Having a child can be one of the most rewarding and unforgettable experiences in a person’s life. Being responsible for another human being sometimes means that you have to make certain adjustments, especially when it comes to finances. Some families even consider their current budget when planning to have children. Most parents will do anything to ensure that their child has a good life, and according to a worldwide survey, 82% of parents are ready to make personal sacrifices for their child to succeed. If you’ve always wondered how you can invest in your child’s future but are worried that your limited income won’t allow it, don’t worry. There are ways to stretch your income, invest in your child, and live a quality life at the same time. Follow these easy tips to invest in your child’s future on a small income.
Put cash gifts in a separate savings account
Children sometimes get cash as gifts for their birthdays or other special occasions. Rather than holding on to the cash for your child’s wants, consider placing cash gifts in a separate savings account for your kid. When making financial plans for your kids, keep in mind that the more you save while they’re young, the more they’ll have when the time comes to use it to further their education in the future. Plan on not having an ATM card connected to the savings account so you won’t be tempted to withdraw from it whenever you need funds.
Use an app to keep track of spending
Put your mobile phone to good use and install an app such as PocketGuard to keep track of spending. By being on top of your finances, you can pinpoint items that can be excluded from your budget and find ways to trim unnecessary spending.
Stop impulse buying and start selling
If you notice that you have several bags in the same design or that your crafting corner is getting cluttered with items that you have no idea how to use, it may be time to sell your old stuff to make money. You can have a yard sale, set up a booth at a market, or sell your items online. Plan on decluttering your home at least twice a year and selling the unwanted or unused items, then place the money in the savings account for your child.
Preparing for your child’s future can be a challenge when money is tight, but there’s always a way to save a few dollars if you put your mind to it. Start early and follow these easy tips to invest in your child’s future today.
Written by: Jackie Edwards
