Savings Account (1)

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3 Financial Practices that you should teach your
child today
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• Your father is always known to be the first
  financial advisor you ever had. He guided you
  through your first account opening, your first
  loan, choosing your first car and its insurance,
  making your first claim and so on.
• Now that you have become a parent, it is time you
  pass on the same advice to your children as well.
  Here are 3 financial practices that you should
  help your child set up before you leave him/her
  to manage their own finances

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Savings account

• This is one of the first and foremost financial
  steps one should take. There is no age limit to
  start a savings account. You can now open a
  savings account online as well. If you start the
  account while your child is young, allow it to
  build some corpus. Once your child is old enough,
  he/she can then handle the account themselves.
  Instant savings account is a real boon for busy
  parents today.
• Having a savings account will inculcate the habit
  of saving for your child in turn instilling a
  life long financial practice that will benefit
  your child.

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Budget

• As kids, we remember having budgets to work by
  every week. I remember I had to report back to my
  mom at the end of every week with the account
  sheet of where I spent my money. However, today
  people are more frivolous with money. Inculcate
  an accounting sheet with your child so that
  he/she knows how to spend lesser than what they
  have in hand. This will come in handy when they
  become older and need to save money from their
  salaries every month.

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Bank Visits

• This is an important one. As you grow older, your
  textbooks will not teach you how to apply for a
  loan, how to make a deposit or how to cash in a
  cheque. This needs to be learnt on hand. Hence,
  every time you visit a bank or go online on your
  banks website, take your child along. Show them
  the ways of the financial world so they arent
  completely lost when they have to do it
  themselves.