Monday, February 12, 2018

Five Mom Hacks For Saving For Your Children's Future

Written by a contributing writer

Saving is hard but necessary, especially when you have children. If you have hopes of sending your child off to a good college, paying towards their wedding, helping them put a deposit down on their first home, or even buy them a safe and reliable car when they pass their driving test, then you need to start saving when they are young. Sure there are fantastic loan options they can use like, but as a parent, you want to try and help them as much as you can. However, with so many daily expenses, it can be difficult to commit to putting away a decent chunk of money. Not to worry. Just like with trying to save yourself some time, you can save a lot of money by simply making small changes. By saving yourself a small amount of money here and there, you can start to build up a decent pot of money with next to no effort at all. Below are five tips to help (Source) you start to build that pot.

Say No to Coffee

Don’t panic. You don’t have to give up coffee forever. But consider how much money you spend heading to Starbucks even once a day on your way to work. Instead, make your own coffee at home and put it in a travel mug for your morning journey. The money you would have spent on the coffee shop visits can be put towards the beginnings of a savings account. It may not seem like much, but you’d be amazed how much those little purchases add up to a substantial amount of money over the course of a month.

Change Jar

An old favorite, get yourself a big jar and put all your change in it. You might choose to put all your coins in or maybe just the lower currency values, either way, all that money will add up over time. Many people throw small amounts of change away, but by keeping hold of them, you are maximizing your money usage. You might be surprised how much money you can build up over the course of a few months or years. Once the jar is full, you can either take it to the bank or use a machine which will convert your change into larger monetary denominations and you can then put it into a savings account. Be warned though, even a regular sized jar filled with change can be heavier than you think.

Yard Sales and Clear Outs

Everyone has junk they bought, used, loved, but no longer need. You could throw it away, but by selling it, you get a little bit of extra money in your pocket that can go into savings. You can also use a yard sale as an opportunity to teach your kids about how to haggle and get the best price for things.

Look at Your TV Packages

Most people have incredibly comprehensive packages for their cable TV. But be honest, how many of those channels do you really watch? Consider lowering your package to the next level down, or even the most basic level. There are also ways to keep up with your favorite shows (through the internet and apps) without having to pay for traditional cable TV. You may think you’d miss it, but you’d be surprised how quickly you adapt to less choice. You may even get more work down around the house without the TV to distract you.

Stay in Instead of Going Out

Going out is expensive, even when you do it on the cheap. Create some quality family time by staying in with a board game or doing an activity together. Playing outdoors, cooking together, and putting on a talent show are all fun ideas you can do at home.

Hopefully, these tips have helped ease your mind and shown how easy and painless it can be to start saving for your children’s future. By making small changes, you can put that money to better use planning for the future.

No comments:

Post a Comment