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There is however, an alternative. If you’re looking for a sugar-free option this year, consider giving your kids an egg of a different kind - a nest egg. Sure it may not taste as great on Easter morning, but it’s an egg that can keep growing long after the last mini-eggs are demolished and there’s no chance of it leaving a chocolatey smear on your new lounge. Bonus.
Setting up a savings account for your kids and helping them to save some money every week can pay dividends on a range of levels.
Firstly, what a habit to get into? Learning to save regularly is a skill to last a lifetime and one some adults struggle with. Make saving money second nature for your kids, by embracing this habit early on.
Secondly, a little bit can go a long way. Let’s say you have a 5 year old and between you, you agree to deposit $5 a week into a savings account. By the time your child is 10 (assuming an interest rate of 2.50%pa) they will have almost $1,400 in their nest egg. Let’s say you then increase your weekly deposits to $10, by the time your 5 year old turns 18 they’ve got a nest egg worth over $6,000. A savings calculator (link to calculator) can help work out your own savings plan.
Third, it pays to get your kids interested in and learning about money and managing their finances. The top priority for the Australian Government’s National Financial Literacy Strategy 2014-2017 is to ‘educate the next generation’ on the basis that equipping our kids with the ability to make good financial decisions gives them an essential skillset to use for the rest of their lives. We couldn’t agree more.
