Financial planning for kids has become increasingly popular in recent years, thanks to the added responsibilities of raising a family. In addition to taking care of your children, you are also taking on more responsibilities such as paying off debt, budgeting, etc. As a result, most families now have some sort of retirement plan, and every day many people are finding ways to save money for their future.
So how can you take your financial planning for kids to the next level? Here are some tips for financial planning for kids.
School events – When you were in school, did you ever notice that a lot of money was spent on things like chalk, banners, and stickers? Chalk is only one of the many money-savers you will find at school. Make sure to save all of your school supplies – from pencils to books. Also, consider designing your own school theme based on your kid’s likes.
Sports – Since so many kids love sports, parents need to start thinking about the cost of their kid’s sports activities. Again, a lot of money is spent on school trips, school uniforms, and other sports-related items. What about other things? Many parents let their kids choose their own teams or buy sports jerseys with their own pictures on them. The best part about this is that you can still save money on your child’s team expenses.
Fun Activities – Be it Halloween, Thanksgiving, Christmas, or Easter, you can still save a lot of money on your child’s activities. Whether it is a football camp or a school bake sale, a lot of money is spent on school-related activities. Depending on the group you get involved with, you can be sure that the average spending for your child’s activities will be a lot less than you might expect.
Travel – You don’t have to travel with your family member, but what if your family member goes to school with your child? Can you still go on a family trip? Just about every child enjoys going on vacation, and many parents like to take their kids along.
Shopping – Kids like to shop, and you can still get the same savings even if you have to work for it. No matter what your child likes to do, you can still save money on things like clothes, jewelry, and sporting equipment.
Credit Cards – Maybe you already have a card for your kids, but did you know that the credit cards will continue to save you money well into adulthood? By taking out smaller charges for things that you would normally be able to do without, you can continue to build up your credit over time.
Recreation – While it’s great to go out and do some of the things mentioned above, you can also start investing in your child’s and/or your children’s future by getting them involved in your home games. Go out and get some of their friends involved. You’ll be surprised how much money you can save on things like tickets, snacks, and drinks.
Extra Money – If you’re not saving up enough for your future in your current situation, then you’re going to need to add up how much you will need in the future. Make sure to look at your spending history and the amount of money you’re actually saving each month, and look for ways to add to your account.
Although there are lots of little ways to take your financial planning for kids to the next level, here are some basic ideas that you should definitely consider. Money can be tough to come by, especially in these tough economic times, so be prepared to save some money in whatever way you can. Now that your kids are grown, why not continue to put away some extra money to help provide for your children’s futures?