Start Your Child On The Right Track Financially
Sometimes as parents, we question everything. Are my kids safe? Are they happy? Am I being the parent they need me to be? All these are great questions but sometimes we need to consider things that aren’t in the present. We need to consider their future. Will they be provided for should I no longer be able to care for them? Will we be able to afford college? Am I teaching them to be responsible with money? At INSOUTH Bank, we want to encourage you as parents to begin when your kids are little to prepare for their future.
Open a savings account when they are young
Sometimes grandparents and great-grandparents want to give children money for birthdays and holidays. Instead of buying more toys or stuff that will be in the Goodwill pile in a month, consider putting the money into a savings account. When they’re babies they won’t know the difference. When they’re older they need to learn to save so you might as well teach them. That brings us to the next tip…
Teach children early about saving
In this day of instant gratification, some parents have lost the will to teach children about waiting. They will benefit greatly from lessons about saving up for what they really want and having a stash of money in case an emergency happens.
Write a will
Much like the life insurance policy, a will protects your children from losing the lifestyle they had when you were living. If you die without a will, the State will take over your estate and your children will lose much of what was theirs. Even if you don’t think you have much to leave, write a will so your family will not suffer even more after you’re gone.
Have a life insurance policy for yourself
Should something happen and you are no longer here to take care of your children, it is important to make sure they are provided for properly. Having a life insurance policy will insure they can continue in the life they had when you were living.
Show them how to budget
Teaching children how to handle money correctly is a gift they will appreciate their entire lives. Living on a budget teaches discipline and reaps great benefits. They will carry these lessons with them as young adults, parents, and retirees. It’s never too early to teach about how money works, how much it takes to have the lifestyle you have and how to manage it.
If you want further information on providing for your children’s financial future, simply contact one of our friendly INSOUTH team members!
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