Many parents have financial difficulties every month. In cases like these, you might rightly wonder how you can save when you are already having difficulties with your budget.
Some good news? The good news is that you can start with a small sum. There is no point in setting aside a large sum. Saving is a bit like the fable of the tortoise and the Hare: the important thing is to get off to a good start... be constant and persevere to achieve your goal.
To use the example of the hare and tortoise, ideally you should start saving for your child as early as possible. Indeed, it is better to save small amounts from the time they are born and for as long as possible, than to wait to be able to save more each month for a shorter period. Why? This will earn you more interest for the same amount invested.
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In addition, there are numerous opportunities to boost your savings capacity. Why not give your child a gift from time to time in the form of a deposit into their savings account, for example for a religious or secular holiday, the end of the school year, their birthday, etc. And above all, do not hesitate to ask those around you to do the same. Grandparents, for example, are often delighted to be able to contribute for their grandchild’s future. Another advantage is you are adopting a sustainable way of managing money, favouring a collective effort to build up a capital rather than spending it on small sometimes meaningless presents. By making your loved ones aware of this choice, you’ll get them on board and motivated to make this project a success.
Saving for your child’s future and teaching your child how to save are two different things. That said, you can explain why you are saving as this will help your child manage their pocket money intelligently. This also teaches them how to set goals and priorities and what to do to achieve them. And that, too, is a great gift for your child’s future!
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