I’ve been making my kid’s money work for them.
It’s not longer good enough to sit back and accept that their cash is good enough in a bank account. They have a lot of savings. I have no idea where these came from. We must have been given it for them when we were in a state of exhaustion in the first few months of their lives.
Having £3000 in an account which only pays 3% interest on £2000 is pointless. Take that extra £1000 and open another account somewhere else. Then, whenever the interest is aid (monthly in my case) transfer everything above £200 into the other account.
This is what I’m doing for them.
That’s 3% on £2000 every year. 2% on £1000, with the interest from the first bank being moved over into the second account, to earn more interest. It doesn’t take long to do this via mobile apps but it makes the world of difference.
They’ll be the ones looking after me when I’m old. So if I can show them now that I’m taking care of their cash, they might take care of me.
Are you making your children’s cash work for their future?