How a mum save for her childern ?

Naviety - posted on 07/19/2012 ( 6 moms have responded )

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How can a mum really save for her children , basically dealing with the education point of view, the toy and the clothes

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Katherine - posted on 07/20/2012

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CD's help too. If you buy so many a year, or even one a year per a child it adds up. At least I THINK they work like bonds but mature faster.

Jamie - posted on 07/19/2012

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What I've been doing when it comes to toys and clothes is shopping at yard sales and excepting hand-me-downs. That saves a ton of money and you won't believe how many yard sales I have been to and bought clothes for less than a $1 and they still had the store tags on them! Kids love toys, they don't care where they came from so buying them at yard sales is great too. (I also shop locally on "Craigslist" for stuff) You can get by on yard sales and consignment stores for a long time, your kids won't care till they are teens....then that is a whole new way to save money.

Another great way to buy stuff "new" for my kids is with coupons. I've bought Playtex sippy cups for less than a $1, clothes for next to nothing, etc. Also buy stuff ahead of time by shopping the clearance racks and storing the shoes/clothes for the following season. This really saves a ton of money. Places like Target will take a manufactures coupon and a Target coupon, so that saves a lot of money.

For education, the state of Indiana has a great 501 plan. Check it out in your state, you can get it thru a broker, bank or online. For me, its tax deductible becuase I live in the state. Also in my family we grew up that our parents paid the first year and then you had to pay the rest, so I worked on campus of a local college and paid for my own schooling. By doing that I had better grades cause I didn't want to waste my hard earned money. For my husband, his family let him keep half of his scholarship money that he was awarded and they paid for his schooling, but he had to pay for room/board, vehicle costs and insurance. So we both had to learn to get jobs during school and not expect our parents to pay everything. We will be doing the same with our kids, they have to work too.

As for any money that are given to my kids for birthdays and such, we put that in a savings account for them. It is their money, we won't use it for education. But they will have to use it for themselves such as buying their first car or something.

We really want our kids to be raised knowing that money doesn't grow on trees and respect what they have. I hope this helps you and gives any ideas if you need them. Good luck!

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Jean - posted on 08/28/2012

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Honestly I have a 10 dollar a month automatic withdraw that gets taken out each month and sent to her savings account. I also have 2 piggy banks at home for her, both I bought off amazon and one is plush one is rubber/plasic so she can carry them around. I mostly use debit card not cash, so when I get any change or if I have any paper money at the end of the day I made a deal with myself it becomes hers to "feed the piggy" also the rule at home is any money she finds (she is 13 months tomorrow but she hunts change good) she feeds her piggy and we make it fun for her. Any money she gets for a birthday or any occasion even birth gets put away into another savings account that her piggy money goes into. Then each income tax 1000 dollars of her credit that I get back from misc of daycare expense or whatever goes into a CD for the longest term which with my bank is 7yrs. That is the money that will add up to be a good headstart at life. As they become mature I will reinvest them until it evens out with her starting school, so I would say about 17 years of 1000 cd investments. Now I also have aflac so if she gets hurt any money I get from that will be automatically hers for a cd or the bank account. It is mostly money you won't miss at 10 dollars a month, or money coming to you in a lump sum that you can put a chunk away for the baby because if you look at it from the point of view as "well i didn't really have it so I can't really miss it" you will save better. Seems liek when you are on a budget, and then you try and add a bigger amount of money frequently, the money never makes it there. As far as clothes and toys I buy in advance, when it is summer I buy winter clearance for the next year, when its winter I buy summer clearance for the next year. As far as toys I usually buy stuff year round when they are on sale or clearance at like ross or tjmaxx.. then at holidays I have plenty or when she is doing great I can just go in the stash and get her a toy.

Anne - posted on 08/26/2012

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I plan a budget for them , then I work accordingly. I try to cut off their extra expenses on toys and games, Check out several yard sales, these helps me to get some cheap stuffs. CD's are very helpful.

Jamie - posted on 08/07/2012

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I buy all my kids clothes at the salvation army. On Thursdays kids clothing is 75% off making each item 50 cents. Good will is to expensive. Where do you live? Also, suggest a toy rotation with some mom friends. Get together and trade toys around the same value and in good condition. All moms have kids who outgrow their toys quickly.

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