Cum vorbim cu copiii despre bani și credite? Sfaturi de la colegii Microinvest

Do you remember when we were kids, we used to play “at the store” with our friends from kindergarten? We built an improvised kiosk where we sold things we found in the yard and paid for them with “precious” banknotes made from walnut, apple, or cherry leaves. We were very careful and saved every “freshly picked” banknote. Those were the first lessons in financial education that taught us that money has value and doesn’t actually grow on trees. Today, children’s games have evolved but financial education remained as relevant today, albeit more difficult for young parents to explain.

At Microinvest we treat both the lending process and the financial education of the younger generation responsibly. Because we know that an informed child grows up to be a responsible adult. Colleagues from our team are the first advocates for financial education in their families and tell their children from an early age about money, credit, and the family budget. Especially during the Financial Education Week, in which we participate annually.

If you’re a young mom or young dad and feel it’s time to talk to your kids about money and family expenses, learn some helpful tips from our colleagues that will make this conversation more interesting and efficient.

“We talk about money, budget, and credit through interactive games.”

Despite they are small, children are well aware of everything that happens around them. Even psychologists advise to be as open as possible and not to make up stories. Children need to know that money does not “fall from the sky,” that it is impossible to buy everything they want, and that you need to save money and properly manage your budget so that there will be enough for all expenses. In the family of Irina, our colleague from HR Department, such discussions are a common thing. Both parents work in the financial sector, so Ksenia and her younger sister Sofia knew about money and even loans from an early age.

We talk openly with our daughters about everything. The last conversation was about loans, and we organized it in the form of a game. The rules were simple, Ksenia needed eight grains of popcorn to buy the remote control from her father. Every 30 seconds she would get 2, one to eat and one to keep. The movie had already started but Ksenia had only 4 grains of popcorn. Therefore, Dad suggested that Ksenia would take a loan, she would receive 4 grains of popcorn and would be able to enjoy her favorite movie, and after that, she would have to return 5. So said, so done, Ksenia achieved her goal, and on top of that, she learned what a loan, interest, and credit terms mean.

“In our family, all decisions are taken together, including on the budget management.”

The tradition of having a piggy bank for savings still runs in the family of Laura, a Loan Officer at Microinvest. The owner of the piggy bank is her son Damian, who is only 5 years old. He always thoroughly counts the money stored in their family mini-safe. Damian knows that his mom and dad work every day to get paid, and by managing their money properly, they can buy everything they need. Moreover, he responsibly manages the money he receives from his grandparents and godparents to fulfill his dream of going to Disneyland with his mom and dad. Little but with big dreams.

Talking about money with Damian is natural and simple. We go to the store together, count the money we put in the piggy bank and calculate how much money we need to buy something special for the house. He always asks us unusual and even uncomfortable questions. And the most interesting thing is that he has his own answers to everything. The funniest case was some time ago, when the teacher asked him what his mom does at work, and he said that mom makes people happy. She grants them loans so they can pursue their dreams. We talk to him like an adult, because we think that this way we raise a responsible and resourceful person.

“We have a preassigned weekly budget that everyone spends as deemed necessary.”

Olesea, head of the HR department, is convinced that financial education begins with pocket money. Her son Cristian, 10 years old, already manages his own weekly budget, has his own savings, and dreams of becoming an entrepreneur so he can develop a successful business. Their family’s favorite game is Monopoly, a good example of financial education.

Every parent knows better how to talk to their children about the world around them, including money. It is important that these conversations begin as early as possible and be simple and straightforward. Since childhood, Cristian tried to be independent in all his actions, managed his pocket money and put the money he received as a gift into his piggy bank. Now when he goes to school, he has more savings and more serious plans for investing them. I really like his interest in everything, as well as the initiative to be independent. Budgeting patterns are different in every family, it’s important to convey the main message to children: invest your money correctly and responsibly.

We hope our colleagues’ recommendations for children’s financial education will be helpful to you. This week, we’ll share other interactive information about money, budgeting, and credit for kids and teens in #GMW2022. Follow our website and social media pages and participate in the financial education of the younger generation. Because informed children will grow up to be responsible adults.

Client's Name
Client's Surname
Personal Identity Number
Currency
Term
Rate
Amount
Monthly payment
Amount to receive
Purpose
Comments

