Tips and Guides

Here's How You Can Teach Your Kids To Save Money

Let them learn some simple ways—from keeping a piggy bank to budgeting their weekly allowance

Original Article: Tisha Alvarez Photography: (Main Photo)

It's Christmas season, and soon, your kids will be showered with aguinaldo from their ninongs and ninangs. Take this opportunity to teach them about money—from earning it to saving it. Here are some guidelines to help you out:

1. Teach your kids positive values about money.

Let them know that money doesn't come in an instant. It's something they have to work hard for. Train your kids by giving them money as reward for certain tasks, like doing some chores at home, walking the dog, or watching over their younger siblings. Teach them to be thrifty, too. Let them know that even if you have money, it is not wise to just spend it on whatever they want. Lead by example—if they see you spending money on unnecessary things, chances are, they might do the same thing.

2. Teach them to share. 

Money isn't just something you earn and keep for yourself. Teach your kids the value of sharing not only money but also their time and talent. You can let them help out in relief operations for calamity victims, for example. Or let them pick the toys that they no longer play with and donate these to an orphanage. This way, they learn to care for others as well.

3. When your kids are in pre-school, teach them that saving is fun. 

Let them experience going to the bank and having their own passbook. This way, they'll be motivated to save money for the things they want to buy, even if it's just as simple as a bar of chocolate from the school canteen.

4. When they're in grade school, introduce them to the concept of delayed gratification.

You can give your kids a piggy bank where they will save money and not touch it until the end of the year. When the year ends, they can enjoy spending it on something that they like. This will motivate them to earn their keep and work for what they want instead of it being instantly handed to them. 

5. When they're already in high school, teach them about budgeting.

Give them a weekly or monthly allowance so they will be prompted to budget their money. Clarissa Seriña-de la Paz, co-author of I Wish They Taught Money in High School, shares that when she was still in school, her parents used to give her a small allowance. "Later on, our parents explained that they tried to give us a sense of deprivation in the hope of developing a drive to earn independently," she says. You can impart the same lesson to your kids as well. 

6. Teach your kids to invest to achieve financial freedom. 

Earning money isn't just about getting a good education in order to get a good job. Let your kids know that they can achieve financial freedom by finding other sources of income other than their day jobs. Teach them the concept of passive income—money that you earn through assets like businesses and rental property. 

Read the original article ("What To Teach Kids About Money") in the December 2015 issue of Good Housekeeping Philippines. Log on to for more details.


More on

Investment Tips To Keep In Mind

Important Things You Need To Know Before Getting A Credit Card

Do You Have What It Takes To Start A Business?


Latest Stories

10 Ways To Make Your Shoes Last Forever

Show your favorite pairs some tender loving care with these tips

A One-Bedroom Unit Transformed into a Two-Bedroom Home

The designers of this 45sqm condo in Manila created a functional space with an urban contemporary appeal that’s perfect for its young occupants

Here's Why You Should Skip Bringing Your Phone To The Bathroom

Trust us, liking that photo on Instagram can wait for a few minutes

7 Planners For An Inspired 2018

Stay organized and keep your goals in sight with these picks

These Christmas Ornaments Will Make You Feel Like Dancing

Celebrate a yearly Christmas ballet tradition with The Nutcracker collection

15 Calming Photos of Modern Minimalist Homes

Because less is more

10 Life-Changing Cleaning Habits For Lazy People

We've got the strategies for keeping an impeccably clean house without losing your mind

Did You Know That Ellen Adarna Lives in a 1930s Apartment in Manila?

She has a fantastic view of the Manila Bay sunset, too

Neat Home Appliances You Need To Buy With Your 13th Month Bonus

It's okay to treat yourself with the best things money can buy—especially if it is for your humble abode

A Taguig Condo With Cool Storage Features And Vintage Accents

This 80sqm unit has everything that its owners need: light and airy spaces, an interesting mix of furniture, and nifty storage tricks

8 Celebrities Who Are Also Amazing Artists

From John Lloyd Cruz to Ian Veneracion, these famous faces put a new spin to being creative

Katrina Halili’s House in El Nido, Palawan

Found inside her own farm, the tranquil sanctuary features spacious rooms and an incomparable view of the lush outdoors
Load More Stories

Get inspiring design ideas and handy hints.
Subscribe to our newsletter now!