Wednesday, June 3, 2009

Savings for my Nieces and Nephews Education



June is here! It means that it is the time of year when kids start school and the parents worries a lot about tuition fees and school expenses which could be huge and a big chunk of the budget.

Since I am the one paying for all my nieces and nephews'(seven of them are school age)school tuition and other expenses, I thought that now is the best time to teach them and their parents the value of saving. I took a 1.5 liter bottle of Sprite and peg a daily savings of P50 per child (ten of them). The P50 is split between me and the child's parents - P10 from the parents and P40 from me. The P40, however, must be earned by the child by doing some good deeds - from the simple kissing tita mhe-anne hello as she arrives to getting a good score in their test to saying a prayer before going to bed. Just anything good, and simple. At the end of the month, the savings (bills normally) are deposited in the kids bank accounts which I keep. When they are in college, I can give the passbook as their birthday gift. For now though, the bank account is where I can get the money to pay for their other school expenses and the monthly premium for the endowment fund I got for each of my ten nieces and nephews.

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