Any parent wants the best for their children. You don’t need us to tell you that; it’s a widely-known fact, and we shouldn’t expect any different. For the first years of their lives, your kids depend on you for everything. Even after they’ve flown the nest, you’ll feel the responsibility to provide for them.
As such, it’s no surprise that the internet is awash with advice about saving for your children’s futures. Obviously, parental responsibility involves more than just money. But, there’s no getting around the fact that money talks and a comfortable life is hard to come by without it. But, the information out there often seems aimed at those with money to spare. And, in the current climate, that’s just not an accurate representation for most of us. When you live from paycheck to paycheck, how can you set money aside for their futures?
While it may not be easy, it’s far from impossible. To prove the point, consider the following tips.
The sooner you start, the more you can save
This is a simple point which many fail to heed. The sooner you start saving, the more chance you have of providing a decent amount. As a parent, you can no longer live in the moment. You should start preparing for their futures as soon as they’re born. Setting up a savings account while they’re young will reduce the pressure to pay out large amounts. Plus, it will leave you in a position to skip payments if you’re struggling. You won’t need to worry because there will be plenty of time to make up the difference.
Modest ways to make more for your money
When you have less money to play with, it’s more important than ever to put it in the right places. Many guides about providing financial security talk about investment property, or other pricey ways to increase earnings. While these options aren’t practical for those of us on low incomes, there are still ways to increase your money. Something as simple as a high-interest savings account is sure to make a difference. Or, you could take things further and invest in stocks and shares. These small investments could see substantial returns. All you need to do is research to ensure you don’t lose anything in the process.
Ensure everything goes to your children
It’s also crucial that you ensure everything you intended goes to your children if anything happens to you. As soon as your little ones are born, it’s crucial you write up a will with a solicitor like Ronald Fletcher. Without taking this step, your kids may have expensive legal battles on their hands. Not to mention that they could end up paying extra inheritance tax. Hence, your efforts to secure their financial futures would backfire.
As you can see, it’s still entirely possible to provide financial security when living on a low income. You may have to think a little harder, but it’s a cause which is well worth the effort.