How to Start Saving Money Now for Your Toddler
It is very important to start a tradition of saving money for your toddler from the day that they are born. Of course with the many other things that need to be taken care of when a toddler is first born, it is easy to put saving money for them on the back burner. Follow these simple steps to start saving money for your toddler now.
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Instructions
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Give your toddler one dollar every day. Walk with your toddler over to where you keep their piggy bank out of reach, and bring it down to their level. Help your toddler place the dollar into the piggy bank.
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Take the money that is in the piggy bank out once a month to deposit it in a savings account for your toddler. Write out a deposit slip to deposit the full amount of the money that you saved for your toddler into the account.
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Have your toddler accompany you to the bank when you go to deposit his money. This will be a great educational experience, and it will teach your toddler the value of saving money in the long run.
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Keep growing the savings account as your toddler grows. Look into transferring it into a CD after it has reached a big enough balance.
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Tips & Warnings
On special occasions like birthdays and holidays, deposit a little something extra into your toddler's savings. This will help the money saved grow even faster.
