Lifestyle

3 Financial Gift Ideas That Will Benefit Your Child Now And Later

Published

3 years ago

March 3, 2022

Watching your kids grow is one of the most exciting parts of parenthood. They will hit various milestones, such as going to their first dance and graduating from high school. You will probably have high hopes for their futures, but you’ll also realize that challenges await them as well.

Many of those challenges could be of a financial nature. When they’re in their late teens or early twenties, it’s hard to tell whether your kids will be looking at the pros and cons of consolidating credit card debt or raking in the earnings from a world-changing invention or entrepreneurial pursuit.

Assuming your child is not independently wealthy very early on in life, there are some financial gifts you might consider giving them that could help them a great deal. Let’s look at three of those right now.

1. Roth IRA Contributions

A Roth IRA is a retirement account that some companies will set up for their workers. The designation “Roth” means that the account’s owner pays taxes on the contributions before they contribute, instead of during the account’s distribution when the owner reaches retirement age.

If your adult child gets a job where their employer offers them a Roth IRA, it would benefit them to take it. A company will often match funds that your child puts into the account up to a certain point.

However, you can also contribute to that IRA, if you’re in a financial position to do so. Like your child’s employer, you might agree to match their contributions. That’s one way you can help your child prepare for their eventual retirement.

2. Stock

You might also consider buying stock for your child. If you start doing this for them at a young age, it’s a way you can teach them about the market’s potential risks and rewards. You could buy a stock for them in which they have a personal interest, such as Nintendo or Disney.

Stocks can be pretty pricey, so you might buy your child a portion of a stock instead of a whole one. Maybe when their birthday rolls around, you might offer them either the choice of a new toy or a percentage of a stock. Make sure you explain to them the inherent risks and potential rewards.

3. A Piggy Bank

Teaching your child about saving is something you can start doing when they’re very young. You might give them an allowance along with a money jar or piggy bank where they can keep their savings.

If they want something that’s on the more expensive side, you can explain to them that if they save up for a few weeks, they should be able to afford it. They can put this teaching to good use in later years if they want a video game system, a high-end TV, or something else for their college dorm or first apartment.

Financial Gifts Can Help Your Child

It can be hard to help your child reach maturity if you fail to teach them some financial basics. Giving them stock for their birthday or a holiday is one way to begin teaching them about the market, which they will probably want to invest in when they start a portfolio at some point.

Giving them a piggy bank is something you can do when they are very young, so they’ll start learning about the benefits of saving for a larger purchase. When they’re a little older, you can help contribute to their Roth IRA.

Remember that a child will watch what you do, and if you demonstrate financial responsibility, it’s likely your young one will follow in your footsteps one day.

Lifestyle

How to Spot the Signs Your Elevator Needs Servicing

Published

9 hours ago

June 17, 2025

Michelle Langton

In any commercial or residential building, elevators play a crucial role in providing safe, efficient vertical transport. However, like any mechanical system, lifts are subject to wear and tear over time. Knowing when your elevator needs servicing can prevent breakdowns, ensure passenger safety, and prolong the life of the equipment. If you’re responsible for a building’s maintenance, here are the key signs that your elevator may be due for professional attention.

Unusual Noises: One of the most noticeable warning signs is strange or unexpected noises during operation. Grinding, clanking, squealing, or banging can indicate issues with the motor, pulleys, or other internal mechanisms. These sounds should never be ignored, as they often precede more serious mechanical failures.

Jerky or Delayed Movement: An elevator should start and stop smoothly. If you or others notice jerky movements, sudden jolts, or a delay in starting after pressing a floor button, it’s time for an inspection. These issues may point to problems with the motor, control system, or even worn-out cables.

Frequent Breakdowns or Malfunctions: If your elevator has experienced more than one unplanned shutdown or glitch in recent months, don’t chalk it up to coincidence. Regular failures often signal deeper mechanical or electrical problems that require immediate attention. Relying on reactive repairs alone can end up costing more in the long run.

Doors Not Opening or Closing Properly: Misaligned or slow-moving doors are more than just an inconvenience—they can be a hazard. If elevator doors fail to open or close properly, or reverse mid-motion without an obstruction, it could indicate issues with sensors, tracks, or door motors.

Lights Flickering or Buttons Not Responding: Interior lights that dim or flicker, non-responsive buttons, or inconsistent floor indicators often point to electrical issues within the lift. These should be addressed swiftly, as faulty electrical systems can quickly escalate into safety concerns.

Longer Wait Times: If your elevator takes significantly longer than usual to arrive or transition between floors, this could indicate wear in the lift’s traction system, or outdated software that needs updating. In commercial settings, delays can also impact accessibility and productivity.

Unpleasant Odours or Overheating: Overheating elevator machinery may produce a burning smell, which is a serious red flag. This can be caused by friction in overworked components, old lubricant, or faulty wiring—each of which requires urgent servicing.

Outdated Inspection Certificates: All lifts should undergo regular inspections, and buildings must comply with maintenance regulations. If your lift’s inspection certificate is expired or nearing renewal, it’s time to book a comprehensive check-up—whether or not any visible problems exist.

Stay Proactive with Routine Maintenance

Spotting these signs early is key to avoiding costly repairs or downtime. Scheduling regular professional maintenance can ensure your lift remains safe, compliant, and reliable. For an expert lift service in Melbourne, consider reaching out to specialists who understand the unique demands of local commercial and residential buildings. With proper care, your lift system can operate smoothly for many years to come.

When it comes to elevator maintenance, prevention is always better than cure. By staying alert to these warning signs and investing in timely servicing, you’re not just protecting equipment—you’re also safeguarding the well-being of every person who steps into your lift.