Easy Ways To Save For Your Child’s Future

Adults have a peculiar sense of time. Somewhere in our 20s, years cease to be endless months of changing seasons and sprawling life opportunities, and instead, we’re faced with two seasons (hot or cold) and the same indistinguishable and unmemorable working day to endure. Despite the drudgery, the whole year manages to whoosh by at lightning speed. One minute, we’re all singing Auld Lang Syne, the next we perhaps recall a birthday before once again shopping for festive gifts to exchange over a roast turkey. Time is out of control. And that’s worrying when it comes to savings plans. 

Your children are no exception to the seemingly expedited passage of time that funnels us steeply towards old age. They grow up fast. Faster than you’d like. Faster than they’d like. And faster than shoe sizes can keep up with (6 months max., and they need new shoes, like expensive clockwork). But new shoes aren’t all they’re going to need when they hit young adulthood. Those formative teen years come with expectations. They may wish to branch out and go to university. They may simply yearn to find a place of their own to call home. And they will all want cars. If your finances need a little attention or you’re worried about debt getting in the way of you supporting your child, check out this useful advice from Creditfix. Otherwise, let’s look at how you could save.

Start a Savings Account 

This is the most obvious play in the playbook. A savings account is just that thing you need on your side when faced with children who may expect more financial help from you than you realistically anticipate being able to give. Even if you do count yourself as being relatively wealthy, a savings account can soften the blow that all teenagers inflict on the bank of mom and dad. 

If you don’t think you can save very much per month, I invite you to multiply that small amount by 12. That’s a year of savings. It might not look like much now. But wait until you multiply that number by 16, 17, or 18. Starting to look more like you can maybe afford to pay for your child’s first car? Or perhaps chip in towards the costs of their first home? If you commit to saving today, you won’t regret it in years to come when it’s time for that nest egg to hatch.

Sell Everything Your Child No Longer Needs 

Children come with interests that span a fixed time period. They may start off with cuddly toys, building blocks, and dolls, but they soon grow out of them in favour of what the older children in the neighbourhood are playing with. Things like bikes and gaming consoles (even bikes and all things technology have a limited appeal before newer must-have upgrades enter the market and everything your child owns becomes yesterday’s unwanted news). 

Sell whatever your child no longer needs or uses, and place the proceeds in the savings account. The result will not only be boosted savings but a decluttered home!