Want to Raise a Saver? Start With These 5 Money Lessons

When it comes to managing finances, it’s hard enough for parents to figure out how to budget, save, and invest. We’re constantly at our wits' end figuring out what needs to be prioritized and what needs to be paid first, and then thinking, “Why are we not saving enough?”

Then there’s our children, always needing new clothes and shoes because they don’t fit anymore. Or they’re always wanting something to buy, a squishy or another toy that everyone has.

Managing finances is not an easy task, and even harder than that is teaching our kids to do the same. During the BPI Jumpstart event on August 1, bank executives and celebrities shared their tips and tricks for teaching their kids financial literacy with Smart Parenting.

“Actually I started working early, so saving now and saving before is very different. But with Tali, since now there is digital banking, I expose her to it so she knows how it works. She sees kasi now you can pay via app, and now I teach her how to save even with her online purchases."

"I teach her how to budget. I tell her, 'You only have this budget for this month, it’s up to you how you wanna use it, how you wanna ration it.' Pero pag ubos na, ubos na. So in that way, I think we instill in her the concept of saving as early as now.”

“Ngayong nagkaanak na ko, narealize ko na hindi enough na masabi lang na 'Oh, don’t worry itatago ko yung money mo'. Hindi, dapat ma-experience nila. So tinuro ko 'yun sa panganay ko, kaya ngayon sobrang tipid niya, ayaw akong i-libre, ako pa rin ang bibili. Pero sabi ko nga sa kanya, para rin ma-feel niya na nai-save niya ito for something, dapat kailangan rin niyang gastusin. Or doon niya gagastusin ang na-save niya sa napaka-importante para sa kanya kahit maliit lang. Para makita lang niya yung labas-pasok ng pera."

"Nakita ko sa kanya yung patience at ang disiplina na 'hindi ako basta-basta bibili ng something kasi binigay sakin tong pera at inipon ko to.' Naririnig ko rin na kinukwento niya, so ngayon, ganun na rin ang tinuturo ko doon sa second ko.”

“I’ve been very, very fortunate that my parents have started me on the value of saving very early. You know how you begin is by making sure that you trust them with their allowance. I think that’s always the start of every kid’s journey towards greater financial management or improved financial management. Eventually as I saved some part of my allowances, they opened a deposit account for me. I think that’s the best way for every parent to have a partner in helping their child to save and have that financial discipline.”

“As a mom, di ba, especially as a banker, I have my knowledge of financial education and financial wellness and then here comes your son for example, who will ask you, 'Mom can I have fifty pesos?' You don’t want to say no agad. So, siguro it starts with you as a mom also to discipline, to share that habit with your son. For me, whenever that happens, I try to put a structure to it. Parang, 'Today, I’m going to give you fifty pesos, where will you spend it? Are you going to buy food? Or are you going to buy a small toy there or like supplies?' That’s usually where they spend their money."

"Whenever we have these conversations, I try to instill the value of 'if you don’t spend your fifty pesos now, I’m going to double it tomorrow because you’re able to save'. When you start that conversation with your children, how to actually do the simple saving then it becomes more meaningful to them."

"In Jumpstart, that’s what we’re trying to build. There’s a structure of the app, and the book that will help you guide those conversations with your kids.”

“All of these are simple lessons, but they become the foundation for bigger opportunities and greater milestones later in life. And now for parents, it’s time for us to pass on those lessons to the next generation. It’s time for us to pass those lessons to our children.”​

BPI Jumpstart is a bank account for kids ages 10 to 17 years old. Upon opening an account, kids will receive Disney-themed Jumpstart sleeves, a Jumpstart book, and access to the Jumpstart web app that can help them start their early savings habit.

This mom learned delayed gratification as a child. Here's how she's teaching it to her own kids now.