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BEST 4 MONEY LESSONS OFWs MUST TEACH THEIR CHILDREN

Your absence in your children’s lives as an overseas Filipino worker can make you more vulnerable to their wants. You easily fall into the trap when they ask for something from you, even if it’s too much.

So, why not instil in them the value of money before giving in to their wants? Here, we have listed 4 money lessons that you could teach your children at a young age.

1. Money doesn’t grow on trees

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Your children may have seen you getting cash from ATMs, or paying purchases through a credit card. This may probably send them an impression that money can be easily acquired, or things can be easily bought. In this case, explain to them that you worked hard for the money before you were able to earn it.

2. Money is hardwork

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Before giving them their allowance, ask for something in return? You could assign them household chores or anything that will require them to work hard for it. Just make sure to be consistent in “paying” them so you can develop trust and compromise between the two of you.

Once you send them their allowance for a week, ask them to make their own list of expenses for each day. If their expenses exceed the allotted budget for the day, then they will learn how to conserve their money accordingly.

3. Saving is better than spending

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OFWs tend to buy material things to compensate for their absence. Although it is only natural, spoiling them with material things might not help them in the future.

If they want to buy them new gadgets and pair of shoes, tell them that you can shoulder half of its price only if they have saved up a part of their allowance for it.

This way, they will be eager and persistent to save more while learning patience.

4. Keep track of their expenses and savings

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Advise your children to jot down all their expenses to keep track where all their money go. This will help them develop money management skills which will be beneficial for them in the future. A journal of their savings may also motivate them to save more and use them wisely.

Staff Report

The Filipino Times is the chronicler of stories for, of and by Filipinos all over the world, reaching more than 236 countries in readership. Any interesting story to share? Email us at [email protected]

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