what is the best way to save money for kids for their future?

Answer 1

To help our son save money, we give him loose change we find lying around the house. BUT, we also make him work for his money too! Little things like helping mommy fold facial towels; cutting vegetables for dinner (with a PLASTIC knife of course); putting laundry away and keeping his toy cupboard tidy. This way, he learns to value money and knows he can't just have something for nothing. We also give him a little cash if we go out shopping for example, and let him buy something he likes. BUT, before he makes his way to the checkout, we always ask him if he thinks the item he wants to buy is value for money. You'll be surprised what a 5 year old can decide if you ask them the right questions.
When his piggy-bank gets full, we take him to the bank where he can put the money in his own account! I love seeing the smile on his face after he's put money in.
To date, he's 5 yrs 10 months old, and has more money than I do in his bank account! (Granny gives generously too!) ;-)

Answer 2

well read this article you ll get some idea




Teaching children the virtues of delayed gratification is among many challenges on the kids-and-money front. A few columns back, I asked readers for their best ideas on how to teach kids about money (see "Teaching Your Kids to Be Wealthy and Wise"). Readers responded generously, and some of their techniques follow:

At the end of every year, whatever our nephew saves and invests -- in stocks -- we match. That includes Christmas money, birthday money, and anything else he manages to save up. We started last year and bought him a few shares of Disney (DIS) since that's what he wanted to buy. It worked. We have him reading to tell us how the stock is doing, how much it goes up and down. Next December, he's thinking about eBay (EBAY). He has from Christmas until the second week of January to decide where his "401(k)" is going.
-- Rebecca A. Gushue

As you might imagine, clothing can be a huge money pit with teenage girls! What I've found to work wonders is giving our 13- and 15-year-old a set amount once or twice a year. They choose how to spend this money, be it on one or two high-priced items or a multitude of moderately priced items.

At first I was wary of this plan -- I thought they might actually only buy one or two items, and I'd be stuck with the problem of how to clothe them for the rest of the year. It never happens! The fact that they have to physically shell out the money and see the pot dwindle is an amazing motivator for good shopping sense!

Answer 3

Saving $100 a month for 18 years will give your kid over $21,000. That's attainable and that's just a savings account. Putting that same amount of money into some interest accruing plan and you'll have even more.

Answer 4

Here are the things that my parents did for me and it worked out well as there was plenty to pay for my college and to get me started after I graduated:

1. Every month, my parents put $50 in an acocunt for me and everytim it got to $1000, they would put the money into a CD to earn a lot of interest

2. Everytime someone would give me money for a birthday, Christmas, whatever, my parents would deposit 1/2 of it into that account and give me the other half

3. Every year at Christmas, my parents, without our knowledge, would put $150 into our accounts

4. Whenever our grandparents or aunts and uncles would ask what they could get us for birthdays, etc, my parents would suggest buying us a small gift and then giving $25 to $50 to our college funds

5. Every year on our birthdays, my parents would buy 3 shares of stock (ours was always Coca-Cola)...without us knowing and that stuff adds up over the years

6. Once we were in high school and got after school jobs, we gave 10% of our paychecks to out parents to put into our accounts

7. Anytime our parents got a bonus at work, they would put 20% of the bonus in my account

8. Any tax refund check....half went into our account

9. My dad emptied out his change from his pockets at the end of every night and we kept it in a jar. It would get deposited every 6 months or so...was usually around $100 every 6 months


Good Luck

Answer 5

Brown bag your lunch to work and school. Each meal brought from home saves as much as $5 per day (a bit less for subsidized school lunches). That quickly adds up to $100 per person per month. For a family of 4, that's nearly $5,000 per year! Even if you bring a frozen microwavable meal to work, you still save big bucks. Eating fast food is quite expensive.

Answer 6

For college, you could open up a 529 Account with Fidelity. Then deposit a set amount each month.

Or you could open CDs for 10 years at your local bank that is offering good interest rates.

Mutual Funds are also a good idea.

Answer 7

Make a different account in your bank and put some amount of money in it every month but don't ever withdraw any money from that account

Answer 8

If they are young a college savings plan is ideal. See if they can automatically deduct a set amount from your bank account so you stay on top of making regular contributions.

Answer 9

Start a college saving plan. Take half of their allowance and put it in the savings plan.

Answer 10

We are using Upromise...

Take a look at it you receive credit for purchases made on companies like Coke, Exxon, McDonalds...and so on.
They also have links to 529 savings plans....
You can enlist family and friends to contribute also!

My wife and I love it and it is free! You get money back on things you already buy!