Now a day, Kids are getting great exposure from the infant age. New age toys, books, television and other medium educate them a lot faster. Looking to this you should start thinking about their financial need and planning from Toddler age. Here are few areas to look into:
Savings habit: 2 years is a good age to introduce a piggy bank to a kid. Try to cultivate the habit of savings. Get a great piggy bank which your kid can’t ignore, you get very good shapes now a days. Give a kid 1 – 2 rupee coin daily and ask him to put in Piggy bank. Make kid speak that Rs 1 is saved today. Kid will understand that he is saving. After 2 or 3 month, you can get the money out of it and get a good toy of kid. Kid will love and learn the importance of savings from this age.
Insurance policy: There are numerous children insurance policies available in market. All policies give ranges of features which include - insurance for parent’s life, Premium holiday and Maturity benefits. If parents’ life is properly insured than, one should go for pure investment rather than Insurance policy. But if Parent’s life is not insured, it is advisable to take children insurance policy.
Bank accounts: You can open a kid’s bank account at the age of 7. Don’t wait; get an account open for your kid. Teach him banking. It will be great for kid to operate bank account.
Act today and get your kid in training zone today which will lead you in comfort zone tomorrow !!
