Each passing year is the carrier of yet more wisdom. Some of these lessons are learnt in Chemistry class. Others are discovered during the course of the exams. Yet other lessons are learnt outside our classrooms. We learn to be less fickle and more sensible. We learn to take risks but to think of the consequences. We learn the importance of being earnest. We understand the need to be honest and to be a person of integrity. These are universal lessons for everyone. Among these is the one where we learn about the value of money.
Remember how we collected all available coins in piggy banks of various shapes and sizes? Birthday gifts from loving uncles and aunts were shoved into the money box, as did the earnings from different errands that we ran. Coins and notes that found us along the way also found their way into the piggy banks. After days and days, only when the piggy bank got heavy, did we finally decide to break it open. Then we spent hours thinking of ways in which to make the most of that money. We wanted to get the most out of it. I think that is how a lot of us learnt about the value of money.
If you are attempting to impart to your child the importance of money, and he is a little big for piggy banks, get him a savings account. It is a fantastic way of instilling in your child an appreciation of the value of money. Put some money in the savings account, give your baby a passbook, and watch him begin taking care of his money at an early age. This will be a much better bargain than yelling at your child for having no idea of the value of your money. He will have no idea of the same if you do not give him a fixed budget. If you continue to complain, and simultaneously indulge him with the most expensive gifts, this is a lesson that will end up not getting taught.
How do you find a good enough savings account for your child? Now, that will be quite easy. Banks everywhere are keen to get younger and younger customers. “Get them young”, as they say. This is the age group that they are trying to latch on to so as to build brand loyalty. Try looking around for some good savings account plans for children and decide on the one that best fits the bill. Not only will a savings account teach your child the value of money, but it might even trigger in him the desire to become a finance person someday.
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