Saving Money Archives - Parenting 101

The Importance of Saving for Kids

Saving for the kids is something that is heard every day and it is very important. It is important to teach kids to save, and in this article, we are going to take a look at some of the reasons why. This is something that will impact them in their adult lives. Read on for more.

Saving Kids — The Importance of Saving for Kids

They Can Save For Things to Buy

Most kids get money from the different chores they do, or allowances from their parents. That money is usually too little to buy anything meaningful, but if they save, they can finally buy what they want. This will also help them with savings in their future lives as they plan on what to buy, from houses to cars.

Saving Can Cover During Emergencies

Emergencies are mostly unpredictable, something that many people do not plan for. They tend to focus on predictable things like rent. In the event that they lose their source of income and get into an emergency, they are doomed. Borrowing money would mean paying back with interest, but using your savings would cost you nothing.

Saving Means Self-Reliance

Parents tend to control everything kids do, but if the kids save, the parents won’t be able to control every aspect of their lives. This means that they will ease the financial burden off their parent’s shoulders, by having their own savings to use whenever needed.

Greater Financial Future

With savings, one can get to pay less for items since they can pay the amount in full, as compared to paying in installments, which will most likely have interest added. With the full amount, the choices are also bound to be more. When the money is put into an account, it can also generate interest and earn you more. If it is in investments such as stocks, you can sell them at a profit.

Saving Can Make People Happier

They say that money cannot buy happiness, but it can make life better, since people can get what they want. The choices are more and they are bound to leave one happier, and especially if it involves giving a helping hand to those in need.

Saving Brings About More Possibilities

There are more possibilities associated with saving despite it being associated with mostly emergencies. Imagine finally being able to afford that cookery class you have longed for, or going on your dream vacation. These are the things that should inspire one to save.

Birch Gold Group

Still on matters financial, we are now going to take a look at Birch Gold Group, one of the go to companies for Americans who want to make sound financial decisions in regards to investments. They have partnered with other companies in different sectors to ensure that they have the accurate information for their customers. Birch Gold Group encourage people to invest in precious minerals and have customer care agents to cater for each individual mineral they work with. This company here, is the place to go for all matter financial management.

Summary

It is important to start saving and investing your money early. Talking to a company like the Birch Gold Group would be a good idea.…

Saving Money for Your Child’s College Fee

When we talk about college education, the topic of college fee cannot be avoided. Most students need to take student loans for the sake of paying their college fee, and about nineteen percent students are indebted to the bank with fifty thousand dollars at the time of graduation.

As a parent, you always think the best for your child but unfortunately, a college education is very expensive, and you need to start saving for your child’s college the day he or she comes into the world. There are many parents out there who are still paying back their own college fee, while their children will have to pay back four times the amount they are paying because the amount of college fee has risen a lot.

To make your child’s future free of the worries you had to deal with; you should start thinking differently and start investing small amounts of money to help your child have a bright future. Some of the ways to save money for your child’s college fee are:

529 college plans:

529 college plans are also known as qualified tuition program. It is basically a saving plan which allows parents to save money for their child’s future without paying any taxes. There are different packages and options based on which you can choose the type of investment you want to do.

Big tax advantages are provided with these plans. The funds being saved based on the 529 college plans are excluded from all taxes and parents do not have to pay taxes even after withdrawal of funds. A 529-plan account belongs to the parent of the child, it is the parent’s asset, and the beneficiary can be changed according to the parent’s will.

Prepaid tuition plans:

This is for the parents who are sure their children will go to the colleges that are in the state. These tuition plans give the same benefits as 529 plans, but they are safe from the fluctuations of the stock market.

This plan comes with a disadvantage that is if the child decides to go out of the state for educational purposes, i.e., to attend college, they will get a return on their money, but the full value of the plan will be lost.

Invest in property:

Investing in real estate is considered inflation proof investment. With time the value of the property increases and with inflation the rental value of the property also increases. You can give the property on rent and save this amount for your child’s education in a savings account. With time, the rent and the increase in the property’s value will suffice for your child’s college fee.

The waterfront studio apartments or normal apartments are a great way to save for the future as these apartments have a very little risk of losing their value. Similar condominiums are available in Barrie, which is a small city in the south of Ontario. The real estate at Barrie has great opportunities, as it is just an hour’s drive from Toronto. The city sits on the Lake Simcoe that is why it has a number of waterfront condominiums available with rising value.

The Barrie condos for sale on waterfront are becoming more and more popular day by day as Barrie is the second safest city in Canada. The crime severity index in this area is lower as compared to other cities. Buying a home in Barrie is a very good investment. Real estate agents are making a lot of money in Barrie due to the rising interest of people in this city.

You can find three kinds of properties in this area; these are condos, Au-contraire, and multifamily homes. Waterfront property is a major attraction in this area because the Lake Simcoe is considered as one of the most beautiful lakes. Having access to water is considered as the premium sale element in any property.…