It’s in the culture of Filipino elders to give money to children during Christmas as gift. Children (and parents) then use this money to spend on anything that they want as something new to have for Christmas and the New Year.
But while this tradition should continue, parents and godparents should also teach children to save money that they receive.
It is good to spend, but it’s better for them to learn the value and benefits of saving money. Continue reading How Do You Teach Your Kids About Saving Money?