You can start investing in your child right now to make sure he or she is set up for a great financial future. There are some easy tips to ensure that your child has enough money to start off adulthood without struggling financially. Consider these tips to help your child fund college so that he or she does not have to work full-time while getting educated.
You can get in the habit of requesting a savings bond for your child’s birthday and any other occasions when he or she would normally get gifts. You probably have plenty of toys for your child, but a savings bond will last much longer. It will also benefit your kid’s financial future much more than a toy or video game would.
Teaching your child good financial habits is possible very early on. Offering an allowance every week is a good way to get started, as kids learn to manage money this way. Your child will have to choose which toy to get with a set amount of money, and the only way to get more money should be to do additional chores around the house. This teaches that working harder can lead to more money.
You should start a savings account for your child, too. If you have nothing to put in it at first, consider getting a payday advance to start it out. This is because savings accounts require some money to begin, and the sooner you start it, the better. Just be sure not to put in more than you will be getting on your next check, as this will not set a very good example of what you should be doing with your money.