1. Name and Contact Information of the Creditor
Creditor
Address
Phone number
Email Address
Web page

3. Costs of the credit
Rates related to the credit
Annual Percentage Rate of Charge (APR) This is the total cost expressed as an annual percentage of the total amount of credit. The APR is there to help you compare different offers	%
In order to obtain the loan in accordance with the agreed terms and conditions, it is mandatory to conclude an insurance contract to guarantee the loan or a contract for another ancillary service.
Related costs
Any other costs deriving from the credit agreement	Fee for services rendered in relation to usage of credit, calculated and paid as follows: of the credit and paid by the Debtor on the date of granting the credit from own sources or is deducted by the Creditor from the amount of the credit The negotiation / prolongation of the credit can take place by mutual agreement of the parties, by signing an additional agreement, the Creditor being entitled to request an increase in the interest rate within the limits provided by the legislation in force. In case of negotiation / prolongation of the loan, the Borrower shall pay to the Creditor, at the date of the negotiation / prolongation a commission in the amount of 2% from the credit balance at the time of negotiation / prolongation.
Conditions under which the costs related to the credit agreement can be changed	The Sides can change the costs related to the credit by written agreement signed by both parties; For the non-constitution of the guarantees within the agreed term, the Creditor is entitled to calculate, and the Client will pay to the Creditor an Interest of delay in the amount of 5% annually, applied to of the daily balance for each day of delay, starting with the date following the term established for the constitution of the guarantee/ s and until the date of the proper execution of the respective obligation.
Obligation to pay for notarial fees / mortgage registration fees / fees for noting the prohibition of pledge in the Transport Register related to the pledge of means of transport (agricultural machinery)	Paid by the Client , except as otherwise provided in the pledge / mortgage agreement.
The cost for the valuation of real estate proposed in pledge	Paid by the Client directly to the Evaluator
Costs in the case of late payments Missing payments could have severe consequences for you (e.g. forced sale) and make obtaining credit more difficult
The repayment of the loan is free of charge in the secondary offices of the Creditor, as well as at the discretion of the Debtor through the representatives authorized to collect loan payments. The list of which and their fees are published on the website of the Creditor (www.microinvest.md/cum-achiti-creditul/). In case the Debtor use payment methods with fee, the Debtor cover all the costs of repayment of the loan and undertake to make the payments in such a way that the Creditor receives the agreed repayment amount and without any deductions by third parties processing the refund payment.
In accordance with and arising from the provisions of art. 15, para. 7), lit. a) from Law no. 202/2013, any payments related to the granted credit (commissions, taxes, penalties, late interest and any other type of payment), except interest, will be applied and collected within the limit of the ceiling of 0.04% of the total value of the credit per credit day multiplied by the number of days of actual use of the credit (hereinafter 'Ceiling'). Therefore, the Lender will be entitled to apply and collect the costs, excluding interest, exactly in the fixed or percentage amount established in the contract if the said ceiling allows, and if the ceiling is lower than the value of at least one cost, excluding interest, then the Lender will be entitled to reduce the fixed/percentage amount and apply and collect any of the applicable costs only within the limit of the ceiling value. When calculating the ceiling, the costs already applied and collected will be taken into account, with the exception of interest, which reduces its value. (Representative example: if the amount of the penalty is 20 MDL per day, and the ceiling value at that time is 16 MDL, then a maximum of 16 MDL will be collected).

4. Other important legal aspects
Right of withdrawal You have the right to withdraw from the credit agreement within a period of 14 calendar days	Yes
Early repayment You have the right to repay the credit early at any time in full or partially	Yes
The creditor is entitled to compensation in the case of early repayment The Debtor may repay the loan in full or in part in advance, notifying the Creditor in writing 3 days in advance, and paying an early repayment fee of:	% from early repaid amount, if the period of time between the date of early repayment and convened maturity exceeds one year; % from early repaid amount.The early repayment can be made only if the Debtor has no outstanding debts on interest or other amounts to be paid in accordance with the Contract. % from early repaid amount, if the period of time between the date of early repayment and convened maturity does not exceed one year.
Database usage The creditor must inform you immediately and without charge of the result of a consultation of a database, if a credit application is rejected on the basis of such a consultation. This does not apply if the provision of such information is prohibited by law or is contrary to objectives of public policy or public security The parties may agree on additional terms and conditions, which will be included in the credit agreement.	Yes
Right to a draft credit agreement You have the right, upon request, to obtain a copy of the draft credit agreement free of charge. This provision does not apply if the creditor, at the time of the request, is unwilling to proceed to the conclusion of the credit agreement with you	Yes
The period of time during which the creditor is bound by the pre-contractual obligations	This offer is valid for 15 calendar days after it is issued.
In this regard, I subsequently declare that: I was provided with the necessary information, the essential characteristics of the above-mentioned credit product were explained (interest rate, number of commissions, credit costs, early repayment conditions, total amount to be paid), as well as the consequences of non-compliance with contractual clauses; the costs included in the total cost of the loan were explained to me, including the costs for ancillary services related to the credit agreement; I was offered the possibility to negotiate individually the contractual clauses in the credit agreement that I intend to sign, I negotiated individually the granting commission, the monthly commission, the amount of penalties and I mention that its clauses do not disadvantage me, being fair in the report mine with the creditor; I was asked by the creditor about the probable importance of the information provided and whether essential circumstances that I expected to be provided were not omitted in order to make an informed and rational decision about concluding the potential credit agreement. the information provided and the corresponding explanations allowed me to assess, including the personal analysis of other offers of third party creditors, whether the proposed credit agreement is tailored to my needs and financial situation; I know the content of the contract and all its conditions have been explained to me, I have understood and accepted them, and the documents and information underlying the conclusion of the contract are complete and accurate; I know the law, the normative acts that will govern the contract, as well as the lack of consumer quality; I have no ambiguities or misunderstandings regarding the terms of the contract; the credit product corresponds to the purpose described above and will be used according to the destination and the economic activity carried out. The assets procured/resulted/constructed/repaired from received loan sources will be registered/transmitted in the social capital of the company where my business activity is carried out and/or will be used jointly by the members or individually however strictly for running my business activity. (Signature)