Money Talks

It’s never too early to teach your child about the value of saving, especially after festive periods and when he’s flush with birthday hongbao.

- Sasha Gonzales

During the festive season and on his birthday, Junior may find himself with more money than he knows what to do with. There’s nothing wrong with him wanting to spend it – it’s his money, after all – but you’d prefer if he saved most of it, or at least used it wisely.

“Teaching them to save is a great thing, but you should also be mindful not to nurture a hoarding instinct in your children,” says Lee Cheon Loon, an associate certified coach (ICF) with Executive Coach International.

“When they are at this young age, you should talk to them about the long-term benefits of saving. It’s also a good time to have a conversation about delayed gratification and how to time their purchases correctly.