Kids today are growing up in a world where the money they know is in its digital format, and that’s not a bad thing. When done right, giving children access to a digital e-wallet can be a safe and practical way to teach them about budgeting, saving, and responsible spending. And as a parent or guardian, you’re in a unique position to guide your child’s financial habits right from your smartphone. E-wallets can serve as a tool for sending your kids their baon and monitoring their spending. But none of this works without one essential rule: setting clear, realistic spending limits.
Spending limits act as a training wheel for financial freedom. When children and other family members know their boundaries, they’re more likely to spend mindfully. In this guide, you’ll learn how to find the right spending limit for your household—and how Maya, the BSP-accredited bank and e-wallet Philippine provider that users trust best, can help you achieve your goals.
Understand Your Family’s Financial Habits
Before setting spending limits, you need to have a good idea of how much your household actually spends during a set period. Start your research by observing how your household currently uses money. What are your typical monthly expenses? Who needs an allowance? How often do you cover things like school supplies, snacks, or transport? If your family members are already using Maya Bills Payment to complete everyday purchases, you can use the app to check your spending. Then, break this down into clear categories. For example:
- Daily expenses (meals, commuting, load/data)
- Weekly extras (school projects, hobbies, snacks)
- Monthly or seasonal spending (field trips, gifts, clothing)
This will give you a rough idea of how much to allocate per family member and how often you’ll need to top up their e-wallets.
Set Goals Together
After assessing your spending, sit down with your kids or other household members and talk about the purpose of their allowance. Is it purely for lunch and school needs? Are they saving for a specific item, like a new gadget or a class trip? Clear goals help set the tone for responsible spending. It also gives everyone a reason to stick to their limits.
For example, you might agree to a PHP 500 weekly limit, but if your child manages to save PHP 100 of it, you could match their savings as a reward. This can motivate your child to keep a closer eye on how they spend their digital funds and check out Maya Deals and other discounts that they can use to keep costs down.
Define the Allowance Schedule
Next, decide how often you’ll transfer funds to each family member’s Maya wallet. This could be daily, weekly, or monthly, depending on their age and needs. By choosing a schedule, you’re also training your family to stretch their budget and avoid impulsive spending. You can try the following:
- Daily: Ideal for young kids just starting out, as it keeps their spending small and manageable.
- Weekly: Good for older kids who are learning to plan ahead.
- Monthly: Works well for teens or adult family members who are managing more complex budgets.
The good news is that transferring funds from one Maya account to another is instantaneous and free of charge. Have everyone in your family claim their Maya Username so you can use this detail to quickly send funds their way.
Set Rules for Spending
Teaching your kids when and where to use their e-wallet is just as important as how much they can spend. Make a simple set of rules, such as:
- Always check the balance before spending.
- Avoid impulse buys or non-essential purchases.
- Prioritize needs (like lunch or school items) before wants.
- Let a parent know before spending on anything big.
In addition, teach them to maximize the different ways in which they can use Maya to pay. If their canteen has a QR code, for example, you can teach your child how pay with QR works. This way, they can pay quickly and safely without having to deal with the inconveniences of cash transactions.
Introduce the Concept of Saving Early
Spending is just one part of the financial journey; saving is the other. Part of setting spending limits is encouraging your kids to keep a portion of their baon for future use. Maya makes this easy for Maya Wallet users who are able to access Maya Savings with an updated account, which offers much higher interest rates compared to traditional banks. Take note that minors as young as 7 years old can upgrade their Maya accounts.
Using Maya to complete transactions, for instance, allows users to boost their Maya Savings interest rate to up to 15% per annum. That’s a strong incentive for your family to set money aside regularly. It’s also a great way to show your kids how money can grow when it’s not spent right away.
Use Tools That Prioritize Safety
One of the biggest concerns with digital money, especially if the fund is under the care of a young child, is security. To protect users and their funds, Maya uses world-class security features that include biometric logins and one-time passwords (OTPs).
Maya is also a Bangko Sentral ng Pilipinas-supervised financial institution, so you can be certain that any associated banking product that you can access on your Maya app is regulated by the country’s central bank and adheres to Philippine banking laws and standards. . This is what makes Maya more than just an e-wallet; it brings together the safety of a bank with the convenience of a digital wallet.
Teaching your children how to manage money doesn’t have to be overwhelming. With a trusted tool like the Maya Wallet, you can guide your family’s finances with structure, security, and ease. By setting realistic spending limits, introducing savings early, and reviewing regularly, you help your children build smart money habits that will benefit them for life.
