Like many new mommies, tucked inside my feelings of joy and elation is concern about my baby’s future. Let’s face it, we never know what happens tomorrow – tuition fee increase, price increase, and all types of increases. As much as we wish to forget this feeling of concern or anxiety, maybe this serves a purpose for parents to plan and be a step ahead when it comes to financial security.<
To combat this nagging voice inside my head, I’ve actually opened a bank account for my little boy Ashton. Can you imagine, he is just 3 months old yet he already has a bank account It just shows how much important the element of time is when it comes to saving, and I want to start now so we can save more.
Inside Ashton’s accounts are cash gifts he receives from relatives and friends. I also deposit some of my extra money (if I still have) to my baby’s Junior Savings Account. I also told my husband that instead of getting Ashton an educational plan or an instant term life insurance, we will just deposit a certain amount to his account on a monthly basis.
If you wish to open a junior savings account at BDO just like I did, here are the requirements:
1. Your baby’s picture
2. 2 pcs. of your ID picture 2×2 size
3. 2 Valid IDs
4. Your baby’s original birth certificate
5. Initial deposit of Php 500
This is a passbook account without an ATM. I always prefer opening a passbook account so you can actually trace where the money comes from or goes to. You can have your baby’s passbook on the same day you applied for his bank account. Happy Saving!
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