Sunday, January 4, 2015

Teaching my Kid to Save

Last December 29, I took advantage of the fact that almost all banks and government offices were open, except us! Lol :D 

I brought my eldest daughter to Landbank of the Philippines (LBP)  FTI Branch to again open her personal savings account. This is just one of my ways of teaching her (and my younger daughter too!) how to save. As early as now, I want them to learn to value their money and the importance of saving up for their future.  Actually, she already had an account with Banco De Oro (BDO) before, but for some reasons (ME!), it was closed. 

Fortunately, there were not much customer opening their accounts that day so we were immediately accommodated. 

Unfortunately, unlike with BDO, wherein we were able an ATM & Passbook account, LBP doesn't offer a combination of these types of account. You can only choose either an ATM or a Passbook account. But if you really wanted to have both types of account, you can open two separate accounts. :D 

With LBP, you can open an ATM account for a minimum deposit amount of Five Hundred Pesos (P500.00) while Ten Thousand Pesos (P10,000.00) is needed to open a Passbook Account. I opted to open a Passbook account for my daughter using her savings and all the aguinaldo that she received for Christmas. 

Renee Joy's Passbook 


New year, new savings! I really hope my daughter can really make the most out of her savings account, with our guidance, of course. Good luck baby! Again, happy new year to us all! :)

5 comments:

  1. Our 3-year old opened an account late last year and we are teaching him to save through his coin bank 2 years ago

    ReplyDelete
  2. That's a really good way to teach kids about money! I plan to do it din in the future, though I'd probably steer clear of Landbank because the tellers here aren't exactly the friendliest hehe

    ReplyDelete
  3. I was thinking about letting them oprn their own bank accounts. Unfortunately my 10 year olds idea of saving is saving to be able to buy bigger/ more expensive toys.

    ReplyDelete
  4. last year lang din ako nag open ng account for my 3 kiddos, and excited sila magdeposit on their own :D
    mas okey na sis na walang atm card lalo na sa panahon ngayon :)

    ReplyDelete
  5. I did this as well with my baby kahit baby pa siya so lahat ng bigay sa knya na cash napupunta dun. We also have alikansya for him at home :)

    ReplyDelete

About

Blog Archive