Kid’s Ain’t Cheap: Five Things You Should Start Saving for While Your Kids are Young
Saturday, March 15, 2014, 1:00 PM | Leave Comment
When you have children, there are some things that you need to start saving money for when they are young. Clothing and school supplies are necessities, but there are some things you might not think about that your children could need as they get older.
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College
The education of your children is probably one of the most important things you can save money for while they are young. Tuition rates will likely rise as the years go by, and this is why it is important to start a savings account or trust fund that your children can use for their college education. This money can be used for other aspects of college as well like room and board or books.
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Car
When your children reach the age that they can drive, they will probably want a car or at the very least you may want an extra car. Instead of trying to save a large amount of money in a short amount of time, start putting back a little bit each year so that you can get your children a safe car that is newer.
This is a benefit because there are more safety features with newer cars, and you can often receive insurance discounts for owning a safer vehicle.
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Orthodontics
This is an area where you might need money and you might not. Your children will likely need some type of dental work when they are older such as wisdom teeth removal, but what about braces?
Many orthodontists require a down payment up front, but you can usually make payments each month to pay off the amount of the orthodontic work.
According to Dunn Orthodontics of Scottsdale, “Usually your insurance will cover part of the fee and you will be responsible for the rest.” So while you may get a bit of a financial break it is always a good idea to start saving now.
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Sports
Your children might want to play sports when they get to high school. Sports can be expensive because children will need uniforms, equipment for the sport and equipment to practice at home.
They will also need money for any fees and physicals that are required to play. There are also additional costs if the sports team makes it to championships.
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Clothing
As children get older, they will need bigger clothes, and these clothes are more expensive. You might not need a lot of extra money for clothing, but you will need to have some put back because children often want the items that everyone else wears, and some of these items can be pricey.
Whether it’s a new car or the latest piece of clothing off the rack, you will need to save money for your children. They will require things that are more expensive than they are when they are babies or toddlers.
Start saving money when your children are babies to make it easy if there is an emergency and you have to replenish the money before it is needed.
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