How To Easily Save $𝟣𝟢,𝟢𝟢𝟢 For Your Child

How To Easily Save $10,000 For Your Children 

Finding ways to save for our children’s future can be overwhelming.  It’s hard to know what kind of funds we will need, for what purpose or reasoning, if you’re going to need one, two, three savings depending on how many children you plan on having and if so, how do you make it fair?  But I have found a way to easily save $10,000 for your children by the time they’re about 21.  Maybe your in debt or just living paycheck to paycheck and have no idea how you could do this.  Well, my friend, keep reading.

Simple Ways To Easily Save For Your Children

I have found a few frugal and simple ways that seem to work well for savings for our girl’s future.  You want to look at the big picture!  When will your children need some financial assistance?  When my husband and I were discussing this we thought of two main events that we could help out our children as most parents want to do.  Being as we have two girls, we immediately thought old school about how we would want to help our girls out should there be a wedding in their future.  Another main event would be any extra educational course they may want to take to help them get a stable job to support themselves.

Cold Hard Cash

Most people are aware of RESP’s, but this goes above and beyond that.  Maybe you already have an education savings plan, and just want cash on hand that’s set aside for your kids so you can help them buy their first car…  Regardless of the situation, I think we can all agree as parents, we don’t want to get to a point where we CAN’T help out our kids financially, right?  Or we don’t want to put ourselves in more of a financial burden if we already don’t have the money to help them.

Tips for saving $10,000 For Your Children

You are going to be floored when you learn HOW easy it is to save over $10,000 by the time your child is 21.  In reality, it can be even sooner than that if you have some extra cash flow.  My plan today though is to show you how to do this without even realizing your saving and while paying your bills and maybe even paying off debts.

Open A TSFA / High-Interest Savings

Open a TFSA or even a Trust fund for added security.  My husband and I opted just for a TFSA and a high-interest savings account and this has worked great.

Separate Each Child’s Account 

Make sure to have separate accounts for each child as you may be adding to there funds at separate times based on age.  This also keeps it more organized for each child.

All you need is $10

Put aside $10.00 a week!!  That’s right, just 10.00 a week!  As a mother, you probably have no problem spending that on ONE bottle of wine a week or even 3 Grande Americano’s am I right?  It adds up so quickly though.  An additional tip is if you can only afford $10/ week but have to children, then just give them each $5.  If you have more cash flow then maybe even aim for $20/week.

Start at Age 1

 Take the first year to learn about your baby, love him/her and not overthink every aspect of there future yet.  These precious moments go way to quick.  But once they turn 1, start thinking about this and start putting away your $10/week for them.

Don’t Double Dip

Or better yet, maybe I should say don’t dip at all!  By this, I mean, don’t take out of there fund!  This might be funny to some, but hey, life gets busy and bills get intense sometimes, and as a savings account is growing it might be tempting to use some of that money down the line as it starts adding up.  But remember, this is for them and at some point, they will need it.

Easy Tips For Saving $10,000 For Your Children

That’s all the tips you need!! It’s as simple as that.  Think about how easy $10.00 a week is or just one payment to there account of $40.00 a month.

 $40.00/month x 12 months out of a year = $480.00 every year!

If you start it at age 1, by the time your child is 21, you have $10,080.00 saved for them!

If you start at age 1 and can put away $20/week, that is $80/month x 12 months = $960.00 every year!

This brings you to a staggering $15,360.00 by the time your child is only 16 years of age!!

Here’s The Takeaway Point

Maybe to you, that doesn’t sound like a lot but that’s the point.  We don’t want to feel like we’re breaking the bank trying to save for ourselves and our future let alone our children’s.  Start right away and start small.  Let it add up over the years because maybe they won’t need it right away and you can keep saving.  Maybe they will need it even earlier, but you can always top them up however you prefer.  This just gives you a good solid financial foundation for them without having to overthink it.

How easy was that right?!  You must like budgeting… If so, you will enjoy:

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Xo, Asia