Friday, September 11, 2015

The Fundamentals of Saving for Your Children's Future

Don't Ignore These Five Fundamental Tips

Chances are, you wish that your parents had saved a little bit more money for you when you were growing up. Whether they couldn't due to circumstances or they felt you should maintain responsibility for your own financial future, you want to ensure that you have at least some more money put away for your own kids.

1. Establish a savings account
The best way to save money for a particular goal is to have a savings account dedicated purely to that pursuit. When you don't have a savings account for your children established, it's easy to just start putting the money into other accounts and using it for other things. Look for an account that has a good interest rate so that the money will grow by the time your children need it.

2. Deposit money from important events
When you host events for your children, make sure that the gifts are actually going to them. Don't throw a party that you can't afford. Whether you have a baptism, first birthday party, communion, bar mitzvah, sweet 16 or other event where your children receive cash and checks for gifts, make sure these amounts go right into the savings account. The best idea is to bring them there right away.

3. Ask them to contribute
It may be hard enough for you to save money for yourself, and when it comes to putting aside funds for your children, the task seems even more overwhelming. Once your children are old enough to understand, require them to contribute a portion to their own savings accounts. You may ask them to put a little bit of their allowance away every week. When they begin their first jobs, work with them to set up a plan where part of their paycheck goes directly into the savings account each time they are paid.

4. Teach them Healthy Financial Habits
In addition to saving, possibly the most important thing to learn is to carry as little to no debt as possible. No debt is healthy or "good" debt. If you're paying debt and saving, your children could be earning and saving so much more if those debt payments could go into savings. My husband and I are currently working towards paying down all our debts, student loans, cars, everything. Debt is slavery and chaining you and them down. Debt might be "normal" to some people. But be weird, really. Ridding yourself and your family of the chains of debt opens so much freedom and income to use towards other things, including saving for your children's future. 

5. Teach them healthy spending
If your children open up the savings account and spend all of the money in a short period of time, then your efforts have been for naught. Starting from an early age, show them how to properly spend money and how to know when a purchase is beyond their means. By teaching them these skills from a young age, they may express more responsibility when it comes time to handle their own money. Taking the time to follow these suggestions can help your children to have money waiting for them in the future.

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  1. I am working with my 15 year old to develop good saving and spending habits. He is knocking it out of the park so far.

  2. My kids totally do not get the value of a dollar. I need to get better about teaching them.

  3. I take my kids to the bank to deposit their money. They really have a grasp on saving and spending at a young age.

  4. We are teaching the kids to save their money now. They have bank accounts!

  5. We are teaching our kids as we go..when an opportunity or a situation presents itself we make sure to use it.
    They have bank accounts and we are putting money away for college but that's stuff they "can't see" so we make sure to comment on the stuff they can see!

  6. I appreciate what you are doing. A few years back I used the Dave Ramsey program to get out of debt. It made all of the difference in my world. We should teach our kids about these concepts!

  7. I recall my gramma starting a bank account for us and showing us how to use a checkbook and I am so grateful.

  8. Money is a topic that causes many issues in marriages. It would be great if we could all learn the basics and value of saving when we are children so that these issues might not cause problems in the future!

  9. These do sound like really good ideas. You really have to teach them all about it because the schools don't always have classes about money.

  10. I cannot wait to start building our savings account again. It is pretty sad looking right now

  11. That last one resonates. We focused on that more with the second child than any other and he's the one with the 850+ credit score. He's very good with his money!

  12. we have had money set aside for our kids since they were born, very important as college is expensive.

  13. These are all great Tips! I especially like #4 and this is where I am right now. Kids need to learn the value of money and how to spend it. After-all .. they won't stay kids forever

  14. Such great tips. Its SO important to teach kids about money early on. Fiscal responsibility needs to be taught well before adulthood!

  15. These are amazing tips! I'm going to start depositing cash gifts sometimes instead of always letting them spend it!


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