On the education of children, translated…
When my son was still in kindergarten, once I’d gone to the banks for an errand, there was a promotion on “Making Deposits of Happiness for the Young”, on using the name of one’s children, open up an account, encouraging the parents to deposit the money the kids received for red envelopes, into this account, to accumulate up the “bliss” for the children.
This idea was fresh to me, back then, my son was still way too young, and, ALL the money he’d received as red envelopes from relatives, elders, and friends had all ended up, in our pockets, and, we don’t know how much was received exactly, if we could open up an account with my son’s name, then, deposit the moneys from the red envelopes he’d received in there, that way, his money will accumulate, then, in the future, we can use the money in the accounts for his allowances, so, why not!
Without realizing, that this decision had become, my son’s first lesson in financial management, my son knew earlier, compared to children his age group, that it’s better to place the money into the banks, than in the piggy banks, because the money in the banks will grow (with the interests). Waited until my son grows older, when he started needing allowances, his “Happiness Deposit” started working. No matter what the amount, I’d taken him to withdraw it out of his “Happiness Deposit Account”, then, taught him to make a note, of how his money was spent.
Like keeping the books, to let my son know, where his money went, especially, it’d increased his awareness of where his money went, so he wouldn’t spend it listlessly.
And now, he’d often taken out his bank deposit books, to discuss us with how he wanted to spend his money, and, he’d learned, to separate the “needs” from the “wants” too.
So, financial sense should start young too, just like everything else, isn’t it? Because this parent realized the importance, of teaching her son to manage HIS own money, that, was why she’d helped him set up an account at the banks, and, this instilled that sense of financial planning in the young child’s mind, and, this helped him to be more careful with his money, and, he is, way mature in the areas of financial knowledge, compared to his peers too.