Put your kids’ picture on deposit, but keep it in your name
Retain control of the money and the youth may not suddenly find himself holding a large pot of cash.
We’ve shown a more mature cheek this time around when Norway did its we’ll-protect-your-kids number and accused the parents of a seven-year-old for trying to discipline him using physical punishment. The national hysteria is missing and the social media comment is more muted. At the risk of opening an unrelated debate, I have to say that our parenting style swings between overindulgence during babyhood and then moves to the other extreme once the kid begins to display a mind of its own. However, one concern that stays steady with most parents is the desire to save for the kid’s future, usually higher studies. This worry finds itself assuaged in high-cost child policies from insurance companies or gold or some fixed deposits earmarked for the child. The pressing need to move this money into a bucket labelled with the child’s name is not wrong. One of the reasons for locking that money in the name of the child is so that we can’t get to it when we need it. Un-targeted savings have a habit of ending up parked in front of the house in an upgrade that gives a high for about 10 days.
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