This is a constant worry, always in the back of our minds: having that financial security so that we can raise our children with all that they are entitled to have and experience in their lives. Proper education, health care, clothes, sports, activities, all of it.
Here are some smart choices that I’ve may, that I hope will help you as well.
1.Putting money aside.
For me this tip was gold!
From the moment my daughter was born, I started to put aside 2$ per day. This was such a small amount, that I felt no impact on my daily expenses. So, on my daughter’s first birthday I had saved 728$! For me, being the only family provider, this was amazing!
In 52 weeks I saved this! With no impact on my weekly budget. So I just continued to do this for 18 years. I was a very proud mum when I gave my daughter, on her 18th birthday, 13,104$ in savings! This made a huge impact on her life! She started her own business, her dream job!
No matter how old your children are, if you start doing this now, it will make a world of difference in your children’s lives.
The more you can put aside per week, without affecting your weekly budget, the more you’ll save in the long run:
So, if you can save $5 per day, at the end of the week you’ll have $35, that means $1.820 in a year’s savings. In 18 years you’ll have $32.760, very good right?
2. Teach your child to spend wisely
Something that was always my concern was to show my daughter the importance of spending her own money on what made her happy but in a responsible way.
3. Teach them since they’re little to manage money
Help to manage their savings. You can teach them how to put aside one part and still buy what they want. They start, by practicing how to save and manage money in a positive way. Learning how to deal with money, will give your children managing skills that will make their lives easier.
Thank you for meeting me halfway.