Vera has been growing more aware of the value of money. I’m glad as it means she’s starting to think whenever we spend money on an item, be it food or a toy.
She asked me one day when I came back with new school shoes for her, “Mummy, how much is it?”
“$29,” came my answer.
Vera: “What? So expensive?”
I replied and said yes it is not cheap. (I would much prefer her to learn to appreciate her things rather than dismiss it as being well affordable, and having her think we can spend as we wish.)
We’ve taken pains to teach her about counting money, as well as about making daily purchasing decisions. Since young, we gave her and JJ a “cow-bank” and they slot in the coins that they want to save.
Since we started Vera on chores around the house, we’ve been rewarding her with small amounts of money too. I note down the chores that she does each day, and at the end of the week, we give her a small token to show our appreciation. She saves the money in a purse that we call her “ice-cream fund” – she can use her money for treats when we go out or even for buying a new book title for her iPad storybook app.
We allow her full control of her money, but we also talk through with her on the decisions that she makes with them.
I think it’s important to inculcate good money sense and habits from young, to avoid problems like over-spending or money recklessness when older. It also helps to impart a sense of gratitude for what we do have, and to combat feelings of entitlement.
When I heard that POSB is bringing back the National School Savings Campaign, I felt a sense of nostalgia. (Didn’t we all start our first kiddy bank account with POSB?) But more than that, I also felt gladness. I think parents today need all the help they can get in inculcating the value and habit of saving in our children.
How does the Campaign work? Through a simple savings stamp card. Each primary school student can get their POSB National School Savings stamp card from any POSB/DBS branch, SingPost outlet and at Pacific or Popular bookstores in schools from 2 February 2015 onwards. Do get hold of them for your children!
Stamps costing $0.50 each will be sold at Pacific or Popular school bookstores and at SingPost outlets. Your child can drop the stamp card into any POSB/DBS Quick Cheque Deposit location upon completion (20 x $0.50 stamps). The bank will then credit the full value of the stamp card ($10) PLUS a $1 bonus (the bonus is limited to one stamp card per child, per month and only valid for POSBkids account holders).
Easy peasy lemon squeezy!
The POSB savings stamp card will help you start the ball rolling in teaching your child how to save. You can also follow some of these tips below to make the learning more real and hands-on!
- Let them see you save. Talk to them about how you save money, and what you can do with the money saved. For instance, saving for a family holiday.
- Give them a piggy bank or start a “happy fund” – where they can use their savings (that they earn through chores or what’s left of their pocket money) to make themselves as well as others feel happy.
- Be creative in the ways you save as a family. It could even be in the daily usage of finite resources like water, electricity, and food. (For more ideas, you may want to check out my earlier post on 20 ways to be a frugal family in Singapore.)
- Involve the children. Ask your child for ideas on how to save. You’d be surprised at what they can come up with!
We can all do our part to help raise a savings-minded generation and future good stewards. Find out more about this campaign here and remember to pledge your support for this National School Savings Campaign.
If you child does not have an ePOSBkids account yet, sign up here for one.
*This is a sponsored post. All opinions and stories are as usual my own.