Money jars system, a way to teach kids money sense

A very good book to teach parents on kickstarting financial knowledge and practice for their kids.  According to the author, it is never too early when to expose children on health money spending or saving money as they are already learning when they see adults use their money whether it is buying things, saving in the bank among others 

My parents (I believe many do too) think that I am obliged to give them a lot of money (as seen on TV). They have the preconception that their children can afford to allocate half of salary for them to live comfortably after their retirement. 

Unfortunately, the ugly truth is not everyone is earning extraordinary income in today's world with higher cost of living. In fact, even to put a roof under the head is a troublesome for many young generations. 

Some more, there is a term for us...Sandwiches generation which we also have to think of supporting our own child. 

Let me be clear here that it does not mean that I am not giving money at all to my parents. I am saying the same situation will happen to me once our children grow up, same goes to when they grow up. 

It is an obvious truth that one has to have good planning for the kids' future without neglecting own retirement savings.  By doing so, we would not put unnecessary pressure to next generations because of our own lack of knowledge.  

During the second phase of Conditional Movement Control Order, daughter and I embarked on this journey. 

Well, as soon as she turns one-month-old, we have already open a Bumiputera Unit Trust account for here that promises at least 5 per cent interest. I thought it was good enough. 

But after reading the book, I actually missed steps on ensuring consistent savings for that account. If you know about compounding interest, you will know by the time they reach adulthood, they will have something to cover and live comfortably.