If you are looking for financial planning especially to save for your kids’ education, finance-related companies can help you out with such savings. Numerous institutions offer saving plans and accounts. Such facilities make it easier for parents to start saving for their children right from the start. This way, when the child grows up, his or her educational and living expenses can be handled through these savings. On the other hand, to make things easier, you can consult investment advisors to make sure you are doing things right.
If you are serious about saving for your children, follow these sure-fire tips to make the most out of it:
Open up a savings accounts
Parents usually open up savings accounts for their children under their name. Once their children reached their teen years, they are capable of handling these accounts. There are different types of savings accounts for this purpose. The best one, however, remains the fixed savings deposit account, which allows you to make a set deposit once and earn revenue on it annually. This is a great option for all the parents who are looking to make some savings for their children.
National savings are the most widely used method for saving money for children worldwide. There are special federal saving certificates or bonds that offer bonuses for children once they mature. Such are the ideal choice to make. Because the interest rate on these certificates keeps increasing gradually, national saving certificates are better than fixed deposit saving accounts.
Child trust funds
Child trust funds are not offered in most countries, but the ones that provide this privilege make it easier for its citizens to go through the savings process easily. When a new a child is born, you are supposed to open a savings account for the child. Once the account is opened, you are going to maintain it by putting in a certain amount of money monthly. The advantage here again is that you can earn revenue annually. The interest rate on these accounts is usually higher, and no services charges are deducted to encourage parents to save more for their children.
Bonds and stocks
Probably the best way of saving for your child is to buy prize bonds or stocks under his name. However, this is not a one-time venture. You can keep doing that every month, and by converting your cash into marketable securities, you lessen the chance of it getting spent. Prize bonds are the best because you have the opportunity of hitting the jackpot as long as you have them. If that doesn’t happen, you can get them cashed anytime.
If you are considering to save for your kid’s education, consider visiting keyinvest.com.au – for education savings. They have the best saving plans which are risk-free and guaranteed. Visit them today and know which saving plan will best work for you.