Kids can be expensive. One day you’re buying a second pair of school shoes for your daughter because she’s had a growth spurt, the next you’re paying for her wedding. Along with all the small expenses when they’re young, you may be thinking about big expenses when they’re older, like first cars and first homes.
It’s never too early to start saving for your child’s future but it can be tricky to find the money to put aside. Take a look at these simple tips for starting your savings pot.
Cut Down on Takeaways
How much do you spend on the average takeaway? Most people are surprised by how much they spend per month and what it would add up to every year. It’s a difficult thing to do but it can mean you have a significant amount to put in a savings account every month.
It also gives you the option to make healthier choices at meal times and cook together as a family, all while knowing you’re contributing to your child’s future.
If you’re working really hard at your first job, the thought of getting a second job can seem daunting. However, there are many jobs you can do from home where you get to set the days and hours you work. For example, customer service roles are plentiful.
You can work remotely while answering the phone and emails for business owners anywhere in the world. Similarly, selling feet pics can be done in your own time, at your own convenience. Take a look at remote roles online and see what suits you.
Check Your Outgoings
It’s easy to forget what you’re paying every month. In the hustle and bustle of life, most people end up paying more each month than they should. Are you still paying for subscriptions you don’t use?
Check what you’re paying for car or home insurance and then look around for better deals. You may find that you can save yourself at least 5% on each monthly bill. Take your savings and put it all away for your kids.
Ask For a Raise
Many employers are sympathetic towards parents who are saving for their children. It’s worth mentioning your plan to your boss and asking if you can get a small raise to help. If you don’t ask, you won’t get.
Some employers are even kind enough to contribute to college fees for their employees’ children when the time comes. It will take a weight off your mind if you know you have a helping hand in covering the costs.
Work The Interest
Make your money work for you. Whatever you save for your children, make sure it gains interest over the years. When you use the money, you want to make sure you can get out more than you put in.
Look for the best savings accounts with the best reviews from customers over a span of ten years.
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