If you are following me on social media through LinkedIN or Facebook, have read my blog and are receiving my newsletter, you should have a pretty good idea about options to save for your child’s college, car, home, or whatever you want to gift your child or children with.
Here are a few ideas that I have heard throughout the years that I felt may be of value to you to help you reach your savings goals.
1. Start saving at birth (in other words early). Even if you start small, the key is to start.
2. Make the contributions automatic. This can usually be setup through your banking center or the entity that your account is setup with.
3. For Birthdays and Christmas have family members contribute to the savings versus buying the latest toy that ends up “not” getting played with.
4. Make a “catchup” contribution at Christmas. We are all busy and may not have set up the automatic contribution in Step 2.
5. Use investment property income to build your nest egg and then gift the child with their first investment property
6. Know what your goal is, so you can know if you are on track.
I have noticed that I have asked for comments and I have not received any, however, there is no space for you to leave them, so that will be fixed. I’m human!