You could set a goal to set aside a little money here and a little money there. When you receive change at the grocery store, put it aside, and the same when you stop at the gas station or any other store and get change. After you have taken care of the bills each month, you may have a little leftover (but only if you have gotten all the necessities for the month), put it aside too. You will be surprised at how fast it adds up.
We’re not saying to cut you or the family short of anything to do this; it should come from the little bit of change you get these days when you shop, for almost anything really. Most parents would like to have something for their Kid (s) when they become an adult, a nest egg, you could say, something perhaps for a college fund.
Although this might mean that you would need to make a few changes in your own life, but think about it, wouldn’t it be worth it? There are a lot of ways your parents can cut corners; it only consists of going without a few things that you probably did not need any longer anyway, right? When things get rough, just think about for it is going to be doing for your kid(s) future (which, right now, is uncertain).
There are parents that go to extremes to be able to put aside for their kid(s) future. Many parents will switch over to a cheaper electric company while others spend less on fancy things they no longer need now that they are new parents. A lot of parents take up using coupons when they shop. A few parents have even given up their cigarettes and are now putting their cigarette money aside; some eat out less often, etc.
It will help keep you motivated to open an account, which will be beneficial to you and your little one both.
A study was carried out by Shepherds Friendly to an audience of 2,097, and they asked them, “At this moment, everyone is to think about a child that is connected to your life in one way or another (it can be the child of a friend, your grandchildren, your child, or any relatives child, and even your friends child, etc.), and do you put aside money for a child’s future? If so, do you do this alone, or is someone there to help you? Here is what the results were: The first question had 22% that answered yes, and 78% that answered no.”
Having a savings goal may be too much of a hassle for some; however, if they keep thinking about what it is going for, it would make it a little easier for them. In fact, the money one can save from a bad habit they give up doing this, well now, that would be a great story to tell your children in their future.
You can open an account for your child with as little as $10. An account offers additional benefits, and anyone can make deposits. It’s great for those who would also like to save for their grandchildren or other parts of the family, including friends.
Just think, saving a little on the way to their future can turn into a great thing with their future is here! They can decide for themselves if they want to use it for a college education, their starter vehicle, or to start a business of their own. This may be as good as it gets, guys.
Some Ways You Can Invest in Your Children’s Future
Opening a Separate Savings Account
It needs to be a high yield savings account and kept separate from your regular savings account. You can get an account at an FDIC – an insured bank, which will provide you with safety and a decent rate of 1.5% APY. It even lets you give the account a nickname such as “Charlie’s Fund,” Etc.
Open a Children’s Savings Account
Some banks and most credit unions will offer savings accounts for children. Of course, the parents would be co-owners too. When they reach a specific age, it turns into a teen Savings account, and it includes a debit card. These cards have a much lower limit on spending, and for withdrawals, so you will not have to be burdened with that.
A Parent Can Put Money into a Trust Fund
Parents who have assets and are going to have money to pass down to their Kid(s) may be interested in something like a trust fund, as it is a legal entity. Setting up a trust fund is the smart thing to do if there will be large amounts to leave behind. What you do is assign an appointed trustee for the fund, letting them know who the beneficiary(s) are going to be.
It allows you, the one setting the trust up, to make all the decisions as to how it will be spent to avoid it being wasted.
As Your Kid(s) Grow You Can Sell Their Old Stuff
Another good way to get extra money to put aside for your Kid (s) is to sell the things they have either outgrown or just do not use or want anymore. This can be done in several different ways. One way is to take them to a flea market. Another way would be to sell them online, for instance, Facebook and YouTube.
A Good Way to Use Those Work Bonuses
The bonuses and perks that your employer gives to their employees are also another way to make money to help the Kid (s). Any products you receive from your employer throughout the time you work for them could be sold, and that money could also be set aside for the Kid (s).