“A penny saved is a penny earned” – Benjamin Franklin
Stop for a minute and imagine this: you are a child again and your father has just come back from the grocer’s. You feel a rush of excitement when you hear the door opening and hear your dad’s voice in the hallway. You run up to him as fast as your little legs can carry you with a big smile on your face because you know what happens when Dad comes back from shopping. As soon as your dad sees you, he smiles and puts his hands inside his pocket. You start jumping up and down as he hands you the small change he has. Now comes the best part as you run across the house to the place where you have hidden your piggy bank. Oh! The satisfaction you got when you felt the piggy bank getting heavier with every coin you put in. But the part that made our hearts race with excitement and our faces glow with pride is when the piggy bank got full and it was time to finally take the money out!
Saving is a very important habit that every child needs to learn from a very young age. You can start teaching your child the importance of having financial security. The most important thing they need to know is the difference between needs and wants. If they can differentiate between them, then they have already taken the first step towards saving.
The next step is to teach them how to save the money that they would otherwise have used for their wants. This will build a good foundation for their future and will help them identify unnecessary expenditures.
Children can be taught that the money they have saved can be used to buy something that they like when it is taken out. This will enable them to learn that savings bring rewards. This habit will help them learn the importance of saving and it will grow along with them, ensuring that they have a secure financial future.
But nothing can help save money like a savings account can. Imagine the wonder and happiness of children when they learn that saving in an account will get them more money in return! The Enjoi savings account is designed with the requirements of a child in mind. Every ‘young adult’ above the age of 10 can get a personalized debit card! This account also comes along with exclusive brand alliances and amazing offers on online education and apparel! An average monthly balance of Rs.1000 is all that is required for your child to get up to 7%* interest p.a.!