How To Save Money For Your Child's Future


I've been thinking about this for some time now; How do I save money for my child's future?

First, do I think: should I save for her first school year or for her university fees? Either way, it's quite an intense story - well, anything to do with money is an intense story. That's when you don't plan to spend it.

Set a goal

Early this year was one of my New Year's intentions to save a certain amount each month for my little one's future. It was quite a challenge when I was retrenched in March. A few months later I could make up for it when I started doing freelance work.

When setting a goal, you often remind yourself of what needs to be done. It's so easy to get rid of the road - you can use your money for several things, but if you have a goal, you first pay to achieve your goal.

How now when it comes to savings?

I started saving money in a tax-free account from my personal bank account. Did you know that you can save R33,000 a year every year until you get R500,000? That means you can save in a tax free account for 15 years, according to SARS.

The idea of ​​a fixed investment or a tax-free account with your own bank sounds good and is easy enough. The problem comes in if you need money for an emergency. Then it's the place you run fast enough. So for me to save money in a tax-free account at my personal bank is not a good idea.

When willpower is a problem…

I realize I should rather save money at a different bank or put the money in a tax-free account at a financial institution like Old Mutual or Liberty or Investec… you get the picture.

It gives me less chance to go to the money.

Debit order or pay cash?

Young, if you order any money debit, then you automatically make that money part of your budget. This means that you MUST pay that money every month because it is deducted on a certain day by the bank.

I don't know about you but if I pay something cash it's not easy to pay the full amount, so that's why debit order is also a good plan.

Anyway, For now, I'm doing some research on where to save money (for my child's future).

Are you saving for your children's future? How are you doing this? Tell me about it in the comment section, below.

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