What are smart ways to financially plan for my kids’ future, like their education or first home?
Now that’s a topic I spent a lifetime thinking about, and working towards. My main goal, always, was to provide. To make sure my children had a better start than I did, that they wouldn’t struggle for opportunities.
When they were growing up, every extra hour I put in, every penny my wife and I saved, it was for them. We focused on a few things:
My Approach & Experience:
- Education was paramount: We prioritized saving for their education. We weren’t wealthy, but we put away what we could, regularly. We wanted them to have the choice to pursue higher education without starting their adult lives buried in debt. It took discipline, but it paid off.
- A “safety net”: Beyond education, we just wanted to build a bit of a buffer for them. Not to spoil them, but to give them a bit of a leg up when they truly started out – perhaps a deposit for a first home, or just some security if they hit a rough patch. We weren’t able to fully fund their first homes, but we helped where we could, which made a difference.
- Teaching them the value of money: This was as important as saving for them. We taught them about earning, saving, and spending wisely. They had pocket money, and later, part-time jobs. They saw us working hard, and understood that money isn’t just magic.