If you’ve recently welcomed your new arrival into the world, you’re probably not busying yourself with worrying about their degree choices at 18. Instead, you’re trying to stretch every penny to cover nappies, clothes, and the extra TV subscriptions you need to see you through those sleepless nights! The cost of education has risen dramatically in just the last handful of years. You might be a lot of years away from having to find that money, but wouldn’t it be nice if it was there, ready and waiting?
Find Out How Much You Can Put Away
To work out just how much you can put away, you need to know how much you’re spending each month. Now your little one has arrived your bills are going to steadily increase over time. It’s unlikely you can squeeze any more out of your salary. After all, you need to prepare for the toddler years first! Shoes will need to be replaced every few months. Then you’ll have that first big school uniform bill. Don’t forget all the development toys you’ll invest in as you go too.
What you need to do is save on your current outgoings. At the moment, you’re covering these costs, so the savings you make in reducing them can go in the future fund for your child. Here are the best places to find those savings:
If you haven’t switched energy providers in the last two years, now is the time to shop around. Check out as many electricity providers as you can to see how much your energy bill might drop by switching. This difference can become the start of your savings for your little one’s future. Some providers will guarantee a saving of up to 33%. Others will throw in freebies and discounts in other areas. Pick the one that suits your lifestyle best. If you’re up in the night, you’re using more electricity.
Cleaning Products? Really?
Now you have a baby in the house, you’ll be keen to stop using those chemical cleaners that cost a fortune. Instead, natural solutions from everyday household products offer savings. And they’re safer around your child. How much is your monthly bill for those cleaning products? That’s the sum amount you can now start putting into your child’s savings account.
Refining Your Own Future Plans
Most of us have DIY or home improvement projects we want to get started with. You might already have got a job or two priced up. It’s time to revisit that wishlist. A baby changes your priorities and your needs. Pick the projects that suit your new family lifestyle and drive the quotes down! Put those savings in the future fund.
Finding savings, albeit pennies, from everyday spending helps you to live more frugally. Those little savings put away today will earn interest over the years. By the time your little one is all grown up, that fund could be big enough to cover their education, should they choose to pursue that route. If not, a deposit on their own apartment? Put all your loose change each week into a savings account and see how much that can become in eighteen years.