Planning is important. Planning on a budget is essential. Always remember "The Early Bird gets the worm but the Mornin' Bee gets the honey".

Baby Steps For Anyone To Save For Their Child(ren)

I really wanted to save some money for my daughter. I’ve been going back and forth about this but finally decided that I really want to do this. “Fidelity recommends you multiply your child’s age by $2,000 to figure out how much you should save which would equal half the cost of a 4-year college”. That would be GREAT but I can’t afford it AND the money I would be saving may not necessarily be for college. It would be for anything she decides to do in the future. It could be for a down payment on a house or to purchase a car or anything she may need during that time in her life.

I can afford $1 per day.

Amount          Age          Total
$1 per day     18 years   $6570
$1 per day     21 years   $7665
$1 per day     24 years   $8760

I can also afford $10 per week.

Amount               Age          Total
$10 per week     18 years   $9360
$10 per week     21 years   $10,920
$10 per week     24 years   $12,480

This is just an estimate and it does not include interest. 

When deciding which option may work for your, be aware that some savings accounts have a transfer limit per year. Another option would be to wait until you get your tax return and deposit $365 each year. Whatever works for you! Just do a some research. $1 per day is such a small amount that will contribute to something so much bigger so that it doesn’t hurt to try. And as her mom, I want to be able to help.

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