I remember sitting around plunket coffee groups with our newborns back in the day discussing savings accounts for the littlies.
Just made me wonder if anyone else started a savings account for their offspring the minute they were born and are you still contributing to it. If so, when you get a nice deposit do you transfer into a term deposit and continue to look for better rates or leave it where it is?
This is a great discussion topic and one that I actually had with my brother a few months back when he found out he and his wife were expecting their first child.
We both agreed that starting off from as young as possible was a great idea. This allowed more time to save towards my future Niece/Nephew’s first home deposit or University costs. Even something as little as a couple of dollars a week will add up over time.
I don’t think it’s ever too early to start saving for your children, the earlier the better. I have had a savings account since I was born which I use to transfer money into every week through school banking, not sure if they still do that in schools but the class with the most kids to make a deposit (didn’t matter how much) would win the school banking shield which was a great motivator for us kids to save our pocket money, birthday money, and tooth fairy money instead of spending it.