Children are expensive. That’s not surprising when you consider all the things you have to buy for them. Think of food and drinks, clothing, school, but of course also toys and pocket money. It is therefore not a bad idea to start saving for your child from the moment he or she is born. But how do you approach this? There are several methods. We provide some helpful pointers that you can start with.
Saving Money From Birth
First, it is very important to save for your child from the moment of birth. This does not have to be much, every little bit helps. Suppose you set aside 20 euros per week for your child, then after a year you will have saved over a 1000 euros. If you do this until they are 18, you will see that they have a great starting capital to study, travel or anything else.
Selling Old Stuff
If you don’t have that much money every month, you can also choose to sell old toys or clothes that are too small. Especially in the younger years children grow very fast. Both physically and mentally. The toys that were fun two weeks ago are now “for babies” and the clothes they got a month ago are already tight again. It’s time to throw in the towel and earn some extra money which you can then put aside.
Start Investing For Your Child
If you to make a little more money, investing (on the long term) could be a very good solution. You can hold investments on behalf of your child in a blank trust or in a designated account. A designated account is for your child, but is in your name and is treated as your investment. Should you want to save an extra for your child in this way, make sure you are in touch with good professionals, as investing remains risky.
In any case, whatever way you save for your child, make sure you always have it right for yourself and make your choices deliberately. This way, you’ll get the most out of it and can be confident that you can actually give your child something to take home on his or her 18th birthday.