4 Best Ways To Save Money For Your Kids
Given the current economic situation, have you also been wondering what is the best way to save money for your kids? After all, as parents, it is one of your biggest responsibilities, apart from many others, that you must fulfill. But, with so many options in current times, from - fixed deposits and recurring ones, to investing in gold, it is only natural to get confused. To bring things to your notice (given that you are reeling under the responsibilities of childbirth), investing in digital gold is a fantastic option for you to check out.
In this post, as you scroll down, we will set out for you - the key reasons why you must start saving for kids well in advance, the different types of savings for you to try for your kids, how digital gold has become a crucial option and also answer some of the most asked questions. Stay tuned to this blog -
When talking about saving money for kids, there is no one way to follow. In today’s times, the options have widened and they include a gamut of alternatives like -
Deposits of any type - whether it is an FD or a recurring format are one of the traditionally followed and high-yielding formats for saving money. Most parents wondering how to invest for your child, choose this route since, not only are the returns good enough, but also, there is utmost stability in picking these options. Most importantly, you can choose the amount to be invested, and the lock-in period, and after it is over, you get the total amount in hand
There are a multitude of government schemes like PPF, NSC, or child-oriented schemes that can provide you with the perfect savings mode for your child. The details related to these schemes are well-laid out, fair, and proper for you to pick, choose and invest in.
Insurance policies for kids are another of the formats to create long-term savings for kids. What happens in this case is that you get to accumulate the money till a certain period in time, and once the kid reaches that age - they can easily receive that money (applying rules and regulations).
Lastly, there’s nothing like investing in gold! For ages, people have invested in gold for their kids (physical gold, gold bonds) that have yielded them high returns.
Added to that, in recent times, the concept of digital gold has joined the bandwagon! Safe in nature, with a wider variety available in terms of investment in digital gold - this provides your kids with that certainty of return over time.
However, the only point to remember is that - you must choose the trading platform with utmost carefulness. With too many platforms claiming to provide you with the best services, always check the licenses, certifications, investment options, and customer support of the concerned platform.
The key reasons why with kids in concern, you must start to save early is -
It is thanks to these reasons that saving money for kids is so increasingly important.
Assuming you have been reading this post well, you are well aware of the multiple investment options that are there in today’s times. Having said that, more than others, digital gold brings a bevy of advantages. Some have touted digital gold as the best way to save money for kids. This is primarily due to -
When it comes to saving for the kids, irrespective of the financial position of the parents, or any such factor, they look out for the best way to save money for the kids. Having said so, expanding the variety of options from mere monetary savings to include even the digital gold format is the norm of the day. Digital gold as we all know comes with a variety of benefits and that immediately makes it a hot pick vis-a-vis others. So, naturally, when talking about long-term monetary investments, this is a robust format to check out.
Absolutely! An emergency can crop up at any time and it is then that the significance of such an investment plan is better understood. Parents can utilize this money to deal with sudden requirements.
The earlier you invest, the risk-taking capacity related to your investment increases exponentially. Also, that gives you a greater chance to recover from the poor choices that you make and leads you to earn better in the long run.
Both have their own set of positives, but, while saving is a more or less stagnant activity, investment is a risky business. So, if you have a short-term goal, opt for savings. But in the long term, there is nothing as good as correctly investing the money.
With digital gold, you get to start small and even choose a SIP if you are short on cash. What’s more, is that, it is a safe mode of investment, and yields long-term results, irrespective of the conditions it is placed in.
