When you have twins or even children of differing ages, you might want to consider saving for their future. This can allow them to have a small sum of money available for when they reach adulthood or even enable you to make some of their childhood memories even more special. However, you might want to consider the ways that you can make sure that the money is saved fairly, as well as how to work it into your existing household budget.
Open individual accounts
Simply putting money aside may make it all too tempting to spend. In addition to this, having the cash means it cannot have the opportunity to grow. Wealthify offers several savings accounts specifically for children that you could use to gain interest on your deposits. This interest rate may change over time, but you should accrue more than you initially put in. One of the great benefits of these accounts is that they are also inaccessible to yourself or your child until they reach adulthood. This means that the money will be protected from being spent until a time when your child might be mature enough to make sensible decisions with it.
Scale back spending
While you may have some expenses that are unavoidable, others may actually be luxuries, as opposed to necessities. Figuring out where your money goes each month may put you in a better position to eliminate paying for things that you don’t really need. From this, some of that extra money you free up could be used to help create more savings for your family in the present, and for your children in the future.
You might want to be mindful of how you do this, so that you don’t take away things that are good for you, such as a gym membership, and that you enjoy. A bit of moderation between the things you presently would like, and the things you or your children may need in the future, could allow you to figure out what isn’t important to you and, therefore, could be omitted. This could also include remembering to say “no” to your children at times, especially if what they want is incredibly frivolous, expensive, or likely to be short-lived.
Spend time, not money
Another aspect to think of when attempting to save money for your children’s celebrations or future can be the way you interact with them. It may be better to take a cheap camping trip as a family, foregoing the electricals in exchange for each other’s company. Generally, camping pitches can be significantly less expensive than hotels, whether in the UK or abroad. While this may require you to deal with your own meals, it can offer ample opportunities for bonding. In addition to this, the money you’ve saved can then be put away into those savings accounts.
Finding ways to save money doesn’t mean you need to compromise on enjoyment. By figuring out the correct ways to save, and maximise the money you have, you may be able to put aside a decent lump of savings for your children’s future.