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How Much Should We Save For Our Children? - Family (3) - Nairaland

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Re: How Much Should We Save For Our Children? by bigiyaro(m): 12:19am On May 11, 2023
Nice2023:
Saving money is vital for every human survival especially now that the economy has changed terribly.

Aside saving money for my children,which i am yet to start,I have secured lands for them.

I want to know how much,I mean what percent of one's income should be saved for them till they are 18tears of age? don't save raw cash for them, inflation go chop am, instead buy pension and investment plans for them, with compounding interest. Depending on your location, build a twin flat for each of them, open an account ( not the normal saving account o) have the tenants pay the rent into that account, let compound with the yearly additions.

Re: How Much Should We Save For Our Children? by Smartguyboy(m): 12:25am On May 11, 2023
Godwin4444:
saving money that will depreciate in value?


Y don’t u build investments in their name?

Land is also cool cos it will appreciate
depreciate How?
When you are saving like 10k each month
Re: How Much Should We Save For Our Children? by frozen70(f): 2:17am On May 11, 2023
Nice2023:
Saving money is vital for every human survival especially now that the economy has changed terribly.

Aside saving money for my children,which i am yet to start,I have secured lands for them.

I want to know how much,I mean what percent of one's income should be saved for them till they are 18tears of age?


It depends on your income

If you have a steady income flow

You can save times the number of children that you have in one account

Do this every month and by the time they are done with secondary school,

Their first year school fees must have been saved

But it takes self discipline to achieve that
Re: How Much Should We Save For Our Children? by adefitim(m): 3:05am On May 11, 2023
We never chop for house you dey talk about saving for children 👶🏿
Re: How Much Should We Save For Our Children? by seanwilliam(m): 7:16am On May 11, 2023
Kellie069:
I don’t have a child yet. But got plenty of lands around which appreciates on a regular basis. Have my building on one and that’s the only house I may build . If dem like , make dem sell the land take chop agbado when them grow, na them sabi. I’ll keep buying tho and I am thankful because I have never sold any land because of financial difficulties over the years . But for naira, nothing de. Na nkwobi and Heineken money de my acct plus emergency funds


This really makes sense.

Keeping money in the banks when inflation can render it useless doesn’t make sense, it’s like one is working for the bank .
I can only save towards a particular project but never for the future .

E.g I can save towards buying lands, cars or houses,
But I can never save with the aim to protect the future.
Re: How Much Should We Save For Our Children? by Godwin4444: 7:31am On May 11, 2023
Smartguyboy:

depreciate How?
When you are saving like 10k each month
so the value of 100k of 2020 is still d value of 100k of 2023?
Re: How Much Should We Save For Our Children? by 1Sharon(f): 8:49am On May 11, 2023
Why are you asking us?
Re: How Much Should We Save For Our Children? by Smartguyboy(m): 11:15am On May 11, 2023
Godwin4444:
so the value of 100k of 2020 is still d value of 100k of 2023?
You can’t judge the future with the past . If investors think like this nobody will build company again that why we always hope for a better future.
The op is just trying to save in the future for his daughter.

1 Like

Re: How Much Should We Save For Our Children? by oxiide22(m): 5:15pm On May 11, 2023
Nice2023:
Saving money is vital for every human survival especially now that the economy has changed terribly.

Aside saving money for my children,which i am yet to start,I have secured lands for them.

I want to know how much,I mean what percent of one's income should be saved for them till they are 18tears of age?

such is life! but you can't help someone in dire need
Re: How Much Should We Save For Our Children? by rashfat(m): 5:16pm On May 11, 2023
Nice2023:
Saving money is vital for every human survival especially now that the economy has changed terribly.

Aside saving money for my children,which i am yet to start,I have secured lands for them.

I want to know how much,I mean what percent of one's income should be saved for them till they are 18tears of age?



At Custodian Life Assurance we have a policy called Children Education Endowment Policy designed to help parents plan for the education of their children which is minimum of 5years. You can either plan for their secondary or tertiary education. The interest on it is compounded, it also has life cover. For more inquiries contac me via kenyem@ymail.com
Re: How Much Should We Save For Our Children? by dandig(m): 8:45pm On May 11, 2023
wunmi590:


I've a friend we graduated 🎓 together, that works in mutual benefit assurance, she introduced me to a 5years saving plan which is individual savings and protection plan (ISPP), that's what I did for my daughter...

