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Peyton's Momma™

Minnesota based Family Lifestyle blog. Mother Daughter duo take on food, travel, and more.

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How Do You Start Saving For Your Child’s Future?

Most people have the ambition when their child is born to start saving money so that they have something tucked away for the future. However, that’s often a lot easier said than done. After all, one of the things that most people can agree to be true about having a baby is that it’s pretty darn expensive! The average cost of raising a child to adulthood can be in the hundreds of thousands. Because of that, it can often be something of a challenge to start saving any money at all, let alone the amount needed to put towards a college fund or future home for your child. However, that doesn’t mean that it’s impossible. With that in mind, here are some ways that you can make it easier to put money aside for your child’s future.

New Born Peyton

Clear your debts

One of the hardest things for a lot of people is being able to deal with their debts. The truth is that debt is an incredibly common occurrence for most adults, but that doesn’t mean that it can’t make life pretty difficult, especially when you’re trying to save money. Luckily, there are things that you can do in order to minimise your debts. One of the best methods is to consolidate it into a more manageable single payment. Using something like this debt consolidation loan payment calculator is a fantastic way to figure out exactly how much you can afford. Sure, it might sound weird using a loan to cover your debts, but a single payment is far easier to manage than a bunch of much smaller ones.    

Little Tikes 3-in-1 Sport ZonePut your money somewhere you can’t touch it

One of the hardest things about saving is actually having the self-control needed to put your money aside and not touch it. To make that easier it might be a good idea to have a dedicated savings account or ISA for it. Many of these actually prevent you from being able to take money out before a certain point which can help give you the self-control that you really need.

Learn to prioritize

If you want to start saving, then you’re going to need to adjust your priorities when it comes to money. What can you sacrifice on when it comes to your spending? Not everything is going to be that necessary, and there are always things that you can do to cut back on everything from luxuries to essentials. Search out new energy providers, avoid buying name brand products, and try to cut back on your luxury spending. All of these things are going to be incredibly useful when attempting to put money aside for the future.

Kentucky Road TripOf course, it’s important to remember that not being in a position to set money aside for your child’s future doesn’t make you a worse parent than those who can. The key is to do what you can for them, and really that’s all anyone could ever ask of you. As long as you give them a loving home and all the love and attention that they need, you’re doing just fine.

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About Shanna

Shanna started writing shortly after her daughter was born. She's written for various outlets over the years. When she's not writing about her adventures with her daughter, she's out having adventures!

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About Peyton’s Momma

Shanna is a single mom living in the suburbs of the Twin Cities raising her daughter.

Shanna blogs about family, food, travel, middle-school-age children topics, and more. She shares tips and tricks she has discovered to help make her life run smoother.

She is also an avid cook and enjoys sharing recipes and entertaining. Shanna plans educational events and field trips for her daughter and shares her experiences so other families can plan their own adventures.

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And More! Please contact us at Shanna@PeytonsMomma.com to discuss further

 

Copyright © 2023 This blog does contain affiliate links within the articles. This blog does not contain any content which might present a conflict of interest. Peyton’s Momma is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com That means – When you click on my link to purchase I’ll receive a slight commission for sending you to Amazon. But you won’t pay a higher price. It’s just Amazons way of saying thank you for the business!

 

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