Saving for your child can be a great help for their future. Not only does it provide some financial security, but getting kids involved with saving from a young age can go a long way in helping them understand the importance of money management.
One way to do this is by opening up a savings account. These can be opened at any time and are a great place to deposit any additional savings, such as money given to your child as a gift. It’s important to talk kids through their account statements, looking at how much money has gone in and how much interest has been paid. Show your child how their money is growing whilst stressing the importance of saving before spending.