Teaching the Concept of Saving to Children

Earlier i was a banker..then i opened a bank a/c for my DD..she was just 1 yr old then..and i am the guardian..i used to put all amount given by her grand parents,aunts etc into that.also i put 1000 rs from my salary into that every month..when that became a lumpsum amount, i bought gold for her..now the balance is some 1500 ..but i feel bad that i am not able to do that now..though her dad does some saving in her name,i dont have the chance as i have stopped working..

also my boss used to save some amount for his kid in post office..everymonth he adds some amount and now its a good amount he says..the kid is 2.5 only now but he started from the month he was born..you can also put a recurring deposit in the child's name

 

Sushma, it is all about planning..and does not mean you cannot save if you stop working.. i still save some amount and put it in a separate account every month.. rd in post office..

for example..it happened yesterday..my ds had to get his textbooks bound the regular one said he stopped. when we enquired at another place he said 30 for medium books and 40 for big ones..earlier it was just 15..and i had 15 books...so i bound them myself.. and have earmarked 20x15=300 to be kept separate as a saving..that would have otherwise been gone for the same expense.

many a times we do something similar.. start once..it will become a habit soon..

 

Thanks out of box /vjbunny / shanvy.