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Money Bargain Ideas :: Child Savings Plan
Child Savings Plan:
Working to Build a Child Savings Plan
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It’s Never too Soon to Start
These days, what with economic uncertainty, a child savings plan makes sense. Currently, the baby boomers are in the process of retiring and they are going to put an enormous strain on the Social Security retirement fund.
So, what will today’s children have to look forward to when they retire? Well, there best bet is to rely on themselves. That means investments, a 401(k) plan, and their own personal savings. That means starting a child savings plan as young as possible.
Help Them to Save
Children are like anyone, they often do not see the value of saving for the future. In fact, kids are even worse than adults; their brains are not as developed as adults, so they have even more trouble thinking about the future. For them, the future is next month! So, there are things you can do to encourage them to save.
One way is to match every penny they save. So, if they put a dollar in their piggy bank, you put one in. Another way is to set up their very own savings account at your local bank. That makes the child feel very special, and is a real boost to the child savings plan.
You can also pick up banks that make saving fun. There was a time when a plain old piggy bank was enough. Well, today’s kids are a bit more sophisticated. You can get a bank that is also a bubble gum machine; so the child gets a treat every time they save. That’s a real great incentive for a child savings plan!
Reward Their Efforts
As with anything that children learn, if they develop a good attitude about saving early on, they will carry that throughout their lives. So, another way of encouraging them to save is by rewarding them with some sort of prizes through a child savings plan. When they save twenty dollars, get them a book or doll. When they get to fifty, maybe buy them a computer game.
The idea is, you gradually step up the presents to match their level of savings. In so doing, you’ll instill in them a lifelong desire to save. In this way, a child savings plan can be a real learning tool, instilling good financial habits in a child from an early age.
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MoneyBargainIdeas.com :: Child Savings Plan