Savvy Ways to Set Up Your Child’s Future


Your Family’s Future is Important

I didn’t grow up with an inheritance, although my parents still managed to make a good life for me. Now that I am older I realize how important it is to save for your child’s future. There are some people who are educated at an early age about money and they often do well in life, but for the group of people who may not know the simplicity of liquidity and growth with money, this will educate you on personal finance, so when the time comes and your child needs assistance financially, money will be in place for him or her and anything else they may need before the age of 18. It’s important to not delay these steps and start taking action now.

1. Minor account 

A savings account for a minor is most likely the first step for saving and the easiest. Set it up so that only deposits can be made into the account. However, you will have the ability to make withdrawals or deposits into the account and close it if necessary. You can have plans for as long as 18 years and deposit however much you want a year.

Say you did $25 a month for 16 years, that is $4,800 saved up for your child’s future. If you and your spouse both do it then the amount will double. This money will not be able to be accessed by other people unless you list them as a beneficiary. Choose someone who will have your child’s best interests at heart and will be able to use the funds you provided for the child and also continue to contribute to the bank if something happened to you.

(My son and his grandmother created a minor account at TD bank with his father as the beneficiary)

2. Life Insurance 

Life insurance is not only for your child but for you as well. It’s the easiest way to secure your family’s financial future and it’s not just to pay for a funeral. Life insurance guarantees liquidity, growth and safety with your money. However, It will vary as to what life insurance fits your family. Every family is different for insurance.

According to the New York Times, “Matt Becker, a financial planner in Florida whose practice focuses on younger families, said working parents should buy enough insurance to replace their income for five to 20 years, depending on how old their children are and whether a spouse or partner could support the children on one income.” 

3. Letter of Intent / Will 

You will want to set a Letter of Intent or a will for an emergency, in case anything were to ever happen to you. It’s important to know who will care for the child, especially if you are not married yet like myself. The will is very important if your children will inherit anything from you like a business or a home. The documents will outline your wishes and provide information regarding your child’s life without you. It will be accessed in court for legal matters if the grandparents or father decides to take on full responsibility. 

4. Emergency Fund for Yourself

It’s great to say that all relationships last, but until you tie the knot in matrimony you better be able to take care of yourself alone. I think it’s important to not only save for your child, but for yourself as well. It is important to keep a stash or savings that will ensure your safety and your child’s safety. Since we can’t predict the future, it’s safer to have security for any mishap or misfortunes that will come along the way. That’s why it’s important to get into the habit of saving now. 

5.  College Funds 

All of these above can help aid in paying for college. However, you may want to consider setting aside money for college if you do not want to take from your other savings. The last thing we want is any child to not attend college because they don’t have the funds to do so. 

Here is a link to Florida’s 2018 Tuition, Fees, and Living Costs at Colleges and Universities 

Money grows on the tree of persistence

It’s a saying that money grows on trees, but unfortunately, none of those trees are available to us unless we make the right choices. Money grows on the tree of persistence. You have to understand how money works. You can spend money, save money and allow your money to grow. You choose! 

Although we can’t predict the future, we know the things we wanted in life and the things we wish someone would have taught us about savings and money. It is likely your child will need money for college, a car, traveling, wedding, a home and a baby one day like you.

It is important that we raise our children to be ahead and not behind. To be prepared to build wealth and not just live check to check. Someone may have not taught you, but now you have the tools to teach yourself and to teach your children, so they may teach their children. This should be the ultimate goal for our children, but we must start taking steps now.



  1. Great information and great job with this article. Thank you Javonni for being the great mother you are to my grandson! I love you and thanks for te picture of Noble and I


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