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| An icon illustrating a parent and child (Photo credit: Wikipedia) |
Education planning is a hot
topic for today’s parents. College costs more than ever and is practically
a necessity for getting a good job. It’s definitely smart for you, as a parent,
to be looking toward and planning for your child’s educational future. However,
your child can eventually contribute to his or her own education fund if you
raise that child up right, with good financial values.
Teaching kids about the value of a dollar and about saving
should start as early as possible. Teaching good habits now will likely equal a
child with a job and some saved money by the time college plans start coming
into the picture.
You can teach even the youngest child the value of saving by
having him or her find a desired item, such as a new toy or outfit, and then
allowing the child to perform chores for money. As the child works toward and
eventually reaches the amount needed to gain the reward, responsibility is
instilled, and a lesson is successfully taught.
Standard piggy banks where children can save coins and
eventually cash them in also work well. Some methods have been around for a
long time simply because they work!
As a parent, it’s your job not just to plan for your child’s
future but to prepare your child for the future as well. Taking steps to do
that now, regardless of your child’s age, will lead to future benefits for both
of you.