INVEST YOUR CHILD’S HOLIDAY GIFTS FOR THE FUTURE
Ber months signify the start of the Christmas season in the country. It is also the best time for kids. Grownups loosen their purses easily and they hand out money as aguinaldo for children on top of the wrapped presents.
As a new mom, this is a whole new experience. My daughter received a five-digit aguinaldo on her first Christmas. I wanted to deposit the money in the bank but I keep putting it off because I initially didn’t know how. I was surprised at how easy I could open an account for her when I did managed to visit Metrobank and ask for the requirements. I still did not open her an account because I got too lazy.
Myhusband and I kept her money in a separate wallet and used it all up by the time it wasMarch. There were purchases that I do not regret like enrolling her in a play school and swimming lessons.
But then we also bought things for her that would later collect dust. We bought her nth dress that she only wore once because she already had so many. Webought her shoes but I would later realize that at her age, she only needed two. One for formal gatherings and another for play in the park. There were toys that we bought just because it fascinated her inside the toy store.
They were wants and not needs. Looking back, they were not even her wants. They were ours. All she wanted was for us to stay near her and play with her. She was and is happy when we read a book to her, or teach her how to play the toys we bought. She enjoys it if we play hide-and-seek. Time and laughter are things that money could not be bought.
This year is going to be her second Christmas. Hopefully, my husband and I have wizened up. I already have my plans laid out for my daughter’s Christmas gifts. Before November is over, she should already have a bank account.
I already know what savings ac- count I will open for her first bank account. It is going to be the Metrobank Fun Savers Club. The practical reason would be because they allow depositors under the age 6. The bank only requires one government ID of a parent and the birth certificate of the child. But for older children, school ID would suffice.
I will open the account on her behalf and it will be in trust for her. The initial deposit needed is just P100. The maintaining balance is P500. For the account to earn interest, the balance needs to be P4,000. Parents who want it can also open a dollar account for their child. Sometimes they get gifts in dollars, too. The minimum initial deposit would be $100 and the maintaining balance is the same. But for the account to earn interest there should at least be an average daily balance (ADB) of $200.
Having a Fun Savers Club account has its perks. There are gifts to welcome new depositors. Who does not love freebies? The money is insured by pdic. and most importantly, this kiddie account comes with a free personal accident insurance for the parents. Parent is automatically insured as long as the account keeps a monthly ADB of P4,000 or $200 (for Fun Savers Club Dollar Account).
Not only that, did you know that aside from the free personal accident insurance, the child receives an additional educational trust fund worth P50,000 in case of the accidental death of the parent. In the case of the parent/guardian’s accident, the child, as a beneficiary, gets the amount equivalent to twice the ADB of the month or not more than P1M.
It is like you get rewarded for being a conscientious spender. And because this is a club, you get perks exclusive for its members. There are existing merchants that give out perks and discounts by just presenting the Fun Savers Club membership card.
Share the saving
One of the things that I also learned is that Metrobank is offering is the Fun Savers Club Gift Checks (FSC GCs). I thought that this could also make a good Christmas gift to other children. Unlike regular GCs where the recipient is encouraged to spend, the FSCGCencourages children to save and open his/her savings account instead. this is definitely a great gift alternative for kids.
I amexcited for this year’s Christmas. I know I will make it different and more meaningful for my baby. Yes, we would probably enroll her to swimming lessons and play schools for those are investments, too. But we will also make sure that we set aside a part of her gift in the future.
Hopefully, when she is older, saving will not be an alien concept to her. And by the time when we hand her passbook, she will use the money for something that will make it grow bigger instead of smaller.