My saving idea: How investing money given to kids as gift can become a sizeable amount in future

Every week, ET Wealth brings you news and ideas about how to save and invest. But individuals have their own saving hacks as well. In this new section, we invite you to share saving ideas that have worked for you. Mind you, we are not asking you to suggest stocks, mutual funds or other instruments. We just want you to share the saving hack that helped you cut expenses or allowed you to put away more every month. The best ideas will be published every week.

S. Ramjee from Chennai offers a useful way to teach children the importance of saving and investing. Relatives often gift token amounts of money to children on festive occasions and birthdays. If this money, or at least part of it, is invested in a bank deposit or any other instrument, it can build up to a sizeable amount by the time the child comes of age.


(Do you have a saving idea? Send your tip to etwealth@timesgroup.com with “Saving Idea” as the subject line. The best ideas will be published and the contributor will get a copy of You Can Be Rich, the PF guide from ET Wealth.)