Savings And Investment. Beyond the basics of budgeting and saving, you'll want to get your child involved in saving and investing. The easiest way to do this is to have the child open his or her own passbook savings account. If you want your child to get familiar with investing, there are various child-friendly mutual funds and individual stocks available. Taxes And Credit.
Kids can start using credit cards at an early age with parental counsel and involvement.
They can learn the concepts of incurring and paying off debts both from credit card use and from small loans that parents make them. This depends on how much you think your children's education will cost. The best way is to start saving before they are born. The sooner you begin, the less money you will have to put away each year. On the other hand, if you put off saving until the child is six years old, you'll have to save almost double that amount every year for twelve years.