How To Teach a Child the Value of Money & How to be Financialy Secured

What is the most effective way can you teach your child the value of money and financial planning? Here’s a scenario:

As a mom, I am sure you experienced the need to visit the mall to do some errands. But because you don’t have anyone to watch over your kids you have no choice but take them with you. At the back of your mind you know your kids will be pesky about pulling you to buy things for them but is not on your priority or budget at the moment. So to be at peace with your worries about them bugging you to buy them stuff you will forewarned them that they are not allowed to point at anything they wan to buy. Although the kids agreed not to pester you, the moment you all step inside he mall, the kids starts to point and tug for things they want to buy. Eventually you give in their whims. They win you lose.

Here’s a trick I learned from Maricel Laxa during the Breadwinner Talk at Hyatt Hotel recently. This is the sleekest way I’ve ever heard so far in teaching kids financial planning the easy way.

Same scenario, mom going to the mall to do errands with her kids. But instead of forewarning them about not pestering mommy on buying things for them she will give each of them their personal budget that they can use for the entire time they are in the mall. She tells her kids that they cannot go beyond the money they are given and ask for more from mommy if they spent it all. By doing so, she is giving her children the free hand to choose what to do with their money, if they are going to spend it or save it.

This event was the first time I attended a talk by Maricel Laxa-Pangilinan and I was impressed. Honestly, I was not expecting much. I thought this will be one of those boring super hard-sell events by an insurance company and that it will bore me to my wits. Surprisingly, it exceeded my expectations. She is a good motivational speaker because she is very engaging and understands her audience a lot.

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I am proud to say that my parents taught me the value of financial planning very well. I learned that money does not grow in trees and if you want to earn more, you have to work hard for it. If you want to buy something you really want and it is expensive, learn to save and budget your allowance.

Being a single mom of a child with autism is very challenging. My constant worry is about who will take care of my daughter’s need in case I pass away earlier than anyone else. Another worry is that if those I will leave behind are financially capable to be able to support my daughter’s needs.

Having heard about the Family Secure plan of Philam Life got me interested into investing into it. It is one of those plans that will adjust according to your situation or needs. At Php 44 a day, Family Secure is the most affordable life insurance I’ve heard that is also flexible. You also have the option to increase your coverage without additional payment or you can decrease your coverage to increase the allotment for your long-term savings that you can use for your retirement.

I ask you, where does your monthly income go? Bills? Food? Tuition Fee? How about funds for your retirement, do you have any? Saving? Where do you put them? Bank? Mutual Funds? Trust Funds? Stock bonds? Are these funds can be easily accessed by your immediate family in case something unexpected happened to you? Watch this http://www.youtube.com/watch?v=z23IFxUR3cI&feature=plcp . The video is about Philam Life’s Family Secure Plan and how it will benefit you and your family best.To know more about it you can (02) 528-2000. You may also like Philam Life’s Facebook Fanpage at www.facebook.com/PhilamLifeAIA and learn tips on how to plan for your and your family’s future. Dahil sabi nga ng Philam Life, “Anumang pangarap, makakamtan. Anumang pagsubok, malalampasan. Basta’t may plano, kaya mo ‘yan!”

While Filipino’s live by the payday it is good learn financial planning as early as now. As a mom I do know the importance of having back-up funds for the future and I do believe Family Secure can really be a good plan for you.

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How about you what is your plan?

Stay gorgeous everyone!

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2 Comments

  1. This is a good even for the kids to learn. As kids we were trained by parents to value money and an event like this is additional learning from them.

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