Security Bank's Junior One Account: Teaching Kids How to Save

They say money is the root of all evil. I say the love of money is. That's why it's not important if you have less or have so much of it. As long as you completely understand the role that it plays in your life, you should be fine.

When I was still in grade school, my parents didn't give me money. I always have packed snacks and lunch. It was only in high school when they started giving me my daily allowance. Come college, I had to live separately and eventually learned how to budget based on my monthly allowance.

It was really difficult. I don't know much about handling my personal finances and because I was at that stage where you usually go out with your friends, I had to allot a part of my allowance to some social activities. I don't have any idea about saving then.

I am a proponent of teaching every kid the importance of saving money not only because they can use it in the future but because it would instill in them the value of saving which could ultimately help them manage their finances when they eventually grow up.

If you are a parent, make sure that you start teaching your child the importance of saving. Involve them in simple decision making instances such as buying expensive toys when they can spend it on other valuable items. Or, just choosing a less expensive toy by helping them realize its difference with the expensive one.

Teaching your child learn about saving will also help them become wise spenders when you start giving them money for their allowances.

It would also help if you can open a bank account exclusively for them so they can track their progress. Kuripot Journal recommends Security Bank's Junior One Savings Account. For just P100 and a valid ID, you can open an account for your kid. This account is open for kids 18 years old and below.

Security Bank's Junior One Account has an interest rate higher than the bank's other regular accounts (0.5%). It comes with a passbook and/or an Everyday Debit MasterCard. Should you wish to open an account, visit the nearest Security Bank branch and just mention this referral code: ER105.*

*Kuripot Journal supports the on-going referral program of Security Bank. At the end of the referral period, the bank will sponsor the winning team's choice of outreach program. For Kuripot Journal, we are supporting the students at the CFC Cornerstone. You can also use the same referral code should you wish to open other Security Bank accounts.