Four Ways to Save for Your Children´s Future
Most parents worry about their children´s financial future. Increasingly, they are choosing to tackle things head on by saving for their child’s future. If you are a parent who wants to do the same you will find this article helpful. Below we share with you four innovative ways to save for your children´s future.
Buy them gold or silver coins
One of the nicest ways to do it is to buy each one of your children a gold or silver coin, each year. This is easy to do using this website. This firm sells commemorative coins and ingots in a range of weights. Using their service, even families that are on a relatively tight budget can potentially save for their children, in this way.
Buy them jewelry
The coins or ingots can easily be made into items of jewelry. This is a great way to turn them into attractive items that can potentially be passed from generation to generation.
A nice gold necklace or heavy ring can potentially be pawned to generate funds in an emergency. This is something that is particularly useful for a student or new parent to be able to do. If you do buy jewelry for your children it is best until they become responsible before letting them wear the items in situations where they are not closely supervised. It is also a good idea not to let them wear them to school.
However, it is important to realize that this approach is not the most efficient way to save. This is because when you buy jewelry you pay a premium for the workmanship. Usually, you get less gold for your money that you would if you went out and bought an ingot that weighs about the same.
Open a savings account
In most countries, it is relatively easy to open a savings account for each of your children. Many banks and financial institutions offer accounts that are specifically designed for young people.
If you do decide to go down this path you have several options. A lot of parents hand the account over to their child when they reach a reasonable age. They do so to give their children the chance to learn about managing their own finances, from an early age.
While others continue to save for their children until they are ready to go to university or set up a home on their own. This ensures that the child has a significant sum of money to help them to navigate these big changes in their life.
Run a small home business with your older kids
The emergence of the internet makes it far easier for you and your children to earn some extra income by working online. Increasingly, parents are helping their children to set up and run their own businesses. This approach is extremely effective, as you can see from this story. It is about a 14 year-old whose parents helped him to make millions using a simple idea he came up with.
Of course, this approach will not work for every family, but it is certainly something that is worth trying if you or your child has the right business idea. Even if you do not end up earning much you will have both learned a lot and have new skills that can be used in other areas of your lives.