This is as good of time as any to start teaching your child the value of money. Why not go to your local bank and start a savings account that they can keep up with. This brings us to tip #40.
Tip #40: Teach your child to save some of their money.
Teach them to save 10% of any monetary gifts they receive or money they earn. This will become a habit at an early age and pay off big dividends as they grow in knowledge of investing and compound interest. You are going to be the person to teach your child about savings, so why not start saving 10% of your savings yourself and learn about investment, compound interest, and a rainy day fund. Your family will be wiser and better yet financially secure.
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Tips for parents
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