How to save money for my future child???

India
October 27, 2011 4:14am CST
Hi mylotters... I need your guidelines regarding saving money for my future child. I want to save money in little amounts monthly for future use.Can you suggest the ways of saving money in banks and also which is more trust-able????
10 responses
@HDHORDA4 (681)
• India
27 Oct 11
HI! ANUSHA I HOPE YOU ENJOYED your diwali and happy new year to you today and coming to the topic yes investment plans are of many types shares,property and banks but i guess you should purchase gold and silver as it's price will increase in the future and you will get double benefits.ofcourse there is also a good option to invest in property as it is profitable that's what i know and for children there are diffrent type of insurance plans and for that you need to take a help of financial advisors.have a great time..
• India
27 Oct 11
Thank you and wish you the same friend.I had already planned about gold and other investments in property. I am asking for the saving of small amounts that i am earning now from Mylot or other online earnings. Please help me regarding the same..
@dodo19 (32560)
• Beaconsfield, Quebec
19 Dec 11
Saving money can be difficult, and I can certainly relate to that. There are a few things that you can do. The important thing is that you put a few dollars aside every month. Make sure that you put it aside, whether in a separate bank account from your own, or a piggy bank, or something. But make sure that it's put aside from the rest of the money that you have.
• Philippines
30 Oct 11
Don't deposit all of your money in a single bank only. Trust the bank that has helped many people already. Depositing in a few banks will give you assurance that at least one of them will give you extra cash because of the interests. that's only my opinion. hope you save cash for the future. we don't know if there'll be a future depression in the stock market.
@dpk262006 (56105)
• Delhi, India
27 Oct 11
Hi anu! You could open a Recurring Deposit in a bank for 5, 7 or 10 years, where you could deposit monthly instalments. Else, you could go for some mutual fund monthly scheme.
@scheng1 (24807)
• Singapore
27 Oct 11
Hi Anusha, you can buy a whole life insurance policy for yourself. You will get protection and at the same time save up for the future. If you have a baby, you can buy whole life insurance for the baby once it is a month old. You can add on some riders to the insurance policies, so that you are covered for everything. Many people do not know that they must buy personal accident policy for themselves and their kids. Sometimes kids play and fall, and that is claimable. If they eat fish, and fish bone gets stuck, that is also claimable. i suggest that you learn more about insurance policies, especially about the claim process, and what is claimable. You will gain knowledge and money, and have peace of mind.
@magtibaygom (4865)
• Philippines
27 Oct 11
Saving money in a bank is a good idea. Actually, a very good idea. But, with today's banks faltering, always be careful to choose the best banks to save money on. It's really a big challenge because, even some of the biggest banks in the world fail. So, take care.
@enelym001 (8333)
• Philippines
27 Oct 11
It's really a good idea to start saving up for your future kid... whether the value of money decreases or not in the future, what's important was there is money that can be used for your child. Try to open up a bank account and invest on something you think will be worthwhile. Your earnings in myLot can be put on that account too ^^
@ardoy0731 (6865)
• Philippines
27 Oct 11
You can start in small amount daily,some coins in a day.You can deposit it after a month or twice a month.In this way you can save even in small way.Time will past without noticing that you already save money.
@ekoytyas (4672)
• Indonesia
27 Oct 11
save your earning every month. even i am still single, i always save my money at bank for my future life.
@varier (5699)
• Indonesia
27 Oct 11
I ever heard this thing: Saving a lot of money in a long time is a bad idea because of inflation. The value of money will decrease as the time goes. Maybe in the future, in order to buy a piece of simple bread, we have to pay 20 dollars.. Who knows? So, by the time you already saving enough money, I suggest you to buy gold instead. Gold is better investment than money, as they are only slightly affected by the inflation.. Or maybe you can try to apply for education insurance plans for your children instead.. Just find a reputable insurance company around you and apply one..