To make your child’s future it is better to start saving early. This way you have more time to plan and save. The parents should have an idea of the amount of money needed for their child’s education, marriage, and other things. For this purpose parents should know the correct investment techniques so they can achieve their goal in time. Moreover, you should look into insurance and accounts that help parents in saving for their child’s future.
Some ways to invest money to save for your child’s future are:
To make your child’s financial skills efficient you should start teaching him or her about finances at an early age. Rather than giving your child his entire pocket money keep some of it and invest it in stocks by his/her name. Likewise, teach him or her how to do so. Doing this would not only aid you to save for your child’s future but also support build up your child’s portfolio.
Even though stock markets have a dubious reputation, it can help you save a lot of money in long-term.
Opening a saving account is the first thing you should do when your child is born. The strategy for that is to put a certain amount into it every month. If you can save a little more, you should also add that to the account. Once the account is big enough, you can convert it to a fixed deposit. This way your savings will grow even more.
These plans can be considered as a piggy bank. Your savings are invested in different places, and the earnings you receive are tax-free. You can pay your child’s tuition fee with this money, and you don’t even have to pay it back. For you to not pay back the money, it has to be spent on tuition fee or course material. If the money is spent on anything else, it will be taxed. Moreover, this is considered as parent’s property, not the child’s property. So, if the child applies for grant money later on it will not affect that.
Buying property at high-end places can benefit you save a lot of money. With passing the time the value of the property increases. Once you buy a property maintaining it regularly and worrying about the loss of money will not be your headache as these cases are sporadic. You just have a precious asset that helps you in saving.
Apartments constructed on the lakeside are one of the most loved places to live. Individuals like the view and atmosphere there. Therefore, if you decide to invest in an apartment at the lakeside, not only the value of the property will increase, but you can also give it on rent and earn from it. The rest can regularly go to your savings and help you in securing your child’s future.
“Lakeside residences” is a similar high rise residential development project where you can invest efficiently. It is located on 3.8 acres of land in the East Bayfront neighborhood of Toronto’s waterfront. The place where lakeside residences are being developed is a lovely and calm place to live. This project consists of three high rise towers. All of these comprise of different heights. They have 49 stories, 39 stories, and 14 stories respectively. Lakeside residences are currently at a developing stage which will be ready in 2020.
The lakeside residences towers will have different types of apartments for folks with diverse needs. There will be one bedroom, two bedrooms, and three bedroom apartments in these towers with a standard 9-foot ceiling and hardwood floors. The price range will start from high $300,000s which will increase its value with time.
Consequently, this is one of the best ways to save for your child’s future.