Are you currently saving money for your future and retirement? Do you have a children? Are you putting money away for their future, too? If not, don’t worry! You still have time to start saving for their future. It’s never too late to get started.
It can be difficult to figure out how much money you’ll need to save to have a comfortable retirement, but it can also be difficult to figure out how to save money and where to invest for your child’s future. If you feel you’d like to start saving for your child, your first step may be to compare bank accounts and figure out which bank you’d like to use to start saving for your child! You’ll want to compare interest rates as well as find banking options that do not charge fees!
My husband and I have had several conversations about saving for our girls. We’ve been putting away money ever since our girls were born to start saving for their future. I know how fast time flies, so I don’t want my oldest turning 16 and we have no money saved up to buy her first car. I also don’t want to have to take out any loans or go into debt to pay for these expenses!
I am hoping that in the future, they will go to college and eventually find the love of their life and get married. With two girls and two possible weddings in the future, saving money now while they are young is very important!
Here are a three ways you can start saving for your child’s future, and teach them how to save, too!
1. Open up banking accounts for each child. Take your child to the bank with you. Show your child how to fill out deposit slips and let them deposit money from their piggy banks or allowance to their bank accounts. Let them watch their money grow over time!
2. Look into 529 college plans. These plans allow parents to save for a child’s education tax-free. If your child receives monetary gifts from family and friends for their birthday or Christmas, use that money to stash away into a 529 college plan!
3. Buy Savings Bonds. You can buy Series EE Bonds or Series I Bonds for your children to help save for college. You can give savings bonds for any occasion such as birthdays, weddings, or graduations.
The goal here is to make sure you are saving in advance before these big events arrive- first car, college, weddings, plus more! Again, it’s never too late to start saving for your child’s future! Start now!