Given the amount of weird stuff happening with the world’s economy over the past decade or so, does anyone else worry about their children’s future? We live in uncertain times, and no matter how well loved your little ones are, talk of our children’s generation being less well off than the one before is incredibly concerning. If this sounds familiar, you are in very good company!
But there’s no need to panic – as long as you are a little smart with any money you have put away. Today, we’re going to take a look at a few clever things you can do with your money to help you give your little one the best possible start to their adult life. Let’s take a closer look at all the best options.
Now, I appreciate the expense of having children means that not everyone will have any savings at all – and most people will relate to that. However, it’s really important to establish some kind of financial cushion that will help you through emergencies, rainy days and maybe the odd holiday once a year – if you’re lucky! We’re not talking about that money, however – never touch your emergency fund as it is an important buffer. It’s any extra money on top that we are discussing – spare money that you free up by making a budget, cutting some unnecessary costs, and maybe receiving as one-off gifts on birthdays.
Sure, it’s so tempting to spend all your income every month – and it might even seem necessary. But most households overspend without realising it, and I’ll bet that if you create a proper budget and savings plan, not only will you be able to build up an emergency fund, you will also find a little extra to put aside for your kids. It doesn’t matter how much or how little you can save – it’s the saving habit that is important. Now, let’s take a look at some of your savings options.
A lot of people scrimp and save a fortune to buy their first property, and it can be incredibly tough. But don’t forget that as soon as you are on the housing ladder, you own something you’ve never owned before – capital. And given how much banks love and trust capital, you are in a far better position to buy more. Sure, there are a few things to learn before buying an investment property. But, whether you rent it out to another family or start a holiday home business, the point is that if you are clever and ensure you cover all your extra home loan expenses with rental payments, it’s possible to have a second property at little cost. And in 25 years time when you have paid off your mortgage, you could gift that home to give your child the perfect start to life. It’s something of a myth that you need to be wealthy to buy a second property, although you do need to be financially stable and savvy.
Raising kids is expensive enough as it is – some reports think it is over $250,000 by the time they are 18. That’s an astonishing amount of money, but it doesn’t include a university education. If you want to avoid the huge costs of tuition fees and living expenses while they spend anything from 3-7 years at university, law school or medical school (we can all dream, right?!) then you need to be putting in some effort right now. There are plenty of options, from Australia’s special education funds that are solely for schooling, through to things like investment bonds that you pay into and get a return in 10-15 years. Other options exist, too. Term deposits are available from banks, credit unions or building societies, and are virtually risk-free. And you will get a higher rate of interest than your usual savings account in return, too.
Encourage your kids to save
Even when your little one is still toddling around bumping into things, a lot of people tell me that they grow up real fast. And by the time they go to school and learning some basic maths, they will also be able to start working out how to use money. Help them. Start by putting any birthday money into a high-interest, long-term savings account – and make sure you leave it there! Once they can work out the difference between a dollar and a cent, you can teach them how banks work by using a piggy bank – and let them see their money ‘grow’ by you paying them ‘interest’ for saving. And by the time they are getting pocket money, encourage them to put a dollar or two in the real bank every month, getting them in the habit of saving by themselves. Don’t forget that schools don’t really teach kids about money – it’s all down to you. And a financial education is one of the best investments you can make for them to ensure they are savvy enough to cope with the demands of the modern world when they get older.
Set up a trust fund
Finally, consider setting up a trust fund for your little one. A lot of people think these type of tools are only for the wealthy, but that’s not right – anyone can open one. They are, however, very complex financial tools that may need the help of an accountant to arrange. Trust funds are generally seen as ‘safe havens’ for any assets that you might have, that you are willing to hand over to your kids – and it will also keep them safe, out of the hands of creditors in the event you end up bankrupt. Which, let’s face it, is not beyond the realms of possibility when you consider the cost of raising a child! Ultimately, you act as a trustee, while your child is a beneficiary, and the trust fund opens up to them at a given point in their life – an 18th or 21st birthday, for example. There are a few different options, including a family/discretionary trust, a unit/fixed trust, and a hybrid trust. While there are slight differences between each of them, they are relatively easy to set up.
OK, so there you have it – a few ideas for you to save money for your kids. It can seem overwhelming when you feel like you can’t afford to save, but it is one of the most important things you can do for your little ones. Good luck!
As a parent, you have a very difficult balance to maintain. When your children are young, you will have to do a lot of them, constantly tidying and cleaning in their path. Of course, you expect this when they are young, as they won’t be able to clear up after themselves. As the get older, though, this should be a job they handle on their own. To help you out with this, this post will be going through some of the ways to instill a good attitude towards a tidy room in your children.
Making A Routine
The very first part of this journey will involve some habit and routine building. At first, this will have to be done using a rota or timetable to make sure everyone is working as they are supposed to be and doing their share of the job. As time goes on, you will be able to teach your child how to make cleaning up after themselves into a job they enjoy. Even adults will often struggle to keep their space tidy without the right sort of habits. Working with your kids like this can be a great way to make their living in the future easier, as these skills will stay with them.
Adding Some Fun
Of course, when it comes to children, there are loads of ways to promote the right sort of behaviour and attitude. In most cases, though, the best option you have will be adding some fun to their chores. Making tidying into a game is a good start, and this can be enhanced with the right labeling and storage methods. If you have a couple of children, fostering a bit of healthy competition can be a great way to let them motivate each other. Along with this, though, you will have to be careful that it doesn’t get out of hand.
Making your child’s tidying experience a little bit easier is another great way to keep their clutter under control. The correct storage methods will help with this in huge ways, giving your kid the chance to keep their space tidy with minimal effort. Websites like https://soundbodylife.com/best-makeup-organizer-organic-cosmetics/ can help you to find specialiest containers for loads of different parts of your kid’s room. Of course, though, having a lot of storage can also make it easier to hide mess.
Finally, it’s time to think about fun for a little bit longer, along with the aspects which make something fun. In most cases, achieving a goal is fun because you get something out of it, giving you satisfaction. Thankfully, kids are easy to please, and a simple candy bar could be enough to keep them tidying. By doing this weekly, you can create a routine which they will begin to think about more and more.
Hopefully, this post will give you all of the tools you need to start taking control over the clutter in your home. As time goes on, less and less of this work should be yours to deal with. As your children grow, they will have to take some responsibility, or they will never learn to keep themselves in good shape. Of course, though, it will be easy once you have the right methods to use.
We all know that, heading into the NSW state election on Saturday, transport should be a concern for voters. For those who have good services, they should be concerned about future proofing them, for those with poor services, lobbying to get them, or keep what is left, and for those on train lines all over the state, we’d like better tracks that aren’t held together with Christmas stickytape, like my running repairs on this junction yesterday.
Fortunately we were able to resolve this issue with a little re-jigging of the path after one incident with the bridge.
We’ve already completed the “under table rail link” and construction was underway to join the two fiddly loops with a shuttle train.
It appears also that Minister Ez is a fan of heavy rail where heavy rail should be, and no overlap with buses and cars – buses on the rail routes were quickly removed from service. Her or the highway – buses will not replace trains in her world.
What would you change about your local public transport?