When you start saving for your child's school finance, you're making a big investment in their future. You are building their financial security and preparing them for the world outside of the home. As a parent, you have the power to encourage your child to take advantage of every opportunity that comes their way. You can also take steps to help them avoid unnecessary pitfalls along the way.
The best part? There are so many benefits to saving for your child's school finance that it's easy to get caught up in all of them! Here are just a few:
1. A savings account can help your child build an emergency fund that they can draw on when they need it most. When a parent is laid off or has another unexpected expense come up, having an emergency fund could be key in helping your child stay afloat until they find new employment (or if they have some other source of income).
2. Saving money for your child's education will give them access to higher education opportunities later in life and those opportunities are invaluable! If your child wants to pursue a career in law or medicine, having access to higher education will give them an edge over others who might not have as much experience.
3. Another benefit is that children will be less likely to spend money they don't have if they've already saved enough from their own earnings. They'll also be more likely to save because they know it will help them get what they want later on down the road (i.e., going on a trip or buying a car).
The best part? There are so many benefits to saving for your child's school finance that it's easy to get caught up in all of them! Here are just a few:
1. A savings account can help your child build an emergency fund that they can draw on when they need it most. When a parent is laid off or has another unexpected expense come up, having an emergency fund could be key in helping your child stay afloat until they find new employment (or if they have some other source of income).
2. Saving money for your child's education will give them access to higher education opportunities later in life and those opportunities are invaluable! If your child wants to pursue a career in law or medicine, having access to higher education will give them an edge over others who might not have as much experience.
3. Another benefit is that children will be less likely to spend money they don't have if they've already saved enough from their own earnings. They'll also be more likely to save because they know it will help them get what they want later on down the road (i.e., going on a trip or buying a car).
