Where to Spend your Child Cash Gifts?

          After Christmas day our child's are so happy opening the gift they received from their ninong, ninang, from their relatives and from some other people that have a generous heart either it is a toy, dress or most of the time a cash gift. All of them are very excited opening their gifts (toys, dress & etc.) and some are busy counting their cash gift. But let me ask you, Who are much excited regarding cash gift the child or the parent? Ha ha ha! I know some parents are the most excited & interested about the cash gift ng kanilang mga anak. 

          Dahil kadalasan ang nakikinabang o gumagastos nito ay ang kanilang mga magulang. In fairness naman sa iba, alam ko hinde naman lahat but mostly this is the reality. Minsan sasabihin nila sa kanilang mga anak bibigyan lang kita ng ganitong halaga at yun matitira ay itatabi ko para magamit mo din kapag nangailangan ka. Hmmm! Well kapag nakalimotan na nung bata he he he syempre yun magulang na ang gagastos.

         Spending the cash gift of your child is an important task of the parent because whether how or where you will spend it will give an important influence to the young mind of your child. What if they ask you? Nanay or Tatay nasaan na po yun pera na pinamaskohan ko.Whatever your answer on this question will surely influence your child's mind. Instead of spending the cash gift of your child for things that is unnecessary and will not benefit your child in the long run. Why not open your child a savings account or advise him to open a bank account? Sounds crazy ba? But this is the best way to spend their Christmas gift and also you teach them at their early stage the importance of savings. They will realize na kahit bata pa sila ay pwedi na sila mag-save sa bangko and I'm sure they will start asking & asking how they can grow their money in the bank. It will make them interested about savings.

          So next time they will ask, you know what you will answer. "Nasa bangko anak at magagamit mo ito for your future we will keep it there until it grow and you need it". 

          Did you know that a child with at least 7 yrs of age can open a bank account using their own names and signatures? Yes! This is true any child who knows how to read & write can legally open a savings account, time deposit, withdraw & deposit using their own names and signatures. 

Under Presidential decree no. 734 Section 1. Minors who are at least seven years of age are able  to read and write, have sufficient discretion and are not otherwise disqualified by any other incapacity, are herby vested with special capacity and power, in their own right and in their own names, to make savings  or time deposits with and with the same as well as receive interest thereon from banking institutions without the assistance of their parents or guardians, the provisions of existing laws and regulations to the contrary not with standing. Parents may nevertheless deposit for their minor children and guardians for their wards.

          There is a lot of bank like BDO, BPI, Metrobank, RCBC and any other bank that offered a kiddie savings account program. Visit their website or personally go to their branch near you and inquire about their kiddie savings account program.

"It is never too early to teach your child about savings, the earlier you introduced your child about the importance of savings the better". Teach them that savings are fun.

         So hope you find some advice about where to spend your child cash gifts here in my blog, thanks for reading and God bless to you. See you in my next post..

          By the way, let me ask a question, as a parent What is your plan to the cash gift that your child received? Share your thoughts.... 


Read Also:
Your Christmas Bonus Spend it Wisely!
Why We Should Invest?
Money Saving Tips
Where I Should Put my Investment?

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                      Howard McWilliam