Some years ago, a couple living eight hours’ drive from their capital city wanted to help their two sons to understand money, so they opened an LLL Children’s Savings Account for each of them.
They thought that maybe there would be enough in the accounts for the boys to buy cars when they finished school.
The sons would put money into their accounts from their pocket money or from their birthday money, for example. Any time the boys put money into their account, the parents would put in the same amount too. That would encourage them!
At long last the older boy finished high school. In the account, including the interest, there was enough money for a car! He bought a car.
A year or two later when the younger boy finished high school, he also had enough money in his account for a car…
But he thought about it. That amount of money could be a nice start on a deposit for a house…
So, he hung on to it, left his money in his LLL Savings Account, got a job in the mines, and kept depositing.
And only a few years ago, he built his own house with a lovely view, just a bit of a drive out of town!
Whatever age your child is, they too can have an LLL Savings Account and start their saving journey.
Whether you are saving for a car, a house, a holiday trip, or the latest technology – you can use an LLL Savings Account to get there.
This advice is general in nature and does not take into account your personal situation, needs or objectives. You should consider if this product is right for you.