facebookI'm interested to know what methods you do to ensure that your kids grow up with good financial foundation. Any tips? - Seedly

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Anonymous

18 Apr 2019

Saving Hacks

I'm interested to know what methods you do to ensure that your kids grow up with good financial foundation. Any tips?

I read online that you have a family now. I'm also a parent with 2 kids, 3 and 5. Interested to know what I can teach them when they go to primary school soon. Thank you :)

AMA 1M65

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Loo Cheng Chuan

07 Nov 2018

Founder at 1M65 Movement

Interesting question. I am actually writing an article to be posted in Dollars and Sense for this topic. I will give you a sneak preview: ​​​
Make savings a fun and competitive experience

Since they were 1 over years old, I would give each of my kids a transparent piggy bank, that are placed side by side. Everyday when I returned home with a pocket load of coins, probably S$1 to S$3 of change from my breakfast or lunch. I would excitedly shout to my kids “Saving Time!”, and they would dash towards me with outstretched palms, urging me to distribute the coins equally to three of them. They would drop the coins one by one into the piggy banks and see them grow in its content.

Interestingly, I would allow them to “withdraw” any amount of their savings to buy their ice-cream, or candies. They initially withdraw friverliously, but soon realise that this would mean they would lose out to their siblings would have fuller piggy. Very quickly, they stopped withdrawing their savings from the piggy bank and compete aggressively with their school allowance leftovers.

  1. Be good role models to the kids, be thrifty, so that they can see it.

  2. Inspire them to be rich & free but not to be luxuriousso that they would have the freedom to choose the career and life that they want. Guide them to be thrifty so that they can have the means to be rich..

The rest, akan datang, wait for my article. still writing.

Loo

Gabriel Tham

05 Nov 2018

Tag Team Member at Kenichi Tag Team

my parents always drill into me when I was a kid: "Save money first"

Have a piggy bank, every day put some into it. After that can see the power of savings.

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