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Yes, you heard it correctly. Teaching your daughter about savings will benefit both of you. She’ll learn life long principles and you’ll save more in your OWN retirement. #Intergenerationalwealth baby!
How do you get her started?
1. Open a fee-free savings account. This step helps her start thinking long term to save money from holiday gifts and birthday presents. Make sure you find an account that is free for kids. Talk to someone in your local savings bank. Check out credit unions. Try online banks. Or do a quick google search “Savings accounts for kids”.
2. Make a game of it. This is the trick. If you make it painful, she won’t play. Human nature keeps us motivated when things are fun and can you can win prizes. But if you make a game of it, she’ll look for ways to win.
Read below for ideas on how to make it like “kid’s play”