Having children in your life is a wonderful thing and we all know the struggles and sacrifices involved, but of course, it’s all worth it in the end. We’re probably all familiar with the financial aspect of having children, however, when we decide to raise a family, many of us fail to look past the first year, and only take into consideration the obvious expenses such as prams, clothes, nappies and childcare.
As a result, many of us are at a loss when it comes to investing in their futures. We’re living from paycheck to paycheck and it’s not always easy to put a little away each month when you have so many other financial responsibilities. If this is your current situation, then you’re not alone. Luckily there are plenty of ways you can secure the future of your family without a huge monetary input.
Read on for 3 simple ways to invest in your kids’ futures.
The world of investments can be pretty daunting and with so many options it can be difficult to know where to start. From ISAs and saving accounts to stocks and bonds and even bitcoin – click here for more information on buying bitcoin – if you’ve got something tucked away for a rainy day then you should consider putting it to use, and making your money work for you. If you need guidance, speak to a financial advisor who will be able to go through your options with you.
Remember, an investment can grow into the first down payment on their first home, the family holiday of a lifetime, or their university fees. So, be smart with your money and invest it wisely.
The home you own and live in will serve as an excellent nest egg for your children in the future. It’s something you can pass onto them when the time comes, therefore purchasing your own home is recommended for those who are looking to start a family. While renting is a quick option for those wanting to have their own independence away from their families, the commitment and cost of rent can really compromise your ability to save for the deposit you need. If you already have children and are currently renting, don’t worry – it’s still possible to save each month, however the process will probably be longer.
A gift for their futures
Did your little ones get money for their birthdays? It’s tempting to let them spend their birthday or Christmas money on toys and sweets, but in doing so, they’re missing out on a golden opportunity to save for their own futures. Open them a savings account and any money that they are gifted can be put straight into their accounts for when they’re older. You may feel a little mean, but they’ll thank you when they’re older and they’re a step closer to buying their first home.
Investing in your children’s futures sounds daunting and it can feel a little lacklustre, especially if you’re only saving a little here and there. Just remember that it doesn’t matter how much you save, your commitment to your child’s future is the most important thing.