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.
Keep in mind these are the views of fellow BNZ Community users, and not BNZ.