank account. More than the savings, it’s the lessons and skills he will gain from managing his money that he will bring until he becomes a grown-up.
Hazel Antolin-Rosero is paid to make investment banking deals happen. But she finds the utmost joy in being hands-on working mom to her daughter, Nixi, alongside her loving husband, Ron. In her spare time, she enjoys singing for the Lord, engaging in fun conversations over a good meal and watching her favorite TV series.