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Teach your children how to…

Pay Yourself First.

Pay Yourself FirstQuote: "A year from now you may wish you had started today." Karen Lamb

Simple words. Powerful actions. Teach your children how to invest in themselves and build a habit that will pay off for years to come.
  
TIP: Set up a special savings account with your child - Pay Myself First  Take them to the bank and help them set up two savings accounts, one that holds their regular saving and a second one to hold a "Pay Myself First" high interest savings account.  For teens,  introduce them to Canada Savings Bond's.  For young adults, encourage them to open a Tax Free Savings Account. (see also document "Teach Your Children to Save - TFSA)
 
TIP:  Give them incentive to get started and keep going!  For young ones give a reward (a special treat of some kind).  For teens and young adults match the amount they put in their special "Pay Myself First" account for one year. For young adults match the amount they put into their TFSA for the first three months or give them a lump sum to start off with that matches their lump sum.
 

Benefits of PAY YOURSELF FIRST:

  • Teaches how to save & build that habit.
  • Develops the life skill of living within their means.
  • Builds wealth - gets their money working for them.
  • Builds self-confidence.
  • Sets a strong foundation.

 

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