Money Smart Enzo

Today, I saw this photo in my FB memories. Enzo had his formal money management lesson thru The Money Smart Kids Workshop by Fitz Villafuerte. He had fun learning the value of money, the concept of saving and income, how banks work and the “need vs wants” when it comes to spending money. The workshop was filled with role-playing scenarios and problem-solving games appropriate for his age. Hence, he became proactive and intentional on money matters.

He was very good in numbers since he started school. I had no problem with him in Math. He worked his school assignments on his own but when it comes to money matters, I noticed that he had so little to zero interest. I encouraged him to attend the workshop. It had been one of our Sundate (we usually go on a date every Sunday). Indeed, it was a success. He enjoyed meeting new people. He even had a good conversation about wise-spending money with Fitz himself. He was ecstatic after the event. He had lots of exciting stories of what had incurred during the workshop. He said he learned to use different jars to split his money. And he made us visit the bank the next day to open his own savings account.

Over time, Enzo no longer gave his Birthday and Christmas gift money to me. He put them all in his BDO Junior Savers account. When I asked him, what will be the money for, he said, "for our family savings". But when he turned 11, he asked me if he can put money in a jar because he didn't want to withdraw from the bank, he put money in his jar to save for his cellular phone. In January 2016, he was able to buy himself a new cellular phone from his Birthday, Christmas, and Awards money (grandparents' money gift from getting good grades). He was very proud of his purchase. From then on, he make it a habit to save in his jar for things he wanted to buy, aside from the money he put in his bank. He also influenced his brother to save his money gifts too.

He used to label his jar with cut out pictures from magazine or brochures of items he wanted to buy.

Enzo made his first loan through his brother Vito. He was saving up for Nintendo DS but his money was not enough when he found a good second-hand bargain posted on the internet. He didn't want to withdraw from his bank savings so he asked Vito if he could spare him from his jar money. He agreed on certain conditions; he will be allowed to borrow the DS and he will pay him back. Enzo was so thrilled that he caught Vito in good mood. They signed a contract of their deal. Vito made sure Enzo will not forget so he put them into writing. It was really pleasing to witness their sibling moments.