My daughter is now 2years 5month, so I've been saving 10k for her since then, I can't collect it until after 5years...

After the 5year, I will do another one for her again, until she clock ⏰️ 18 and have access to her fund, so help me God

She has like 350k now, there are sometimes I save 20k in a month, if I have excess for that month...

I can't come and kill myself...
How Can one be referred to this scheme please? I would want a personal savings plan for myself considering I put aside 11k monthly.
Re: How Much Should We Save For Our Children? by wunmi590(m): 9:01pm On May 11, 2023
dandig:

How Can one be referred to this scheme please? I would want a personal savings plan for myself considering I put aside 11k monthly.

Do you want me to give you my friends number or you want to walk into any of their office?
Re: How Much Should We Save For Our Children? by Gr8ness4: 2:43am On May 12, 2023
I don’t think the money is going to worth a thing when she’s 18. Below 2.5m in 18 years from now go be like pocket money. Maybe u should look for a way to save up for her in pounds or dollars.


wunmi590:


I've a friend we graduated 🎓 together, that works in mutual benefit assurance, she introduced me to a 5years saving plan which is individual savings and protection plan (ISPP), that's what I did for my daughter...

My daughter is now 2years 5month, so I've been saving 10k for her since then, I can't collect it until after 5years...

After the 5year, I will do another one for her again, until she clock ⏰️ 18 and have access to her fund, so help me God

She has like 350k now, there are sometimes I save 20k in a month, if I have excess for that month...

I can't come and kill myself...
Re: How Much Should We Save For Our Children? by wunmi590(m): 7:58am On May 12, 2023
Gr8ness4:


I don’t think the money is going to worth a thing when she’s 18. Below 2.5m in 18 years from now go be like pocket money. Maybe u should look for a way to save up for her in pounds or dollars.



You are very right my brother, my plan is after each 5years, I will open a dollar account for her, collect the money 💰 and change it to dollar 💵 and deposit it in side....

After another 5years, I will do that again till she get to 18years, by then, the money would have more value, as dollars doesn't depreciate to naira...
Re: How Much Should We Save For Our Children? by EKOSuperior(m): 8:37am On May 12, 2023
600 billion
Re: How Much Should We Save For Our Children? by dandig(m): 10:21pm On May 12, 2023
wunmi590:


Do you want me to give you my friends number or you want to walk into any of their office?
I'm residing in the south south area sir. If your friend is around here, I would love to seek counsel. 07038784328 is my number
Re: How Much Should We Save For Our Children? by Nobody: 11:49pm On May 12, 2023
riczy:
How much did ur father saved for u, live ur life abeg! All man for him self!

So because his father did not save for him he should not save for his children. I see you becoming a grossly irresponsible parent

This I have seen
Re: How Much Should We Save For Our Children? by Nobody: 11:51pm On May 12, 2023
1Sharon:
Why are you asking us?

So you can help him ask the flying spaghetti what next to do
Re: How Much Should We Save For Our Children? by riczy(m): 7:57am On May 13, 2023
RenegadeX:


So because his father did not save for him he should not save for his children. I see you becoming a grossly irresponsible parent

This I have seen
oga responsible, u didn't sieve my msg, no kwams if dts ur level of understanding!
Re: How Much Should We Save For Our Children? by Nobody: 8:58am On May 13, 2023
riczy:
oga responsible, u didn't sieve my msg, no kwams if dts ur level of understanding!

Oga there is nothing to sieve there. You said how much your papa save for you? “Live your life” meaning he should live carefree and selfishly while neglecting the kids he brought into the world. How I interpreted it is exactly what u meant
Re: How Much Should We Save For Our Children? by riczy(m): 9:10pm On May 13, 2023
RenegadeX:


Oga there is nothing to sieve there. You said how much your papa save for you? “Live your life” meaning he should live carefree and selfishly while neglecting the kids he brought into the world. How I interpreted it is exactly what u meant
oga Thanks!
Re: How Much Should We Save For Our Children? by wunmi590(m): 5:44am On May 14, 2023
dandig:

I'm residing in the south south area sir. If your friend is around here, I would love to seek counsel. 0703878 is my number

No matter where you are, she can be your account officer and be operating your savings...

You only remit into the company account, and iou send her screenshot and she help you do follow up to credit your account and you will receive an alert in the account created for you...

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