Money On My Mind

Pictured above are the three coin banks that I got for my three nephews. I told them that if and when they fill it up to the brim, I will match the amount they save (well, up to 3,000 pesos only, haha). In short, they get to more or less double their savings. I've been wanting to do this for a long time, but I couldn't find a nice set of cheap piggy banks that we can work with. As it turns out, I ended up getting kitty banks instead.

Saving for the rainy day has been one of the earliest values that Mama instilled in me as a child. She didn't exactly have a gimmick like what I am having with my nephews but she sure did emphasize on spending one's money as wisely as possible.

This lesson was put to the test when Mama decided to join Papa abroad when I was only in 2nd high school. I started to get my allowance on a weekly, and then eventually, monthly basis. I realize now that handling that much money on such a young age is not very common. I am amused that I get gasps whenever I share this tidbit with friends, as if it is some audacious risk to do so (apparently, if is for them). But for me, that has always been the norm. I have a budget for everything and while I do overspend on some things (I am only human, I have weaknesses and impulses, haha), I still know how to handle it. A little offset here and there, some tightening up for next month, then everything will be balanced again in my expenses file!

I want to teach my nephews the same principles, thus this kitty bank schtick. These kids have been through a lot recently, and I feel that for them to be financially stable someday, dole outs now just want cut it. I want them to practice patience and pragmatism in handling money, and to see the value of starting small but ending up having something big. I want them to know that one has to work hard in order to obtain something of value. 

I specifically stated that their kitty banks should only contain coins, and that bills will not be counted. The second eldest complained that then it will take forever. Oh such exaggeration! Haha! But I told them that the process is supposed to last for quite a while.

One of the most important lessons I learned in investing is that time will be our greatest weapon. It is what will make our assets flourish. If my nephews start planting the seeds now, they will reap the benefits some day when they most need it.

#26to30