Planning On A Children Savings Account
Michalis 'BIG Mike' Kotzakolios
Defined Tag: Children Savings Account.
If you're like most parents today (and throughout human history, for that matter), then you worry about your child's future. One of the most important facets to this future is whether or not your child will have a healthy financial base, along with a good knowledge of pecuniary matters. The beginning to such good habits and knowledge is getting children savings account.
A children savings account is excellent for manifold reasons, the three most prominent being that they can help your child learn about personal finances, it will be a "nest egg" of sorts ensuring your child's educational future, and even as an emergency back-up in times of financial desperation.
Children savings account is a wonderful learning tool for children. By setting up an account, or better, helping your child to set up an account, your child will learn the bare minimum basics about beauracracy, by filling out the forms necessary to open an account; and a fundamental understanding of interest rates, amongst other things. Many children will find this exciting and learn to enjoy making a weekly deposit just to see their savings grow.
When it comes to investing in a child's future, a children savings account is almost unbeatable. This is particularly true if the account is opened around the time of a child's birth or toddler years. If regular deposits are made, even of as little as $10 per week, the amount of savings over time will become quite impressive. By the time a child turns eighteen, in fact, the savings should have accrued enough to provide a decent level of income for your child's college education.
Lastly, there is the consideration of the financial fluctuations that one may experience whilst raising a child. A steady rise of inflation seems to always be around. As well, there is an ever-increasing amount of products and services that one needs just to survive in the modern world. At times parents may find themselves pinched between two paychecks. For this, one solution is to borrow from their child's personal savings. Of course, this is a habit that must be rare and with the proviso that the money removed must be promptly returned to the account when possible.
When all of this is taken into account, a savings put aside for a child makes all the sense in the world.