It may seem like a daunting task to raise a financially-prepared child. After all, money can be a complicated matter, so helping your young one is no easy feat. However, there are steps you can take to make it happen. One important thing to remember is that the key to cultivating good money habits in children is introducing these early on. Instilling such habits will truly help them in the future.

Here are a few helpful tips on raising a financially-prepared child:

• Weekly Allowance. Compared to a daily allowance, a weekly allowance clearly illustrates that money is finite, and if he recklessly spends it all, there won’t be any left until the next week’s allowance comes in.
• Multiple Piggybanks. Let him maintain at least three different piggybanks: one for sharing, one for saving, and one for spending. This will allow the child to decide how he wants to allocate his allowance. This is a simple and easy-to-learn lesson about budgeting and saving.
• Teach your child how to shop wisely by bringing them him to a place where he will be tempted to spend, like a toy store. Have him bring his money and tell him he can buy anything he wants, so long as it’s within his budget. This will teach him that different items can be purchased at different prices, and not all of which they can always afford.
• Teach by Example.You will always be your kid’s first teacher. The best way to teach him how to manage his money is by practicing proper budgeting skills yourself and making sure that he sees you doing such. Things like saving and spending on a budget will be easier for your child to grasp if they see that their parents are also very conscientious about these things. One way to lead by example is by investing your money in a savings plan that’s meant for your child. For instance, you may consider Sun Grepa Elev8 from Sun Life Grepa Financial, Inc. (Sun Life Grepa), one of the top insurance companies in the country. A life insurance package that helps you prepare for your kid’s future while giving protection, guaranteed cash benefits, and an insurance coverage that increases over time, Sun Grepa Elev8 is one of the most useful ways for you to set aside money for your little ones. Then, as your child gets a little older, you can also guide him in opening his first savings account. For as low as ₱100, he can open an RCBC GoSavers Savings Account so he can get a head start toward their future. On top of that, once his savings reach ₱10,000, he will also receive a comprehensive Sun Life Grepa insurance package that covers not just him but also you and your spouse.

When it comes to your child, it’s best to start early in teaching good financial habit that will surely be useful to him later on in life. Kickstart his money management skills today, commit to raising a financially-prepared child, and see it through. He will surely thank you in the future.

For more tips on building your and your loved ones’ financial future, call 88499633, visit any Sun Life Grepa branch, log on to www.sunlifegrepa.com or email wecare@sunlifegrepa.com.