Tag: Childrens

Financial

Preparing Your Child’s Education Costs Early

When your wife or you as a wife is pregnant, one of the things that you think about your child to be born later is how to prepare for their education later.

Being a parent is indeed not easy because it has a responsibility for the human being referred to as your child. Whether it comes from the womb or you as a wife, or comes from the adoption. You are both responsible for caring for and raising them. One part of raising your children is to provide them with an appropriate education. It’s not easy, but you can start now if you are pregnant or thinking about adopting a child.

Here are some steps you can take to save money for their education expenses later.

1. Talk with your partner

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The most important thing is the agreement you make with your partner about your child’s education budget. If you are not a single parent, this is important so that you both know and prepare properly the budget for your child’s education.

2. Begin to find out the cost of education in your area

This is the easiest way to determine the initial budget. You can ask questions directly to the nearest school from your home, or you can also ask your closest family or friends who already have children who have started school, whether it’s basic education like Nursery or who are already in Elementary School.

3. Ask for brochures from several schools

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Yes, it’s not enough to just one or two schools, you can visit several school websites. This makes it very easy for those of you who have work hours, you just open the school website in your area.

4. Begin to determine

This is quite not easy, but you can discuss it with your partner. If you both work, you can determine whether these costs are borne together or one and the other bears the other budget. Talk about it with your partner. This is very important. Record and save carefully the results of your discussion so that you both can start to save funds for children’s education.

5. Think of Where to Save

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Even though this is a modern era where people rarely save money or save in a piggy bank anymore, but some people still do it! You can think of the advantages and disadvantages of storing these funds in your own home or through a trusted financial institution such as a bank or insurance.

Financial

Good Saving Habits Start Early

Gemma / January 23, 2020

One of the most important lessons you can teach your children are how to manage money. Many children reach the age of 18, begin receiving credit card offers, and have had no real experience handling money. Teaching children from a young age how to properly manage their money and the importance of savings is a lesson that will stay with them throughout their adult lives.

Whether you choose to give your children a weekly allowance just for being part of the family, or you require your child to earn the money through their chores, a weekly allowance can be effective for children starting as early as the age of four or five. Work with your children a little each week to teach them how saving a percentage of their earnings each week will grow over time, and how to divide the rest so that there is some money to spend and some to give to charity.

If you divide your children’s money whenever they receive it – for birthdays, holidays or the $5 bill grandpa insists on giving junior every time he comes to visit – the children will learn quickly to be responsible with money.

As your children get older, you can start giving more information. Teaching a child that their money can grow through interest when saved in certain bank accounts will get them interested in the value of money. Allow your children to spend a portion of their money so they can learn the value of a dollar – that dollar might buy a candybar but not the video game they’ve got their eye on. You might want to encourage the child to set up a separate envelope or jar to save money for the more expensive toy or game they want, instead of simply buying it for them. Teaching a child to save for something they want is valuable and just might help them avoid buying on credit cards when they get older.

When your children reach their teen years, you might consider increasing their allowance and having them contribute to some of their necessary expenses, as well – things like car insurance, clothing, school supplies, etc. It will promote responsible financial habits that they will need when they go off to college or move out on their ow