Having a child means having hopes, dreams…and expenses. You want to give your child the best life possible, but sometimes it can be hard to save for tomorrow when you have so much happening today. To set your child up for success, it’s important to save for their future and also teach them good money habits from an early age.
One penny at a time. It might not seem like much, but saving spare change and depositing it to your child’s account can add up. Bonus: have them help you count it!
Commit to the long term. Investing in a certificate helps you earn more and protects your money from being used for other things.
Explore your options. Talk to a financial adviser to learn about education savings programs and strategies.
When you have a baby, you suddenly have a lot more expenses – some of which you might not be prepared for. That means you might not have room in your budget to save a lot. The good news is that you don’t need a lot to get started! Putting just $5 a week into a savings account for your child can add up over time. The key is to make it automatic by setting up a payroll deduction or automatic transfer.
Play Follow the Leader
Children learn by watching their parents. Have you thought about your financial style and what you might be teaching your child without even realizing it? Take the time to understand your financial strengths and weakness, then think about how you can pass on good habits to your kids (or better habits, if your own aren’t great). Talk to your children about saving money and make saving a priority in your own life.