We want the best for our children and often we want them to suffer less and have more than we did growing up. Right or wrong, that appears to be the common thought process of parents and families around the world.

An important point to remember is that you need to ensure your own financial situation is stable before you look at the best way to save money for a child. The benefit of being in control of your own circumstances will mean you will be open to, and have available to you, more options for saving money.

Then the choices available to you will depend on the country in which you live and any laws that apply.

Solid Foundations and Considerations to Save Money for Your Children

• The type of saving options.
• The length of time for saving.
• The fluidity of your savings. (If you want the ability to withdraw along the way).
• The amount of contribution – lump sum or starter amount.
• Whether the amount you contribute staggered or a consistent amount every time.
• Taxes on accounts and impact on savings.
• When you want your child to be able to gain access to that asset.
• Type of accounts. (Some are created specifically for a purpose. For Example, an Education account).
• To what extent will the money saving strategy impact on with your own financial circumstances.

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Don’t just do the saving for your kids, do it WITH them and they will learn from a young age some valuable financial literacy for their future.