The best Children’s Day gift you can give your child is a secure future. Start now, for the best results.
As children grow up, their needs increase, and so does the financial backing for them. So how do you make sure you can give them the best possible future? Ideally, you need to start saving for them as soon as they are born or even earlier. But if you haven’t already, it isn’t too late. This Children’s Day the best gift you can give your child is a secured future. Here are the different ways you can do this.
Cash:
Although a gift in the form of cash is always welcome, offering a monetary gift for a specific purpose would make more sense. It could be for a down payment they need for a loan or to repay a monthly installment for rent or student loan. Either way, this gift will not only make them happy but can help them out financially.
Child Savings Account:
These accounts function much like regular bank savings accounts. A Child Savings Account can help you teach your kids the importance of managing finances, while simultaneously saving up for their future. This kind of account can be opened for kids below 18 years of age. When the child reaches 10 years of age, he/ she is provided with a debit card and cheque book
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