As parents, the one thing we want to do is make sure that our children will live comfortably and happily their whole lives. With the money crisis these days, it’s wise to begin thinking about helping your children out with their futures. There are many ways in which you can do this and in this article is going to be some ideas on how you can set your children up for the easiest life possible. That’s not to say that everything should be handed everything on a plate, but as a parent you want to give them the best chance in life to succeed.
One of the first things that new parents tend to think about is saving money for their children to go to college. Even if you don’t manage to save much, it’s still a great helping hand in sending them on their way. If you’re not earning much, there are still ways that you can save some money for their college tuition, and here’s how:
- Putting a little bit of money away each month into an ISA with a great interest rate so that when it does come to the time that they will be thinking about heading off to college, the amount in there would have grown over time. Doing this will also ensure that they can’t touch the money until they are eighteen.
- Prepaid tuition plans are also available. You can begin to put money straight into a college education now, so that in eighteen years when they come to start college, they can pick the subject they desire and some (if not all) of it will already be paid for them. This way, you know that the money you have saved will be going on tuition, and not parties.
- You may have inherited some money from a family member, it might be worth saving that in a tax free account so that it can grow over the years. You won’t be taxed for it by the government as long as it is withdrawn for the use of education.
These days, one of the hardest things to do for anyone is to get themselves onto the property ladder. If you’re earning a good enough income, you could begin putting portions of your paycheck away with the intention of putting a deposit down on a home for your children when they are ready to move out. This could be for a mortgage, or even a rented accommodation. Either way, a deposit can be hard to find especially when you are on a low income and have just left college. The ability to be able to provide a roof over your children’s heads will bring great satisfaction, and also help them into having a great start in life.
If you’re unable to save that kind of money (especially if you’re also saving for a college degree,) then another idea to ensure that your children will always have a roof over their heads, is to leave your property to them in your will. You can speak to a solicitor at any time and create a will stating that you would like to leave your belongings to your children when you pass away. For more information on this, have a read of Bannister Preston’s website to find out how you can go about this, and what it entails.
It’s understandable that not everyone will be able to afford to save any money for their children’s future. Not to worry, there are other ways that you can help set your children up for life. These tips could be used even if you are planning on helping them out financially.
- Teaching your children the value of money from an early age will imprint in their minds that money doesn’t grow on trees. As they get older, ask them to begin contributing to the household income if they get a job. If they are concentrating on studying, ask them to help around the house so that they realise it’s not easy running a home, and ultimately paying for one too.
- Rewarding your children when they achieve something, or help you out around the home will show them that if you work hard, you will get something out of it. Inflicting your knowledge on how the world works before they enter it alone will help eliminate any naivety. This way, you can rest assured that they’re not going to leave home and screw themselves over financially.
- You can help your children out in ways that don’t involve money too. Even though money does make the world go around, teaching your children social skills will help them out massively when it comes to them leaving the nest and becoming their own person.
- Introducing your children to simple life skills like cooking from an early age will also make sure that when they do leave home, they will be able to look after themselves without you worrying about them everyday. (Which let’s face it, as parents we do that anyway!)
- Setting a good example for them at all times will also push them in the right direction. Studies have shown that children of working parents will often go on to college and other further education to make sure that they land themselves in a comfortable career.
- Showing your children that life isn’t all about money and wealth will also help mold them into people that don’t rely on money to be happy. Finding the balance between the two can be hard for some people.
Even though this article has been about how you can set your children up for life, don’t forget that at the moment they are still children. Thinking about their future is always wise, but remember to enjoy the present with them because they aren’t children for long. In a blink of an eye you will be waving them off to college and wondering where all of the years have gone. Enjoy bringing them up as happy children, you will know the right time to begin teaching them the important things about life.