Friday 12 May 2023

Financing Your Child's Dreams: 12 Practical Strategies to Make It Possible

As parents, we all wish for our children to achieve greatness in all their endeavours and realise their dreams without breaking the bank. But how can we support their ambitions financially? From creating goal-based savings plans to taking advantage of available resources and benefits, there are various methods of funding your child's dreams. In this blog post, we present 12 effective strategies that can help your child realise his/her ambitions without overspending on resources or benefits.

Photo by Annie Spratt on Unsplash

Plan Early

By starting to plan early for your child's educational and achievement goals, the more time there will be to save for any costs that arise. Consider opening a savings account—ideally with a higher interest rate—to help grow funds over time.

Use Cash Back Credit Cards Prudently

Utilised wisely, cash back credit cards can be effective tools for increasing your available funds. Be sure to pay off your balance each month and take advantage of any bonuses or rewards they provide.

Establish a Goal-Oriented Savings Plan

Automatic savings plans make saving easier, removing temptation to spend the money elsewhere. Apps such as Acorns and Qapital can assist in setting goals and rules around small savings over time.

Equity Release 

If you own your home, equity release allows you to unlock some of its built-up wealth for use when your child needs financial assistance and may also be tax deductible.

Use Bonus Programs for Extra Income!

Search for bonus programs offered by airlines, hotels, car rental agencies and retailers which could give additional savings when booking travel or making purchases - you might even find local stores offering discounts for children's items!

Search Scholarships and Grants to Fund Their Education

Scholarships, grants, and bursaries are forms of financial aid available to students to finance their education or activities. Many schools also provide awards that recognize excellence in academics or other areas - be sure that your child takes full advantage of all available awards!

Consider Working Part-Time While Attending School

Working part-time during school - even for just a few hours each week - can provide extra money to cover the costs associated with fulfilling your child's dreams.

Invest in Education Funds and Bonds

Investment funds and bonds that offer tax breaks as well as other advantages are an ideal way to help achieve the educational goals of your child. You could invest in education funds or bonds designed to grow over time and used for tuition payments or expenses related to reaching these goals.

Discover Tax Credits and Additional Benefits

Government tax credits and incentives provide families with ways to save on taxes while providing resources for their children's education and extracurricular activities. Consider these options and see if any can save you money financially.

Take Advantage of Community Resources

Your community probably offers many resources for children and families that could help your children meet their goals without breaking the bank. These may include free or low-cost classes, art programs, sports teams or anything else which might support their development.

Leveraging Family Resources

Make use of any available family resources to support your child's dreams. For instance, grandparents might offer financial contributions that would assist in funding his or her education or extracurricular activities.

Consult a Financial Expert

Finally, seek the guidance of a professional who can offer tailored advice on how to maximise savings and create a plan to fund your child's ambitions. Doing this will give you peace of mind that all steps necessary have been taken for their future success.

These twelve strategies will help you fund your child's dreams without breaking the bank. By setting up a goal-based savings plan and taking advantage of available resources, you will ensure they have every chance at realising their ambitions.