Dollars and Sense

Why Our Child Will Have An ATM Card

Do I have a car seat? A crib? Enough diapers? The amount of items needed for a baby can seem never ending. We wonder if we have enough of the right things. When browsing online trying to figure out what was really needed and what I could do without, I realized there’s one item that I never see on the “new baby essentials” checklists- a bank account.

While it might not seem as important as strollers and pacifiers right now, setting a savings account up for your new baby or children as early as you can is a great way to save for their future. Putting away just $12 a month (one lunch out) will add up by the time they are ready to graduate high school and go on to bigger (and even more expensive) things! When they are old enough for access to their card & account this will have grown to $2,448, if you open the account at their birth:

(17 years x 12 months= 204 months x $12= $2,448)

Even if you start later when they are in first grade, it still adds up:

(12 years x 12 months= 144 months x $12= $1,728)

Check with your bank about the different types of savings accounts to see which is right for you, and set up auto transfers to it each month to make saving even easier.

(Image from pixabay.com)

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