Fluctuations in the economy and declining standard of living have become a major concern for families and households, particularly on their income.
It has become important therefore that they plan for the future, not only for retirement but also for their children’s education. Once an individual becomes a parent he or she has accepted a family responsibility that demands dedication and commitment. No matter how we try to paint the picture that after all money is just vanity, without it a parent can hardly offer the child the best of life. It is more like oil that lubricates man’s activities and without money man would not be able to acquire what it takes to make life meaningful. It is therefore critical that a parent secures his child’s education and upkeep in case you may not be there tomorrow, or becomes financially incapacitated at a particular time. That is why you need a Child Savings Account also known as CSA for your child.
It is a backup plan, in times of financial crises
Money kept away for children would always be a back-up plan to take care of their educational needs and any other needs so long as it is for the child whose account bears the name in times when you face financial crises. Imagine your salary got delayed or a there was a medical emergency that you had attended to and in the midst of this you still had to pay the children school fees. Bet me, you cannot bear children being set away from school. Thus to avoid such thing, start a Child Savings Account today and save yourself and your child the emotional trauma of not living up to responsibility.
It helps you secure the future of your child
Saving for a child from an early stage helps you secure the future of that child in terms of finance, at least your fears of not meeting up to such a child in terms of finance would be eliminated and you are always prepared to face any demands pertaining to such child
It helps you manage your finance
When your child have a savings account it helps you manage and have more control over your child because what you are actually doing is budgeting and when you budget you have a better perspective of how much money is for your disposal and keeps. Therefore it is a guide to your financial affair.
It attracts interest
What can be more pleasing to your account when you are entitled to some interest no matter how little the sum is? Just as other accounts other than a normal savings account attract interest so does a Child Savings Account does because of the control that exists in such account when making transactions.
My take on this for parents is to walk into any of the banks today and secure your child’s future by opening a Child Savings Account and if you have already done that; well done! keep depositing more money into that account.
Aningo Genevieve Ezinne
