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Helping my children save for their life plan

According to the latest survey on the economic and financial culture of the Honest Bank, only 36% of respondents save money for the future of their children, that is, 64% do not. Today there are different instruments, such as certificates of deposit that allow you to place your money in the long term with returns exceeding 8% per year.

Open a savings account

cash

As the days go by, the main inheritance that we will leave you will leave to your children are the examples of attitude and behavior in life situations. Therefore, the first lesson for your financial security in the future is that you learn to save. Start by assigning an allowance and then open a savings account where you will place 10% of the amount allocated. With this example, your children will know that in life we ​​will receive income and that an important part should go to constant savings.

Make a savings plan

Make a savings plan

Whether your child wants to be a pilot, banker or professional baseball player, you should guide him on the importance of saving for his future. First of all you must help to discover their strengths and weaknesses. When they are detected, make a savings plan based on this analysis, for example, if your child is impatient, make a savings plan in an account where the money cannot be withdrawn and set the goal of that savings and so on.

Saving is the seed of our financial tree

money

The earlier we start and give it proper care, the greater and good fruit it will give in the future. Use this analogy with your child and tell him to visualize how much he wants to have saved in 1, 2 and 3 years. Then take it to large terms of 5 and 10 years. Your help as a parent is important so that your life plan is going well.

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