As a parent you want to do as much as you can to help your child prosper. Sometimes daily life gets in the way of saving money for your child. It takes a great deal of discipline along with a well thought out plan to be able to save money for any cause. Saving money for your child to send them to summer camp, buy them clothes, purchase a car or future college tuition can seem impossible at times but with the right approach it can be done.
Put Your Child First
When you talk about savings of any kind, it means taking some money that you might have spent and putting it aside for the future. In order to be an effective saver you have to be willing to delay immediate gratification so that you will have the money and the means for something more important at a future date. This is a major problem for many people but they are many money saving tips to help you along the way.
When many people have $20 or $50 sitting in their pocket they have to spend it. They may buy some fast food, an article of clothing or some other relatively inexpensive items just because they can. Instead of spending your pocket money on things you really do not need, take half of it and set it aside for your child. You certainly can give up the extra pack of cigarettes or another DVD for the benefit of your child.
Punish Yourself
Create a system in your home that will force you to contribute to your child’s fund. You could simply get a nice big jar and label it “Johnny’s Money” and each time you swear, light up a cigarette, yell or do some sort of behavior that you should not do, you must put a dollar in the jar. Depending on how much you “screw up”, the jar can quickly fill with money. You can use any number of reasons to be forced to put money in to the jar. They all do not have to be negative.
Reward the Child
Getting your child involved is also a good idea. You can encourage your child to perform odd jobs and chores around the house and reward him or her with a contribution to their savings fund. Take out the garbage and a dollar goes in to the fund. Clean up their room and another dollar is added to the jar. For larger jobs, like cutting the lawn or maybe cleaning the bathrooms, more money can be added.
Loose Change can Add up
Loose change is another simple source for saving money for your child. Every day when you make purchases get in the habit of saving your loose change. When you come home at night, put all your loose change in a jar. Encourage everyone in the family to drop a few quarters in the jar whenever they can.
Automatic Monthly Deposits
Set up a monthly plan where you deposit a set amount of money in to a savings account in your child’s name. The more you can afford, the faster the savings will grow. If you remain disciplined and contribute every month (and never withdraw), you can build up a nice nest egg in a few years.
It only takes a little careful planning and the desire to want to save. Prioritize and put savings toward the top of your financial life and your children will reward you.
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