How to Start Saving for Your Child’s Future Now
It’s never too early to start
Before your child turns eighteen, he or she can be a millionaire and even have college funds ready. How is this possible you may ask? Well, here is a simple breakdown that will help you secure your (unborn) child’s future
1. Open a (future) child savings/investment account
You can create a target save for your (future) child on Pettysave. It’s even better if you and your partner/spouse start the account a few years (1–5 years) before childbirth so that a considerable amount will already be put away to ensure you give your child (or children) a good head-start in life.
2. Put money in the account every month
Depending on your income level, choose an amount that is reasonable for you and your partner (spouse). Say you put N5,000-N10,000 in the account every month; all things being equal, your child should have way more than half a million naira to his/her name before birth (excluding interest rates).
3. A few years after the child is born, double your savings amount
One or two years after the birth of your child, when he/she can now walk for example and is gaining some sense of direction, double the amount you put in the account every month. Do this consistently until the child is 18 years old. So that means that on their eighteenth birthday, your child will have around 2 to 10 million to their name (depending on how much you chose to put aside monthly since you opened the account). With this, the child will be able to go to the university, start a business or whatever they choose.
Saving for and securing your child’s future is an investment you make today to build generational wealth and pass down legacies instead of traumas. Get started today!
Pettysave enables you to attain true financial freedom through savings and investments which can be scheduled conveniently. The app helps you to plan your finances, save towards life goals and invest in minimal risk investment options. Start earning passive income and growing your net worth with Pettysave.
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Oyin from Pettysave