Teaching my kids to save • 06.22.08
Well, I have been in “saving mood” lately. How could I not? We just had a petrol hike of 41% on 5 June 08, and now am preparing to have our electricity tariff up by 25% wef 1 July 08. To fill in the gap, I was just informed days ago that Hire Purchase interest will be adjusted upward wef 23 June 08.
While I am trying to save, here come my two lovely kids’ endless requests of toys whenever we step foot in shopping malls. Can’t blame them, they are not told that money does not fall from the sky!
So this thought struck me – hey, perhaps I should teach them what money is all about and instill the principles of good money management in them. I am sure one of the greatest gifts parents can give their children is the protection of sound financial habits for life – learning how to manage money, instead of just getting it and spending it all at once without a thought for tomorrow.
I still remember the day when my parents hand over to me my savings account book. I can’t remember how much I had then, but I do remember I have all of them spent in a short period of time, in things that were not required. So if I were to look back now, I wished I had started investing earlier? If I had put the money in Unit Trust then, I would have the money returned over 10 fold now.
Ok, this is my plan to educate my kids, so that they won’t be as “silly” as I was 
