25 Sep The true value of opening a children’s bank account
Opening a bank account for your child is the best way to teach them about finance. It’ll be their first taste of money management, but without the risk because you retain some of the control.
Reaching adulthood is an exciting prospect for most young people, but it doesn’t come without worry. This is because, when their 18th birthday rolls around, they are suddenly hit with legal and financial independence that they often don’t feel ready for.
Vivier knows that you want to do everything you can to help your child’s transition to autonomy go as smoothly as possible. Allowing them to take responsibility for their own money from a young age is a great way to help them prepare, giving them the skills and the know-how to make sensible financial decisions as a young adult and then for the rest of their lives. Following is a step by step guide that you can use to help your child make good choices when it comes to money:
Vivier’s guide to intelligent financial decisions
1. Discuss wants and needs
Explain to your child the difference between a want and a need. Needs tend to include the basics, such as food, shelter and clothing, and wants are all the extras.
2. Have conversations about saving
Talking to your kids about money matters like budgeting and investing are a great place to start for this step.
3. Teach them to allocate their savings
Encourage them to divide their money as savings, spending and sharing. This may be a good time to teach them about interest. Put simply, the more you save the more interest you earn and the more money you end up with.
4. Set saving goals
Saving can be difficult, but a reward at the end can motivate your child. Creating a savings goal together gives you and your child an opportunity to talk more about saving money.
5. Open a savings account
Opening a Children’s account with Vivier is the last and most important step towards ensuring their successful financial independence.
How Vivier can make things even more worthwhile
Vivier recognise the importance of learning about money as soon as possible and are therefore excited to announce that when you open an account for your child, grandchild, nephew or niece they will receive an extra 20% of interest annually to help them make the most of their money.
To find out more about this exclusive opportunity visit https://vivierco.com/children-savings-account, where you will find all the necessary information.