Show me the money! Here’s a fab programme to teach kids the value of saving money from the start
Money doesn’t grow on trees.
There’s no such thing as a free lunch.
A penny saved is a penny earned.
We could go on all day with money cliches, but the fact of the matter is, mama, of all the lessons we can teach our kids, few are more important and impactful than teaching them the value of saving and managing their money. It’s never too early to demonstrate that toys don’t just appear – they are paid for by savings and hard work. Same goes for food on the table, or cool vacations. Whether you’re teaching kids the difference between ‘need’ and ‘want’, or the value of setting goals, there’s lots of room for learning in this vital space.
Though we can’t expect kids to save much, the habit of saving is an important value to cultivate from a young age. We’re loving the OCBC Mighty Savers® Programme that teaches kids the importance of savings with cool incentives and the fun, kid-friendly Mighty Savers Mobile Game App.
OCBC Mighty Savers® promotes a sound money management philosophy through habits like managing money wisely and setting savings goals. You can even decide how much time your child needs to achieve their savings goal (OCBC suggest setting a time goal together with your child). Want to be able to donate to a certain Christmas charity, or save up for some cool new kicks in time to start the school year in January? (True story: the first thing I ever saved up to buy myself were some super-sweet Reebok Freestyle Hi-Tops in 1987. Does it get any cooler? –Ed.) Even the act of opening up their own savings account is an important and handy lesson to start learning early; what kiddo doesn’t love feeling like a grown-up and getting some real-world experience?
OCBC partners with parents to teach kiddos how to grow their savings by paying up to .80% per annum interest on savings — yet another important lesson to teach kiddos about opening a savings account. To kickstart this, OCBC will provide a bonus $25 cash gift to their OCBC Monthly Savings Account when you contribute $50 for 6 consecutive months through GIRO. That’s just smart business! (And only available for a limited time, so hop to it!)
Among the other benefits: there’s no initial deposit and no minimum balance required. Kids will get their very own monthly e-statement, and can even enjoy a priority queue on Sundays at any of 18 ‘Sunday at OCBC’ branches across the island.
OCBC Mighty Savers® is geared toward all children under 16 years old, but we say the earlier, the better, because the sooner you start cultivating the habit of saving, the more likely they are to embrace this behaviour as they get older and start earning their own money. Just bear in mind you’ll need a parent or guardian to be a joint account holder with kids under 16.
So what are you waiting for, mama? Start showing your kids the value of saving up for a rainy day – after all, Singapore has got a lot of rainy days!