Kids Saving Money In The Bank

Date:  Mar 9, 2014

Teaching kids to save money comes in two levels.

Level #1:  Save the money in the piggy bank.  When you are given some ceilings, simply put the money into the piggy banks.  This one, from very young we teach the kids how to do it.

Level #2:  Where does the money goes to after the piggy bank?  Well the answer is simple.  Of course to the bank.

Jay Jay need to do a scrap book for his social study on the topic of “Chinese New Year”.

So, one of the page is to tell the students to save money that they get from the New Year Ang Pao.  So, today, we will bring Jay & Kay to the bank to bank in the money.

Of course, before you do so, you will need to open the bank accounts for them.  We opened DBS shared account for both of them.

And in order to let them FEEL and understand the need of saving money, you simply bring them to the ATM machines.

I also never done this before.  This is new to me.  

The BANK PASSBOOK is a very important to the kids.  Because they are too young, they do not have a ATM card.  So, in order for them to bank in the money, they have to use the passbook.  

Simply insert the passbook into the bank slot.  WOW!  That’s new to me!

The boys get very excited to see that.

Next, the deposit box will open, and you can put your money in there!

So, simply put the money into the box.

WAIT NOW… They do not accept $2 and $5 notes.  So, what should you do?

Very simple.  The parents are the MONEY CHANGER at home.  

So, at home, you have already counted all their Ang Pao Money, and then, ROUND UP them to the nearest $10 or $50.

The kids will be very excited to hear “ROUND UP”.  They don’t know what it means, so, you explain to them.  

i.e. if the total money is $62, because the machines cannot accept $2 notes, so, daddy or mommy will give you $8 more to ROUND UP to $70.

Then, show them the content inside the passbook.

Kay Kay was a bit sad.  Why I have lesser money than koko??

So, as parents, we will explain to him this way.

That is because, when we go visit Aunties & Uncles, you either running around and forgot to get Ang Pao from the adults or when they given you the Ang Pao, you forgot where you put or you simply anyhow put, then, of course, your Ang Pao money will be lesser.

It is important to teach them about the value of saving money.  It is equally important to teach them to value and safe guard their money.

It’s a nice experience for the kids.