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5 Savvy-Saving Tips For Your Child’s Future

We all want to ensure our children are provided for, protected, and happy. Yes, it truly is easier said than done. Many families have experienced hardship due to the pandemic and job insecurity. And the cost of raising children goes higher and higher every year. Consequently, the act of saving money appears to be harder in the modern world than it was in the past.

I believe this is also due to the constant bombardment of advertisements depicting all the shiny new things to buy. Children are not immune to this either. Every other day, my daughter finds something she wants. Money can fly out the window so quickly. So with all of the challenges, what can we actually do to prepare for our children’s future?

Start Investing 

Investing is one of those things that can reap dividends, but we have to remember that it is about the long-term. There are investments in many different forms, for example, real estate. Real estate is a lucrative prospect, but things are getting tough in the market for investors as prices are rising quickly. Getting a return on your investments can be tricky. I recommend that you click here for some advice on financing real estate investments to get your head around the subject before you jump in.

When investing your money in anything, remember that it is about playing the odds in the long term. So if your goal is to save your child’s future, you’ve got roughly 17 years from when the child is born…that’s if you start right away. 

Start a Youth or College Savings Account


Many banks and credit unions offer children’s savings accounts you can co-own with your child. These types of accounts are to help teach your child the value of money and how to save. It can be a valuable tool to give your children an active role in managing their money. Also, look for banks that offer special college fund accounts that may have higher interest rates or other benefits for your child.

Teach Them About Money

Just as you are preparing financially for your child’s future, it’s important to teach them how to handle money and financial choices. Know that money discussions are something to approach with caution, especially if you struggle financially. You want to have a healthy relationship with money before you pass this on to your children. Children tend to mimic what they see more than listen to what they hear.

Use Your Roth IRA

Dipping into retirement savings might not be a good idea for everyone, but as long as you do it properly, a Roth IRA could be a good choice if other options aren’t there. As it stands, people under the age of 50 can save up to $6,000 for retirement after-tax. But also remember that any money withdrawn prior to the age of 59 is subject to a 10% tax penalty

Get a Side Hustle 

Having a side hustle can be a terrific way to earn extra cash that can go directly into savings or investments for the future. However, do also consider the downside of working more. You will have less time for yourself and your family. Instead of choosing something that strips away your resources and joy, find a job that you actually enjoy.

Some women do extra jobs that involve their children. Delivering food, groceries, or other items could be a great way for you and your child to spend some more time together. You can also check out websites like Pactera that offer jobs that you can do from home. Whatever you do, make it work for you and your family.

Everybody’s feeling the pinch right now so saving is challenging. Remember to be clear about what your family needs now and what it will need in the future. Set achievable goals and take steps toward them every day. Your realistic planning and consistency are the things that will have the most impact on your child’s future.


About Kellie R. Stone

"I make no excuses for my diverse roles as a Rock Your Feminine Type Coach™ and Branding Expert, best-selling author, and crime thriller novelist. Yes, I do still chuckle a bit at the irony. I kick ass as a women’s biz coach by day and kill off vulnerable fiction characters at night. What the hell, it makes for some interesting dreams. I believe that everyone should pursue their passions no matter how out there they seem to be. One of those pure heart-fluttering passions for me has always been writing. Since I did, indeed, chase my dream of being a writer, I've published two non-fiction books in the self-development genre, co-authored an international best seller, and now I'm finally pushing my much-too-old-to-be-in-the-nest novel out the door and into the world. My whole world is empowering and I adore showing others how to live life unfiltered, whether I do that through the written word or my coaching work. I love my job!" ~Kellie R. Stone

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