Moving Up

Raising Money-Smart Kids Part 2

By Lace Llanora, Brighterlife.com.ph

Comments (2)

Continuation of How to Raise Money Smart and Future-Ready Kids.

  1. Teach Them How to Save – Present to your child a piggy bank or any container at all that they can use to collect money received and earned. When my son was below 5 years old, I opened a Junior Savings Account for him. There, I would religiously deposit all monetary gifts from friends and relatives.


Now that my son is 6 and is more capable of handling money, we now use a coin bank (the top can be lifted to insert bills) and I let him “deposit” on his own – including money he earns from his “jobs”.

As your child accumulates money on his own, start asking questions like:

  • How do you feel about putting money in your coin bank?
  • Do you wish you have more savings? If yes, how do you think can you achieve this?
  • What would you like to do with all the money you saved?

Depending on your child’s answers, you now have the opportunity to discuss things like saving vs. spending, needs vs. wants, and building good money habits in general.


2. Let them experience & be exposed to financial institutions – Truth be told, many of us Filipinos still feel intimidated by banks and other financial institutions like insurance companies. There is a misconception that these places are just for the professionals, the rich, etc.

The only way to break this stigma is to expose our children early to financial institutions starting with banks. The more they visit this place, the more familiar they become of the sights, sounds, and transactions that take place inside this venue.

Kids can start doing their own transactions (with your assistance) like depositing money from their piggy bank.

Here, you can start talking about the following:

  • What transactions you (parent) are doing with your bank i.e. depositing money, opening an account, withdrawing funds, etc.
  • Advantages of keeping money in the bank i.e. safety, earning interest, and record keeping
  • Products offered by the bank (start with simple products first like regular savings account and time deposits)

By the time they are grown-ups, going to places like the bank will become second nature to them, especially if you set a good example. As adults, they will have the confidence, interest, and knowledge to ask about and discuss financial products and options intelligently with bank managers and financial advisors.


3. Read financial literacy books for kids – There are now books especially made for Filipino children to learn about money. These books which are also available in Filipino language makes it easier for us parents to discuss basic financial concepts.

The first book I bought for my son is called Junior Ipon which is like a school text book with comic strips, activities, and seat works. But because there isn’t a financial literacy subject in school yet, it is our responsibility as parents to act as our children’s first teacher when it comes to money.

Since then, I have found and bought more books for my son – all of them teaches about money. It is best to finish one book at a time but I lay the books around the house so that he or other family members can start reading at their own leisure and time.

Look for these books available at leading bookstores:

  • Junior Ipon – A Financial Literacy Workbook for Kids
  • The Retelling of The Richest Man in Babylon by Rose Fres Fausto
  • Super Tykecoon – Teaching Kids How to Save & Start Their Own Business


Got tips of your own? Share them in the comments section!

Lace Llanora started blogging to share information on pregnancy, breastfeeding, childcare, family, and health. She won first place at Sun Life Financial Philippines’ #SINAG Awards in 2015. Read more about her via mommylace.com.

Mommy Gracie on

Great tips here! Very helpful article.

We also opened a small online shop for our lil’ boy so he can get the idea of trading, service, business and earning (teaching him the concept of hard work that money didn’t come easy).

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