Here are some easy tips to help you begin saving money for your children’s futures.
- Open a children’s savings account as soon as possible. Most of the high street banks and building societies offer these and at the time of writing offer interest rates as high as 5% gross with instant access. This means any money you do save isn’t sat around doing nothing, it’s earning more money!
- When a child’s birthday or Christmas comes around, ask friends and family to donate money rather than buy gifts. Of course, this doesn’t have to mean your child gets no gifts only money. Maybe you could ask half of your friends and family to donate and the other half to buy gifts? Or maybe you could ask them all to donate and you purchase gifts on their behalf, saving a portion of the money to be added to your child’s bank account? This may sound a little cruel, but in the long run your child will benefit and really, how many toys do they need?
- Get your child a piggy bank. Adding your spare coppers and small change to a piggy bank will make very little difference to your perception of how much money you have and can really add up very quickly. Having a fun novelty piggy bank can encourage your child to start adding any pocket money or small change they are given too. When it comes to cashing your piggy bank funds up and paying them into their bank account, please, please don’t be lazy. Don’t use one of the automatic counting machines available at most supermarkets these days. They may be convenient but they make a profit by taking a percentage of the money you pay in, usually around the 10% mark, which really is astronomical. Do you really want to be paying 10 pence in every pound you save just to save you having to count? Grab some money bags from your bank and do it the old fashioned way.