One of the most valuable skills you can pass on to your children is good money management. Showing kids the basic steps, such as how to budget and shop around for the best price, will establish good money habits for life.
Here are some tips on teaching your kids to be savvy about how they earn, spend and save their money.
- Start early
- Encourage saving
- Pay pocket money for doing jobs around the house
- Show children how to budget
- Help older kids get a part-time job
Many parents and grand-parents establish investments for their children or grandchildren. Generally, they make these available to them at an age that they decide. Investments used for this purpose may include Insurance/Investment Bonds or Managed Funds.
Parents are also able to establish Life and Trauma insurance policies on their children, as part of a policy on at least one of the parents. Generally, these can be established anywhere from age 2 to 18, depending on the particular company.
Contact us about strategies to insure and/or invest for children.