Want to put some money aside for your children? This may help

I recently came across an article written by Melissa at frugalandthriving.com.au showing how to save $10,000 by your child’s 18th birthday. At first I thought in many households this may not be possible but when I read the article, it really makes sense and in this world of rising costs, it really is possible.

The idea is that you start with small weekly amount equivalent to each child’s age. For example, if you have a 2 year old, you save $2 per week. This increases annually until your child is 17 where you will be putting away $17 a week. Put this into a savings account and presto, by the time your child is 18 years old, you should have over $10,000 in the savings account (depending on interest rates).

Obviously this can change to suit your budget and/or needs but it is well worth looking at if you are wondering how you are going meet some of your future financial commitments.

If you are interested in seeing the breakdown of cumulative totals and to read the article, head on over to the website www.frugalandthriving.com.au/2014/ or contact me if you would like to see how this may fit into your lifestyle.