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    Financial literacy: Mom lets kids have phones they wanted through installment basis

    MANILA, Philippines – These days, almost all kids have cellphones – and that’s out of necessity, not just a whim. Of course, they don’t have to own the latest models or get brand-new phones, but what should parents do if they do want to have a brand-new phone with a high price tag?
    Mom lets kids have phones they wanted through installment basis

    While most parents would probably just say “No!”, one mom first tried to tell her kids that buying them a brand-new, expensive phone is not her responsibility. Plus, they don’t need that kind of phone. But when they eventually needed new phones, she let them have the ones they wanted through installment basis! So, how does that work?

    Entrepreneur Michelle Mangahas has three kids: Mark, 14; Mika, 11; and Matthew, 6. The two elder kids want new phones that cost Php10,000 each. They do have savings worth Php3,700 and Php5,000, respectively, but Michelle wants to make sure that they understood their financial decision of using savings and own money to buy something they wanted.

    Mom lets kids have phones they wanted through installment basis
    Image credits: Smart Parenting

    “I told my kids na hindi obligasyon ng magulang na bigyan ng phones ang anak nila. Ang obligasyon ko is to feed them and send them to school. Although kaya ko naman sila bigyan, sinasabi ko sa kanila na ang daloy ng pera walang kasiguraduhan. Kailangan mag-ready sa posibleng panahon na walang gaanong income,” Michelle explained.

    Both kids understood the installment scheme; though Michelle didn’t impose a strict deadline and they are allowed to use their allowance as payment.

    “They didn't complain at all. They think na it was a favor kaysa naman mag-ipon sila at saka pa lang bibili. Now they can enjoy their phones already,” she added.

    Mom lets kids have phones they wanted through installment basis
    Image credits: Smart Parenting

    According to this wise mother, Mark gets Php120 while Mika receives Php100 as baon per day. But it is the younger Mika who is nearly done paying up for her phone because Mark spends more on food.

    “Mark has a harder time sa paghuhulog. Sabi niya malakas siyang kumain 'di hamak sa kapatid niya, so mas kaunti natitira sa baon niya,” Michelle revealed.

    But her installment scheme worked – and she makes sure to keep track of their payments on her notebook. Based on the notes, Mika only has Php1,100 left to pay while Mark still has Php5,100 to go. Still, this wise mom feels confident that her kids will be able to pay off their cellphone loan from her. Plus, ‘buying’ the phone with their own would make them care for the gadget better.

    — Joy Adalia, The Summit Express

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