Kids’ Money Saving Habit

Kids’ Money Saving Habit

In my school days of old as a kid, I used to save with POSB whenever the bank staff visited our primary school.

My classmates (all kids) and I would bring our savings cards all filled up with stamps (paid for by our parents) to present to the bank clerical officers. It was one of those high points during school days that we looked forward to. The reason? Our money saving habit as kids was expected to pay off. Kids like us got into the kids money saving habit to receive kiddie goodies from the POSB aunties.

Now that I've grown up, the magic of saving seemed to be lost with my own kids and those of my friends. With internet bank transfers, check deposits and ATM withdrawals, the good old practice of physically squirreling coins and dollar notes into a piggy bank as a kid's money saving habit is now gone.

Instead, money (from me) is deposited into my kids' savings account. Cash withdrawals are made for school pocket money to be spent totally rather than saved. I'm not sure if my kids get the message that money comes from parents' hard-earned efforts, rather than a cash-spitting ATM machine.

My own money saving habit that I learnt as a kid is now being applied, for the benefit of my kids. Do you have similar experiences with your kids’ money saving habit?