No matter the age of your child, as a parent, you will want to set up different financial resources for each stage of life. Your child looks to you as their teacher – from learning how to talk at a young age, to opening their first bank account as they grow older. In addition to putting financial safeguards and assets in place early on, it is also important to directly teach your child about money and how to manage it. Follow these simple tips and be on your way to planning a solid financial future for your child
1. The First 5 Years of Life – Investing in your child’s financial future early on is the best investment a parent can make. Consider opening a bank account for your child at this crucial stage in life. Setting up a savings account or even a college savings plan at this point allows for many years of growth. And, don’t forget to let your family members know – grandparents, aunts and uncles may want to invest in your child’s bank account or college plan. Additionally, if you have not already done so, this is an opportune time to ensure your family’s financial stability by getting life insurance quotes and purchasing a policy.