The importance of making big savings for our kids’ futures
There’s one thing we all have in common here. We all love our kids. We love talking about them, and we love to curate new, inventive ideas on how we can do a better job raising them. This is not to say that we’re not doing badly now. We love to talk about what matters most to our kids, what they like to do and a project close to most of our hearts is our children’s education. We love discussing ways on how we can combine our growing children’s play activities into a full-fledged educational field trip.
What concerns us most, as always, is our children’s overall well-being. We all have the compelling desire to talk about our kid’s educational needs, their mental and physical health and the things we need to buy to secure our kids’ comfort and well-being. Food, clothes, books, medical exams, they all cost money, lot’s of it when you add it all up. And yet this is the one conversation we should be having on a regular and ongoing basis because it is one of the most important issues in regard to securing our children’s welfare until well into the future, particularly when we are well and truly gone.
Money matters and financial well-being, not just for our kids, but for ourselves too, seems to be a topic many of us avoid because we have those feelings of trepidation that say that we’ll never really have enough, no matter how hard we try. Many moms may simply say: What’s the use? It will all be gone quickly enough anyhow. Whatever money we earn is quickly spent on our kids.
Most of our hard-earned cash is indeed spent on our kids. That’s a good thing because it tells us that our hearts and minds are in the right place as we always put our children’s needs before our own. But we continue to avoid the issue of money altogether mainly because of our embarrassing lack of knowledge and courage. And yet as early as today and for as little as fifty dollars a day, we can make big savings for our kids’ future.
The most well-known long-term savings option for mothers still new to money management and/or savings is the secure fixed deposit that only reaps interest-bearing benefits later and usually after anything between ten to twenty years. This savings option is ideal for first-time mothers who have just given birth to their first child. What is also known elsewhere as a self managed superannuation fund can yield returns from the short to medium to long-term but, linked to volatile investment and trading instruments, will always carry a much higher risk. Otherwise, this short to long term vehicle is ideal for parents who have kids approaching college age.
So, with the benefit of hindsight, good financial advice, the will to budget well and save more, mainly because of our undying love for our kids, it is a realistic prospect for us to be able to provide for our children’s financial security and well-being well into the future.…