i want to save money for my kids future... any tips?
By danix1982
@danix1982 (593)
Philippines
March 11, 2013 3:01am CST
hi everyone, i don't know how to save money, any tips or ideas that you could give to me? because i see lots of options that i need to choose like jar system, piggy bank, open an account in the bank but don't know what i must choose. i don't know what is the best? can you share your ideas? thank you very much!!
6 responses
@ElvisH1978 (101)
• United States
26 Mar 13
Depending on your financial situation you can have many options. If you can afford it, take a small portion out of your salary and set it aside. (bank savings account, piggy bank, jar, ect) Oftentimes a savings account allows for extra earnings from interest rates. The rates may not be much but over time they do add up. Other things you can do to add to the children's fund is sell their unused items after they have out grown them. You can even sell items you no longer want to this fund.
Good luck.
@cherigucchi (14876)
• Philippines
12 Mar 13
My husband and I have this savings scheme that every payday we are going to have a portion to be put in a separate treasury (not particularly bank) at least 1% of our salary should be put to it. We make pledge that we are not going to use that in any means only for the kids tuition yearly. In a year we are able to come up with such a good amount that can cover all their needs in school. It is not that much but at least it helps us not to worry about where to get the money for it.
@jazel_juan (15746)
• Philippines
11 Mar 13
Before, i used to think that the best way to save for their future is the BANK usually time deposits or just regular savings... only to find out later that it is not the best way! in fact we barely earn from it too..and the money will just sit there and not earn.
These past few months i learned that we could invest in Trust Funds, in Equities, these are long term investments where our money will really grow. We recently invested and i am hopeful since the economy is good in the Philippines too. It is a 10 year investment and by the time my son ( the youngest is in high school or college) i will have something for him and my other kids too!
you could ask me about it if you want to know more.
@danix1982 (593)
• Philippines
11 Mar 13
thank you for sharing jazel_juan! i will think about your offer.
@scheng1 (24649)
• Singapore
6 Oct 15
Buy an insurance plan that matures in 15 to 20 years.
That will help you save money, and you can leave a will so that your children get the payout from the insurance policy if anything happens to you.
If you use money jar or whatever to save, the risk is that you will spend it all when you see the money growing.
If you buy insurance, the money is locked away, and you cannot simply spend it.
@asliah (11137)
• Philippines
19 Apr 13
that is really good because your intention is for your kids,i have a friend who keep saving money for his kids,he open a bank under the name of his daughter and his name such as a join account,and every time he receive his salary he always deposit 500.
@kenkenken (6)
• Philippines
11 Mar 13
The best thing you can do is put your heart on whatever you want to do and that may affect in your kids future.