Want To Teach Your Kids How To Start Saving? Here's How... | Life Love and Hiccups: Want To Teach Your Kids How To Start Saving? Here's How...

Friday, 26 January 2018

Want To Teach Your Kids How To Start Saving? Here's How...

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Brought to you by Westpac

I’ve always had a bit of an entrepreneurial streak running through me. It dates back to one Christmas when I was six years old and my older brother paraded me around the neighbourhood with a piggy bank in hand.

Side by side, we would knock on the neighbourhood doors and then he would gently nudge shove me forward so that when our neighbours opened their doors - there I was ready to (*ahem*) delight them with my (lack of) singing skills.

My job was to look pathetically cute and burst into song as soon as that door opened.

Jingle bells, Silent Night… there were no restrictions put upon my Chrismassy repertoire…Ohhhh I cringe at the thought of me standing there, croaking and squeaking and then finishing with a flamboyant and somewhat awkward curtsy.

That said, if the truth be told, I will be forever grateful to my brother for introducing me to the entrepreneurial world at such a tender age, because that night as I sat on my bed holding my handful of 1, 2 and 5 cents pieces (I got the small coins as my cut of the earnings) my future was sealed and I was destined to go into business for myself however I could.

That’s not such a bad thing…. right?

Fast forward a few years and I am still making a living out of running my own businesses and I’ll happily puff out my chest and delight in the fact that at least one of my very own offspring is quite the budding entrepreneur too.

It would be amiss of me to not mention however, that he is yet to master the more ethical side of trading, evident by the fact that he once made quite a substantial amount from selling ‘bigger’ more ‘impressive looking’ $1 dollar coins to his little brother for $2 bucks a piece, thanks to a sales pitch that went something along the lines of ‘These $1 coins will fill your money box way quicker than those little $2 coins’.

But I’ve got to hand it to him… the kid knows how to slant a pitch.

I’d be lying if I said I wasn’t impressed.

His latest venture was possibly his most lucrative…

He took over the vacated locker of a friend who left his school and used it to black market lollies and chocolates to his school mates at recess and lunchtime. 


*cough cough* although again… perhaps somewhat unethical???

Alas, not to worry, this business didn’t last long as it was shut down pretty quickly once word got out amongst the school faculty… but not before he made a tidy little sum.

Although I admit I am somewhat in awe of this kid of mine, It’s probably about time I don my sensible parent pants and teach my little prodigy how he can turn his hard earned money (excuse me… I just choked a little there) into MORE money… by saving it.

We may not get everything right when it comes to decision making as parents… but I do think that teaching our kids about the importance of saving money for their future is a no brainer.

Westpac has this awesome savings account for kids, it’s called the Bump Savings account and it’s specifically for all kids under the age of 18. It’s designed to kickstart good habits when it comes to saving money in this next generation of our Aussie Kids.

There are no transaction fees, no monthly service fees and a competitive 1.5% p.a. variable interest with an additional 0.8% p.a. if your child’s balance grows month on month.

Better yet it has this “Bumper” offer from Westpac to celebrate their 200th Anniversary…

Parents of babies born in 2017 can set up a Westpac Bump Online Account for their bubs and Westpac will deposit $200 buckeroos into that account which will then be available for your child to withdraw when he or she turns 16.

Seriously, how cool is that?!!

Like… they don’t even need to sing for it!

If you have a baby in 2017, you have until May 2018 to open a Westpac Bump Savings account and receive the $200 deposit from Westpac.

If you pop just $10 bucks a week into that account (and make no withdrawls), that’s only two coffees a week you guys… you could amass close to $10k for your child by the time they turn 16.

Holy bat balls, you’d have to sing a whole lot of carols and sell a truck load of lollies to make that kind of money.

Did you ever do anything questionable to make a buck when you were a kid yourself?
Do you have a savings account set up for your kids?

It’s never too early to teach them about the value of money – check out Westpac’s Bump Savings account to see how you can help set up your kid for future saving success: Westpac.com.au/dearbump