Jami's First Piggy Bank

Was saving money an easy job for you? If not, then read on. =)

Last year was another milestone for Jami as he has finally learned the importance of piggy bank and saving money. Was it easy? No. I have to constantly remind him what the money is for and tell him he can't buy new toys until piggy bank is full.

The Struggle

When Jami was only 2 months old, he was given an aguinaldo which I decided to save and put it on a plastic coin bank. A day after, he was rushed to emergency room due to Pneumonia. Since then, I heard that saving coins on a piggy bank was a bad idea. Para daw may pinaghahandaan kang sickness or a tragedy or problem etc. I have to get the money and spend it. Four months after, I opened a BDO Junior savings account for him. This way, I could put all his money for safe keeping. Unfortunately, I have to close it out last year because I have decided to put this money on my small business and make it double in a short period of time. Yes it did but eventually have to spend it somewhere else. Note: hindi sa luho. 

In my growing up years, I have never realized the importance of saving. It wasn't instill to my bones so it didn't become a part of me at all. I had money? I'll spend it to something I really want. Para bang hindi ako nakakatulog when I know I have money and I have to spend it or else I won't be happy at all. It was such a sad reality that's why I am so glad that I had so many realization last year. I learned a lot and I knew kung saan ako nagkulang and how to fix it.  

The Concept of Saving

Fast forward to July 2017, I decided to start teaching Jami the concept of piggy bank.I tried a different approach. When Nanay saw that we were serious in saving, he bought Jami a red piggy bank. Hinahayaan ko syang mag hulog ng money so he will feel the responsibility and joy of saving. Below are the two things I thought of before we start.

1. Goal - It's very important you know what you are saving for. In his case, I asked him if he wants a bicycle. He said yes so I always tell him that his piggy bank, once full, could buy him a bike. With a goal in mind, we know what the money is for which kept both of us motivated to continue putting coins.
2. Delayed Gratification - This is to remind him that we don't have enough money to buy a bike so he has to wait until the bank is full. Although he feels sad when I he asks for something but piggy isns't full yet, I tried my best to encourage him that piggy is getting heavier and will be full in no time. Madali pa naman mauto so I didn't have any problem so far. Haha!

I also gave these instructions to Jami:

• He should put all 1 peso coin only. Whenever he sees one lying around the house or if someone gave him money, it should go straight to the coin bank. The only downside is, kapag nakakita nga sya ng coins, ilalagay nya regardless if sukli ko ba yun or coins ng daddy nya. There were times na when he see a wallet and found that it has coins inside, kukunin at ihuhulog sa piggy nya. Hahaha! It was cute but it was not right so I told him he has to ask permission to the owner of the coins if it's okay na ihulog yun sa piggy bank nya. Lol!

• DON'T ALLOW ANYONE TO OPEN HIS PIGGY BANK. Yan! I told him don't let daddy get money on his piggy hahaha! True enough, when he wants new toy tapos nagta tantrums kay Nanay, he will be told na he doesn't have money but he can get on his piggy bank. Then he will remember that he cannot open his piggy bank yet so shut up na sya after. =D

• His piggy bank, once full could buy him his own bike. Whenever he asks for a new toy or when he wants something, I always remind him that his piggy bank isn't full so he can't buy it yet. Except those times that he was doing a good job in school, pinagbibigyan namin to buy what he wants. Solely his piggy bank is dedicated to be opened in December. 

 The Opening Day

December 17, 2017 was when we decided to open his piggy bank kahit hindi pa puno. It was halfway full pa lang but I opted to count it to check his progress and to be able to buy him what he wants for the holiday.

In total, Jami saved a total of Php 2,260 including money gifts for his birthday. The same day, we went to Robinson's Las Pinas to exchange the coins and get rebates however, their budget of giving rebates were all used up the previous day so we had no choice but to exchange it without any rebates at all. We have no choice, ang bigat magdala ng madaming coins because we brought along my own 10 pesos challenge. Last minute, Jami decided he wants to buy a new toy. He has a thing with cars so when he saw one with tracks, he liked it and took it home. We spent Php1,000 so he was left with Php1,300. I am thinking of opening a new bank account for him where he could go to the bank and put his savings there by himself. 

Realization

You know I realize, hindi naman masama yung nag iipon ka ng coins at home. Sickness come regardless kung may ipon ka o wala. It's actually better if you have something saved at home for cases like that kesa naman you believed na masama and didn't save then you get sick diba? I want Jami to learn as early as now the importance of saving his money so he won't learn it the hard way like I did. I am just hoping that we will be consistent in doing it. I know I have to be the best person to set an example so help me God.

For this year, Nanay bought Jami another piggy bank which was a lot smaller compared to the previous one. Although I prefer the bigger one so it will take time to get full and will be very timely in December to open, I am thankful he gave Jami a new one. We are almost halfway and probably just buy a new one when we filled this out earlier than December. Our new goal was to really, really, really buy a bike na daw talaga. haha! Okay fine.

This year will be an #Amazing2018 for us. Let's see by the end of the year how our saving goals worked out. How about you guys? Share nyo naman saving strategy nyo for your kids! =)