Saving money up for your kids is not easy but you are probably aware that their education is going to dent your wallet. When kids go away to university, they need a lot of money for their education, accommodation and all their living costs. Without funds, they may not have the opportunity to succeed. Some parents try to save up a little bit of money each month to put aside for their kids but if you can’t do that, there is nothing at all wrong with that.
Never feel you are inadequate as a parent, after all, it is the time and love that kids really need in those vital first years. However, if you want to try and save some money, you may want to look at some ways to do this over time.
Get Rid of Debts
If you have debts, then solving those is going to be vital. You can be free of debts and with a debt to success system, you can certainly look at ways to get your finances back on track. Mark Muso has more information on how you can do this. Debts will always hold you back, even when your kids are younger. If you are unable to make the remortgage payments, it can be difficult but you can also find some cool ways to start saving the pennies, to make everyone’s life better in the long run.
Turning things around!
There are plenty of methods nowadays to help you save for your kids, more so than there was 20 years ago. Technology is advancing and you can certainly make sure your kids have a little money to help them on their way. Let’s say that they want to go travelling to South Africa after their studies, it would be amazing to think that you had some funds to help them fulfil that dream.
- Create a Children’s Savings Account
- Open a Custodial Account
- Leverage a 529 College Savings or Prepaid Tuition Plan
- Open a Coverdell Education Savings Account
- Use Your Roth IRA
- Open a Health Savings Account
- Set Aside Money in a Trust Fund
- Encourage them to also have a small job, the onus should be on them too
Teach your children about money
Teaching your kids the importance of money is going to stand them in good stead for the future. Encouraging Saturday jobs and saving up their pocket money is going to be great to help them in the future from falling into the same traps and getting into debt. Want to manage your finances better?
Thankfully there are plenty of resources to help you do this and once you manage to get a better grasp on them, you can also start to have a few weekend breaks away with the kids and do things that you once dreamed that you couldn’t. Financial freedom takes work and a bit of know-how to get things just right. However, whatever the situation is, be sure that you are saving money up for those exciting future moments. You’ll thank yourself in the future.
