Start you child's saving habits now

As a parent there are a number of vital things that you plan for when your child is young.

Things like, where they'll attend school, what sports you'll encourage them to play and even what musical instrument they'll learn.

Yet there's another big decision that if made when your child is young, can really get them off on the right foot.

Setting up a savings account for your child and teaching them good financial habits early, is one of the simplest and easiest ways to ensure that your child is on track for a bright financial future. However, sometimes it can be difficult to know where to begin.

According to money coach and author of Smart Couples' Guide to Money Gay Curtis, "Parents should set up a savings account for their child as soon as they're able to. Providing regular contributions of even just a small amount, can really add up over time and when your child is old enough, they can also contribute by saving their pocket money."

"Encouraging your child to contribute to a savings account is an effective way to teach your child the value of money and foster good financial skills for later in life."

Here are some of Gay's top tips:

  • Start teaching good money skills and habits as soon as possible. If children are taught what it means to be ‘money smart' at an early age you will be helping to set them up for life.
  • It is important to keep a positive approach about money with your children. This helps to build their confidence and ability in managing money effectively in the future. Make a conscious decision as parents, what you want to teach your children.
  • Help children learn about balancing their ‘gotta haves' and wish lists in life. Teach them to set goals to achieve the things they want. Help them to plan, budget and save for their goals.
  • Providing pocket money teaches children to be responsible for money. Talk through the rules and expectations of what their pocket money is used for and when they will receive it.