We all want to set our children up for financial success in the future, right?
Don’t worry, this is a safe space. You can tell us in the comments below if you really hate your kids… we’ll keep it a secret… shhhhh.
In all seriousness, here are a few key tips we wanted to give you, as parents who want the best for their children, when saving for your kid’s future.
1. Start Saving Money Early
One big key to seeing growth in anything is time. Just like plants or our own kids, who grow progressively with proper nourishment, this is also true of your child’s savings if you start the process early. In other words, starting sooner gives the money you are saving for your child’s future more time to grow.
2. Invest/Contribute Consistently
Going back to our plant analogy, will a plant grow nearly as well as it could if you only feed it once a year? No, it will maximize its growth potential with consistent investment and care, again, very similar to any savings you start for your child. If you invest your money or contribute to your child’s savings every month, you will very soon notice how quickly the money adds up, which will help set your child up for a significantly better future.
3. Get A Boost From Outside Resources
You’re not alone in the path towards setting your child up for future success. Resources exist, such as grants or tax-free/tax-deferred savings accounts to help you grow the money you are contributing towards your child’s savings into even more of it. We encourage you to take full advantage of all the extra help you can get when starting your child’s savings journey, because saving money is a hard job that gets much easier when you have more people helping you reach your goals. Getting help now will also be of great benefit to your children in due time.
4. Make Their Savings Malleable
Do not put your children in a box. No, we don’t mean that advice literally. We’d certainly hope you aren't taking your children and stuffing them inside the boxes your appliances used to be in. What we mean by that is to make sure you are allowing your child’s money to remain flexible, should they not choose the still-traditional route of college and a career after high school. Instead, diversify your child’s savings with a TFSA or another financial tool to ensure your child is covered no matter what path they eventually take.
Like we said above, you’re not alone in helping your child become successful and prosperous as an adult. Now that we’ve helped you, as a parent, get some ideas for how to boost the outlook of your child’s savings, we want to also help you set your child up with a head start towards gaining key financial literacy knowledge to help them in their own futures.
To do this, we encourage you to check out our learn to invest programs, where we offer 8 levels of our renowned Camp Millionaire series. This series of programs is designed to help students in grades 7 through 11 learn financial investment concepts in a step by step program and simultaneously participate in investment challenges along the way that give them both theoretical and practical knowledge of how to invest.We are confident that our programs will set your child up on the right path to become the next great young investor and a completely independent, financially literate adult in the future so please check out our website and sign up today!