Thursday, August 30, 2012

How I save for my children's future

As parents, we are concerned with our children's future. Financial preparedness is among the steps that we wanted them to be secured about. At this time of difficulty and economy, we need to make extra effort to diligently save for our kids' future. We teaches our kids to save. They have their piggy banks at home and educate them that loose coins should go in the piggy bank. Then when they have enough in their piggy banks it's time to teach them to put the money in the bank. This is important to be taught to kids at an early age so they will know that hard earned money need not to be spent easily. You have to save for the rainy days too.

I learned through reading different financial self-help books and listening to financial advices that one way of saving for our children's future is to get a cash isa or the cash individual savings account. This is a popular investment in UK compared to the regular savings account. Why? Because you don't pay income tax of the interest on cash isa or any increase in your investment. This means more money to save. This is the kind of savings that I like.

Another thing that I learned is that you can also check out credit unions to start saving for your kids, especially here in the US. Most credit unions have higher interest rates and best to also start saving your kids money. I would love to have that cash isa but I have to check out our bank if they have a similar program. How about you? How do you save for your children's future?

16 Showed Some Love:

Adin B said...

Visiting you mommy. It sure is a concern for all responsible parents to save enough money for when they go to school. Time is sure tough these days and saving and being frugal as well helps. :)

sigrid @ earn money said...

wow no tax! that's great. the savings account here in the philippines only has 75% of 1% interest per annum and it is still taxed. gee.

Divine RCaraecle said...

I always believe that I can save more for my kids' future if I was able to successfully taught them on how to save by themselves.

Lulu Post said...

It is always a plus to start saving early for our kids future. We will never know what tomorrow holds for us so we better be prepared.

zoan said...

I have time deposits for my kids future and an insurance/investment in a preneed company

jheylo said...

Oh boy! honestly, we don't have any savings for their educational funds. Ugh! we should start it huh? It's never too late right?

Mel Cole said...

thank you for this money saving tips. it is always a good idea to save money for the kids while they're still little.

Les said...

so sad, we don't have any savings yet for kids' education. We have to start soon because we are not getting any younger.

Teresa Martinez said...

My personal experience with credit unions or credit cooperatives as they are known here in the Philippines is quite good especially in savings and loans.

ღ Ms. Joy mH ღ said...

those are some of the things we consider, however, we have no choice but to send them to school as much as we can maybe. if not, then they need to get it somehow by financial aid.

Rossel said...

That's our top priority, our daughter's education and I am happy that we're able to save for that. Now it's about time to save for my and my husband's retirement.

Marie said...

I have savings here and there for our kids aside from those that goes to the bank, I only get those that will mature in 6 years or so then we start again after "collecting" :D Great write up!

Genny said...

Omg we do not have the fund in the savings yet...:(

emzkie said...

i am very much concerned about my childrens future, with whats going on right now.. i dont think they have a future at all. i just pray to God that everything will be alright, and give us good leaders in the future. coz right now.. its just imposible to save. taxes are so high, bills are so crazy high, insurances are going up, and anything u do.. the government is always have their share lie 90%! lol.

Wailing Soul said...

save save save.. thats the key to it ;) Always save for the rainy days

love and living said...

i wish i can save more for my children but our income is just enough for everything.

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