How To Set Your Child Up For An Amazing Life
From the day your baby is born, and for the rest of their lives, all you really want to do is provide for your child as best you can, to love them, to keep them safe, happy and healthy. The instinct to care for and protect your children is almost instant and it never goes away. There are so many things we can do to give our children a good start in life, such as teaching them about healthy eating, manners and respect. Encouraging them to be open minded, loving and fair. Showing them how to care for their health, both mental and physical.
We all know that children learn by example. They observe and often mimic the behaviour of their parents. Our attitudes and behaviour have a big influence on our children in many areas of life. So by teaching them good practices early in life, you can shape their future behaviours and patterns. One great habit that you can pass on to your child is the habit of saving.
Just by being more aware of how money works and how you save and spend it day to day, they’ll quickly learn its value and how important it is to set goals to save for things that matter to them – a new toy, DVD or the latest computer game. Teaching them how to save and how to budget will stand to them in later years. It’s one of the best life lessons you can share with a young child.
There are a number of simple things you can do to save for your child's future
1. Open a Savings Account
A dedicated savings account could be just what you need to get your child on a positive path when it comes to saving. It’s also the perfect place for you to start building up a lump sum when they’re young … a lump sum that could help support them in the future. Do your research and check out accounts that apply interest regularly or annually, that way you can watch your savings grow. Instant access is also worth considering if you want to be able to get your hands on your child's savings whenever you like and indeed when they are ready to spend what they meticulously saved. If you shop around, you might even find some attractive account opening incentives. It's such a simple thing to do but the payback can be immense.
2. Get a Piggy Bank
If you think that piggy banks are just for kids, think again! They're a great way for adults to save too. All you have to do is start saving your loose change, and small notes here and there. In no time at all you will find that you have saved quite a bit of money. Once every three months or so, take the money you have saved and add it to your child's savings account. Simple!
3. Credit Card Commitment
Credit cards are super handy, but staying on top of your monthly repayments can sometimes be a challenge. Make a credit card commitment to yourself to meet your repayments monthly while keeping an eye on frequency of use and amount spent. That way it’s always available to you for when an unexpected cost pops up. And anything you do save from your newly adopted commitment strategy can go straight into your child’s saving account!
Starting to save is an amazingly positive first step any parent can take for their child. It’s about being financially smart for both your futures. And the sooner you start, the more you’ll accumulate. It’s that simple. Start a savings account today and set your child up for an amazing life.
This article has been sponsored by Bank of Ireland. Bank of Ireland is regulated by the Central Bank of Ireland.