Do you save for your child's future? How do you do it?

@sether7 (184)
Philippines
March 21, 2010 8:08pm CST
I am already 26 and I have a daughter. I want to save something for her but it seems that its hard to do it today because of the economy that reflects financial problems to out family. My husband is unemployed and I don't know if he's planning to look for one. I tried to talk to him and convince him to look for a job but it seems that he's on his emotional side with his mother because of what happened the last time. But I think it isn't enough reason to look for a job because we have a 5 year old daughter who is into school. I am the one who is paying her tuition and I am glad that I have a family in law that also supports my daughter's other needs. Whenever I open a bank account, I'd closed it after a couple of months. My friend saves for his son by saving atleast $10 every payday and I don't know if I could do it myself. I've tried doing it but then problem occurs and I always spend what's for my daughter for our needs. If you have a kid, do you save for his/her future? Don't you find it hard to do it? Please give me advice! Replies are much appreciated. Thank you...
1 person likes this
5 responses
@jep_toyo (1607)
• Philippines
22 Mar 10
I dont have children yet but i believe that parents should save for their children's future because its their responsibility as parents to provide the basic needs of their children like food,shelter, chlothes, education and etc.
• China
22 Mar 10
I think i am just a child now,most times i hardly do something,for example i am 21,but still can't make any money,i am a loser. So if my parents have saved future for me ,i could do better.
@sether7 (184)
• Philippines
23 Mar 10
@jep, yeah. i agree with you that its the responsibility of the parents to save for their kids future but... @lovexixi, there are still circumstances that might happened that our parents haven't saved for our future. i told you its hard to save when there's nothing to be saved, hahaha, and that's what I'm experiencing now but then if you really want to save you can do it even for just a penny a day.
@epsjoice (57)
• United States
22 Mar 10
Hi Sesther7, I have a daughter that is 9 years old. I have been saving for quite a few years through the scholarshare program in California. I believe it is in most states in the U.S. I'm not sure where you are from, but if in the US it is the best place. The money is invested in an account and can only be used for education purposes. I put in $100 each month. The money is invested. You can pick either a guaranteed option that won't let you lose money, but pays little, or pick the date your child will turn 18 and they will steer investment risk to fit the number of years left before the child turns 18. That's the way I do it. It also comes off the top tax wise.
@sether7 (184)
• Philippines
22 Mar 10
That's nice to hear that you already planned for your child's education. I planned to do that too but it seems there's no luck. I don't have a regular job and I can't provide even the downpayment. Maybe I could do it when I work abroad or I could find a decent job that pays higher than what I have right now. I'm from the Philippines by the way and I'll try to follow your suggestion on looking for an educational plan for my daughter. Thank you :)
• United States
22 Mar 10
Hi again Sether7, I should have mentioned that you don't have to put in $100 a month. I think the minimum was $25 per month. Best of Luck.
@iamfine (740)
• China
22 Mar 10
hello,i can see that you are a good mother,and really want to do something for your daughter.it's good though indeed. i think it's really a necessary to save money for children when you still young, and you may have to ask your husband to work and save some as well.if he don't want to work when he is still young, he will never want to work when he is older. if i were you.i will save money for my children as well.and work harder while i still could.
@sether7 (184)
• Philippines
23 Mar 10
thanks for the complement, iamfine. I'm still hoping that my husband looks for work so that we can both save for our child's future.
• Bulgaria
22 Mar 10
No I don't save. First of all, I don't have the possibility to do it. If I had enough money, I wouldn't save money in the bank. I think that in 20years they will loose much of their prime costs /at least in my country/. If I could, I would take a big loan and buy a property. So my loan payment every month would be my way of saving. Also in that case I could give that property for rent so that I could help myself for paying the loan. Hm I hope i could do it one day.
@sether7 (184)
• Philippines
22 Mar 10
seems a good idea for those who are investing in real estate unfortunately we can't do it possible for a day. a week perhaps considering if you won the lottery lols, they even don't release the winning jackpot for a week it takes months i think. Anyway, its really hard to save if you have nothing to save...sighs...
@phyrre (2324)
• United States
22 Mar 10
I honestly don't have any children right now, but I know that my family saved up for me, even though they didn't have a lot of money. By the time I went to college I had $300 in my account from them, which isn't a whole ton of money compared to the cost of college, but boy did I ever appreciate having that little bit of help and it was really nice to have something to pay for bills while I tried finding a job around the college! My parents and grandparents started saving money by using a piggy bank. They stuck all their change (mostly pennies, but sometimes other coins) into my piggy bank (I had a special one that my grandfather had made me) and when it was full we would pour all the money out, roll it, and put it in the bank! It was always exciting watching it fill up and getting to roll the money, even when I had no idea what it was for! Another way they saved for me is with bonds. If you're worried about spending the money when you really want to save it, bonds might be a good idea. Save up a little money and buy one or two bonds at a time. I don't know much about bonds, but make sure you know when they mature because if you take them out before they mature there will be a penalty (which happened to me, but still the extra money was nice just the same), so make sure it'll be matured by the time she's 18 either way. Saving is very hard, though. We're in the same boat as you. We try to save a little money for the future and for anything we might need it for (just in case, basically) and we always end up having to spend it on other things (like a new engine for me car!). Good luck with saving, though!
@sether7 (184)
• Philippines
22 Mar 10
Wow that was a great job done by your grandparents! We do have a lot of piggy bank but its all empty hahaha. I envy how your grands saved for you. Hope I could do that for my daughter too...soon.