A third of Philippine households spend more than their income, a 2014 Consumer Finance Survey by the Bangko Sentral ng Pilipinas of nearly 18,000 Filipinos found.
It was also found that nearly 5 in 10 households do not have any cash on hand for emergency.
These results shed light on the importance of teaching kids to be financially independent as early as possible. As vital it is to teach children manners and good values, teaching them about money is another priority.
Remember those days when your parents used to give you money for chores? Or when they gave you a piggy bank for your spare change? That’s their little way of training you how to manage your money.
Now, as parents yourselves, you too can start educating your children about money, simply by giving them a week or months’ worth of school allowance. Ask them to set a goal for savings and to budget their money accordingly.
To help you with that, EastWest Bank’s Family Ties peso checking account gives you the freedom to manage your family’s budget with its hassle-free cash disbursement services. What’s even better is that your children can get their allowance by either withdrawing cash through the ATM machine or using the card as a debit card.
Through EastWest Bank’s online banking services, you can track the money coming in and out of your account as well—another way to check if you’re going beyond budget.
Not only is Family Ties convenient, but hassle-free, too.
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