Teach kids to start saving
By Kristelle Bechayda
According to the Consumer and Millennial Insight study of Allianz PNB Life, Millennials are conscious of their finances but their efforts are often thwarted by social media influences. As much as they want to start planning for their future, their fear of missing out (FOMO) always gets in the way. Here are some tips from Allianz Chief Marketing Officer Gae Martinez that will not only help you, but will also get your kids involved.
Stretch your peso
An effective way to save and budget is to get a lot of value for your money. It’s all about stretching what you have because a lot of things can be bought with, say, P1,000. Martinez, who usually does warehouse shopping to save more, advises to hit the sales if you want to go for volume.
That might sound easy, but our budgeting skills will be tested on a different level when our kids start to demand more to keep up with their friends or what they see on social media. The thing is, we don’t always have to give in.
“Di ba they say in raising kids, kailangan you say no to them. Kailangan hindi lahat ng hingin, ibibigay mo,” Martinez says. “So for me, you have to instill that everything is not about the material things that you own or have.”
Start them young
A mother of two teenagers, Martinez doesn’t want her kids to grow up entitled. As early as now, she is already teaching them how to manage the small business that they have. It’s her way of teaching them that life won’t always be as easy.
“Parents are not here all the time. Eventually, mawawala tayo,” she explains. “But if they can work hard, mas secured yung future nila. I think it will help them because they will be stronger individuals.”
She adds that making kids work for what they want will be an advantage to them in the long run since it builds their character at a young age.
“Hindi sila sanay na binibigay lang,” she says. “Mas may fortitude sila and grit to be more successful in life later on, unlike those people who have it easy. Hindi sila as passionate and hardworking.”
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