Children’s Day is approaching and many families are reviewing what gift to give them as a sign of affection, and although toys, video games, even clothes are the most predominant gifts, it is time to think about creating a savings fund, teaching them how to use formal and safe institutions to accumulate and invest their money: Sundays, money for school, earnings from some activity they do at home, etc.
Saving for children in formal instruments is becoming easier. Did you know that you can open a savings account in an Afore?
The Afore for Girls and Boys is an additional account to the one that adults have and in it voluntary contributions can be made that will generate returns over time until the minor person turns 18, according to data from Consar.
An account of this type can be registered or opened to more than one person. For example, if the family is made up of two, three or more daughters and sons, the mother or father can open an account for each member from their afore.
This option is available in most retirement savings administrators and to create an account of this type for a minor, the first thing you need is to know what afore you are.
The easiest way to know this information is through the Afore Móvil or Afore Web app, with your personal data such as CURP, social security number, telephone number and email you can register in the app or on the web platform and know which operator manage your money, how much you have accumulated and find out about the services that these companies have, such as opening accounts for girls and boys.
After your registration, what follows is to look in the services section for the Registration and Consultation of Minors section, there with your CURP and other information such as a photo of your birth certificate you can create the account and start a savings scheme for it.
To make contributions you can select charge orders to a debit or credit account that are made perhaps once or every week, fortnightly or month and can be from 50 pesos.
The app also gives the option for you to select if the savings that you will make for a minor are going to be deducted. This is important to define because then the contributions will have to be long-term, otherwise when withdrawing it, a surcharge is applied. If it will not be deductible, the savings made can be used every two months as long as it is being made via direct debit applied from the app; Money withdrawals can also be requested from there and within a period of less than five days it is deposited in your account.
You can also make contributions from convenience stores by generating a barcode from the Afore Móvil app.
Does it generate profit?
The advantage of this savings is that it is invested, it is generating profits. “When your son begins his working life, the resources accumulated in his Afore Niños account will be transferred to his individual account and will continue to be invested,” details Consar.
To find out how the savings that are being made move, the Afores will send an account statement every four months (three times a year) with the information and movements of the account, for example, the commission charged for the administration of this money and the returns that were delivered.
Some of the balance movements can be reviewed within the AforeMóvil app.
