Here are some great resources to help you look financially forward, from planning for your first child to empowering your kids to make their own decisions and teaching them to value their money before it leaves their hands.
Planning for Baby
Children bring joy to your life and more expenses to your budget than you ever thought possible. It will cost nearly a quarter of a million dollars to raise a child born in 2013 to age 18 (U.S. Department of Agriculture). And that doesn’t include the cost of college.
If you’re thinking about having children, it’s best to know what’s ahead and to have a plan.
Teaching Children to Save
Dupaco encourages parents to start teaching their children how to save at a young age. Even toddlers can learn to save by teaching them in a way they’ll understand. As your child grows, you can introduce more advanced strategies for saving.
If your child doesn’t have his or her own Dupaco savings account, you can open an account with as little as $25. With his or her own savings account, your child will begin to learn the value of saving, and will have fun earning prizes and participating in activities just for DoPack Club members!
Teaching Smart Spending Habits
Talking to your child about where money comes from (that it doesn’t grow on a tree or magically appear in your wallet) will help them understand why it’s important to be mindful about using it. By teaching your child that money is earned, you are empowering them to make smart decisions on where that money goes when it’s in their hands.
Teach Your Child to Share
Giving back is a great feeling—payback your child will value for a lifetime. Sharing with others will teach them that even a small amount can make a big impact. Whether your child is a toddler or a teenager, here are some ways you can encourage your child to share a bit of their money with a friend in need, help fund a cause, or make a donation in your community.