July 1, 2015 It’s something mostly everyone knows, but unfortunately grasp fully only later in life. To build wealth, saving is key—and you need to start as early as possible. Whereas those with high-paying jobs or a successful business can easily be considered rich, true financial security comes from having a diverse portfolio of investments built up over the years. But before one can even think about diversifying his or her income stream, one has to first build up the necessary funds, and saving is one of the most basic and effective ways to do this. It’s never too late to start saving, but obviously, younger people have a clear advantage, because they have more time to accumulate more. A mindset of saving, and the discipline that goes with it, when developed in young children, will yield great returns that go well beyond financial benefits when they grow up. Bank of Commerce, one of the country’s progressive banks, has launched a first-of-its-kind innovation that will not just encourage kids to save up, but will actually teach them how to make sound financial decisions–in a fun, easy, and readily accessible way. Dubbed the Junior Smart Savers Savings Account, the first-ever kiddie savings account with a smartphone application or “app” (available for download for iOS and Android devices), that teaches kids and teens about money smarts. It features rewards, games that help kids learn more about saving, a virtual card for exclusive promos; tips that provide assistance for their savings account, and an “Ask Mom and Dad” corner that allows kids to create a wish list of items for purchase and share it with their parents. Here are some nuggets of financial wisdom from the Junior Smart Savers app, to get kids in the mood and mindset for saving: Get a piggy bank or other means of storage. Wallets might not be the best choice as they tempt you to spend money due to its portability and easy access. If kids will hang out with friends, do something that doesn’t involve spending money. For example, go to the park, hang out at home, or play football. If kids will hang out with friends, do something that doesn’t involve spending money. For example, go to the park, hang out at home, or play football. Never buy food items you like with saved money. The treat will likely only last about 10 minutes, then its gone. And so is your money. Resist impulse buying. Advertisers study buyers and buying habits all the time, and they have got some pretty clever ways to convince you that you must have something. They want you to buy right now. But if you stop to think, you might not buy. Before buying something, ask yourself: Do I really need this item? If I don’t need it, why do I really want it? Is there any risk in delaying this purchase? Remember: Once you spend your savings on things you don’t need, it’ll be gone before you know it. Don’t shop for entertainment. When you hang out at the mall, you see things that you don’t need. But because you see them, you want them. Shop for gifts in advance, instead of the last minute. If you can’t find just the right thing, you might blow your budget on something else out of desperation. Every amount counts. Pick up every little coin you see. No matter how much you spend—or save—it will make a difference in the long run. When you start a savings account, be sure you don’t plan on taking out money right away. Don’t think this way. You should think about saving, and not taking money out immediately after it is created. Bank of Commerce’s Junior Smart Savers account is available at all Bank of Commerce branches, with a minimum deposit of P200.00. Bank of Commerce is one of the country’s progressive banks and has been in operation for more than 50 years in the Philippine banking industry. In 2008, Bank of Commerce was strengthened further with the investment of San Miguel Corporation. Together with 125 branches and 264 ATMs nationwide, Bank of Commerce continues to be in the business of professional banking by providing innovative banking solutions; and a complete range of products and services in deposit, trust and investment, consumer, treasury and commercial loans. For inquiries on any of our products and services, please contact our Customer Care hotline +63 (2) 632-2265.