It is often said that children grasp the things better than an average adult. This is the reason why you teach your children good habits from a young age. And while you teach your children every possible thing which will be helpful later in their lives, don’t forget to share your financial knowledge with them too. Teaching them the art of savings and importance of various investment schemes will be highly beneficial to them as they will learn to make better financial decisions from a young age itself. They will grow up to be individuals who hold a strong financial sense and thus they will be able to secure a sound financial present and future for themselves.
With Christmas around the corner, this is the perfect time to do so. Become a Santa Claus to your children and gift them a valuable treasure of financial education as their gift rather than the traditional sweets. To make the task easier, we, at Adarsh Credit Co-operative Society, have suggested a few ideas for your new endeavour.
A savings account is a basic need
In this digital era, it is essential to have a savings account. It helps you carry out your routine transactions and plays a key role in making such transactions cashless. Such an account provides an easy access to funds and can help you manage your finances easily. Hence, educating your children on a savings account is a good way to start their financial journey. A savings account from Adarsh Credit Co-operative Society has many benefits. Our savings account interest rates are high and the account is basically a No-Frills account i.e., there is no compulsion of maintaining a minimum balance in the account. Amazing, isn’t it?
Take your first step of investment
Do you remember saving your money in piggy banks during your childhood? Your habit has taken you a long way on your financial journey and now it is the right time to pass it to your children. Unlike old times when having a bank account was a luxury, help your children to deposit that money in various investment schemes. This will help them to get a real-life experience and expose them to a wide range of financial investments. Begin with a small investment scheme, wherein the deposits are small and the process is easy. Daily Deposit scheme by Adarsh Credit Co-operative Society is one such scheme which also fetches high-interest rates and is easy to manage.
Fixed Deposits- A secure way for investments
Children should know that while small savings fulfil the basic necessities of our life, long-term savings can fulfil their big desires. While many people invest their money in various investment schemes to fulfil their desires, such schemes can prove to be risky due to frequent market fluctuations. In certain situations, if these fluctuations turn to be negative, then you might lose your money. In such situations, fixed deposits can prove to be a safe bet. At Adarsh Credit, our fixed deposits offer long term and short term fixed-deposits which extend from 3 months to 10 years. Moreover, the fixed deposit interest rates are high which vary between 7-15.5%. Thus, children should learn that it is not necessary to risk money in order to get good returns. Rather, being wise while investing is more important.
Hence, encourage your children to involve themselves in your routine financial engagements. Sow the seeds early and enjoy the sweet and strong fruits. Let Adarsh Credit Co-operative Society be a reliable partner in your attempts by investing in our investment schemes. We wish you a very happy Christmas!