Children and money

 Days are long and years are long. I keep this in mind when thinking of my children. They will not stay small forever.  Being aware of that, my husband and I started their savings since we feel we are able to.

I understand not many people have the luxury of putting aside money for their children so I consider myself fortunate to be able to afford that. You also need to consider to firstly take care of yourself. You must have your own retirement plan. The company typically set this up for you enforcing you to put aside money for your retirement fund. If you are a business owner, do set up your own. In US, I suggest to open Roth IRA and max it out.

Once you have your retirement and emergency funds squared away. Go ahead and start squiring away some money 💰 for your children. Be sure to check for tax incentives that come with it. I would suggest start small, maybe $50 monthly. Automatically transfer to their account to keep it active. 

I would suggest that you shop for high  yield interest saving accounts since the money won’t be easily spent. You may also open custodial brokerage account for them. In the US, you may opt for 529 account for your children. Thus account is for education purposes. 

Another way to help your children about money is teaching them how to manage money, teaching them how to buy groceries. Explaining about the value of money and how much time it takes for us to earn money to pay for say, a pack of pokemon cards.

Regardless which option you choose for your family, this is something you should consider in order to secure financial stability for your family, eliminating stress in the future. 

Money 💰 bank