Money Hacks: 3 Advantages of Putting Your Child on an Allowance

Start financial literacy early by setting your child up on an allowance 😉

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We’re now far from a time when our folks used to hand off our allowances before we go on board the school bus – and gone are the days when we used to panic whenever there’s something that needs settling and we’d have to call them to the rescue.

In today’s digitally-driven society, it shouldn’t be quite the challenge anymore to track the expenses of our school-aged kids – especially those who are fast approaching higher grade levels up to senior high. That is if we are willing to learn how to mash up parenting, technology, and finance!

There are now bank products that allow you to have up to 5 bundled cash cards with a peso checking account. With this, you can control how much goes in and out of your kids’ accounts and transfer extra cash when needed – only one of the reasons to put your child on an allowance program! Here are the other benefits to this practical and efficient system:

Controlled spending habits.

Is your child a snacker – often buying munchies or eating out with friends after school? Is he or she an impulsive buyer? Or does your kid lean on the frugal side, only buying what’s necessary and saving as much as he or she can? Either way, a fixed allowance program could come in handy! Communicate a set amount to spend weekly on expenses that happen on a regular basis such as food and transportation. This way, you and your child can track how much or less should be spent on these staples.

Real-time fund transfer.

Ad hoc expenses for school projects and emergency requirements? No problem. An allowance program lets you keep tabs on which subjects, extra-curricular activities, or personal necessities your child often needs money for. This way, you can adjust your budget to suit such essentials.

What’s more, is that should your kids run out of cash, you can easily transfer money from your account to theirs, making it instantly available on their cash cards. This is a yay for cashless transactions in malls and other supported establishments without the hassle of withdrawing money. No need to rush to school to settle balances or the inconvenience of going to the bank to transfer funds.

Safe and secure savings.

You can teach your kids how to save and spend their allowance with ease and confidence thanks to EastWest Bank’s Family Ties. This product bundle conveniently allows hassle-free fund distribution to children who own a personal Family Ties cash card linked to your account. With just a few clicks in your EastWest Bank mobile app, family members can easily access and withdraw money thru an ATM or use their cash card for cashless, debit transactions.

With efficient innovations like these, budgeting allowance, trimming expenses, and saving up won’t be as much as a problem anymore – even for your kids! The right discipline and frame of mind when it comes to finances should begin at home – as all things should.

Learn more about EastWest Family Ties at https://www.eastwestbanker.com/familyties/2. You can also connect with them on their Facebook, Instagram, and Twitter accounts.

*Published with EastWest Bank.

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