Children are a blessing, so they say. But they can be quite stressful if you do not plan for both their future and their present. There is no pride in a parent who cannot provide and take care of their kids. Society demands that every parent gives their kids the best.
Currently, everyone is struggling to remain alive. The Covid-19 pandemic made things worse for everyone, not just in Kenya, but around the world as well. Millions lost their lives, hundreds of millions lost their jobs, and life through the pandemic has never been the same.
The pandemic taught millions of Kenyans one thing; it is good to have savings because there shall come a time when savings will be the only thing that you have to depend on. Many who did not have savings saw some of the darkest days in life.
Kids are not easy to maintain. They need to eat. They need to dress up. They need to go to school. What is more, they are very predictable when it comes to sickness. Kids are the only human beings who can decide to become sick at any time, any day.
How do you take care of your kid’s future? How do you make sure that your kid is covered when they become sick? How do you make sure that they have school fees when their time to go to school comes? How do you make sure that they have a better future? You save.
It should not be painful to take care of your kid. Times are hard but it is good to be tough and face them. Analysts and experts have said over the years that savings are the only way that a good parent can prepare to take care of their kids’ future. So, save for the future of your kids.
Savings is something that one does from time to time until it becomes part of them. Savings are first considered an activity, then it becomes a hobby, and then with time, it develops into a habit, and within no time, it becomes a culture.
Savings should not hurt. They say one should save until one feels the pain but that should not be the case. Savings should be something that you enjoy doing, something that you will always look forward to, as well as encouraging others to do the same.
When it comes to instilling financial discipline among your kids, the best way is to teach them how to save. Tell your kids how valuable money is and how it is unwise to waste it. Tell them to always value, protect and save money, then show them how to do it.
Which bank should you go to and help your kid save?
Go to UBA Bank Kenya. The bank has a product called U-Care that helps you save for your kids as you earn interest of up to 3 percent annually. The product is such that you open an account for the little one but you are allowed to access and withdraw the cash quarterly.
The UBA U-Care account has the following features:
- Opening and a minimum balance of 1,000 shillings
- One withdrawal per quarter
- Interest on credit balance
- Mobile and internet banking options are available
- Monthly interests are forfeited after three withdrawals in the quarter.
When you open a UBA U-Care account for your kid, you get the following benefits:
- You get access to competitive interests earned
- You will have easy access to products such as mobile and internet banking, loans, and remittances
What are the requirements for you to have a UBA U-Care account for your kid?
- You need 2 passport-size photographs of a parent/guardian and that of the account holder.
- You need an original ID or Passport of the parent/guardian
- You will also need to present a dully filled and signed form.
Why should you save for your kid? You ask yourself this question. The future is always uncertain. We may know the present but what happens the next minute is hidden from us, human beings. All we do is prepare for the future.
Saving for your kid ensures that their future is well-taken care of. If you are saving for their school fees, as other parents will be running up and down, scratching their heads and beards, you will be smiling to the bank because you already guaranteed the future of your kid.