With 3 children, my husband and I are well aware of the costs involved in securing their future. There’s so much to think about – college education, first car, helping with mortgage etc. If you look at the list of things you may need to help with, the list is endless. And you’re probably going to need a whole lot of savings to come through on each one.
As a parent, you put away money for your children – it’s a given. But how much do you need to put away every month and how much do you really need? It is easier to put away money every month as you don’t realise that it all adds up. Besides putting away every month ensures that you don’t feel the pinch.
I came across the Shepherds Friendly Society online and there is some handy information on saving for children. I particularly like this infographic below that gives a good breakdown on how much you/your children would need for their future making it easy for you to plan your savings.
We have been putting away a little every month for the children and hope that this will help them when they require it.
I like the idea put forward by this information where you can ask grandparents and relatives to open a children’s saving plan for your kids should they wish to contribute to their future.
Remember when you are saving, you probably need to look into how you can make investments too, to make your savings go further. At the same time, you need to make sure that you are not taking unnecessary risks that could harm you investment.
Since your idea of saving has a different end plan – namely your children’s future, you need to make sure that you plan is secure and ensures the security of your children.
Are you saving for your children? Do you have any handy tips to maximize your savings?