hit tracker
Tuesday, May 30, 2023
HomeLatest NewsSavings tricks to create an emergency fund for your children

Savings tricks to create an emergency fund for your children

Date: May 30, 2023 Time: 23:16:18

Teaching children to save is one of the keys for them to grow up with good values ​​regarding their personal finances. Although from the Bank of Spain they promote the importance of saving and control over money, they also recommend some keys to adapt to the age of the little ones.

The economic institution points out that what is important is not how old they are, but how they teach it, so it is not convenient to wait until they are teenagers to have that first conversation about money. Educational games at the beginning or even offering a weekly allowance can be first experiences for children to discover how to be more independent with money.

Celia Rubio, financial expert and investment-related content creator, directs this conversation to parents and reminds that there are formulas to start creating a savings fund for their children before they can even earn their own money. In one of her videos she points out three methods that can help parents get enough emergency money that they can invest in their future and even achieve financial success.

Open your first account

Your child does not have to be 18 years old to have his own account, the expert points out that putting 1000 euros in that bank account as soon as the baby is born can help create his first mattress. If this account also has some profitability, we will ensure that the money, even if it is stopped, continues to grow each year. If you can add more money, do not hesitate to do so, since you can get a larger fund.

Add money monthly

Of course, each month continue to put in certain amounts of money that are possible for you, whether they are 100 euros or less. The idea is that that account will continue to grow until the child is 18 years old or starts working. If you can invest some of the money, it is a good idea to do so, since you will maintain the growth of this fund. Of course, when your child is of a certain age to understand this strategy, talk about it with him so that you know the importance of saving.

Take advantage of special dates to put more money

When there are special dates like birthdays or Christmas, add a little more extra money to the bank account. Thanks to this, your son will be able to reach the age of 18 with a good foundation that will allow him to make better investments in the future, either in his education or in a home. Following exactly the guidelines that Rubio mentions, he ensures that these types of accounts can accumulate up to 86,189 euros when they reach the age of majority.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

Most Popular

Recent Comments