Saving for Your Kids on $50k a Year

Author bio: Ksenia Yudina is the Founder and CEO of UNest, the first mobile app that makes it easier than ever before for parents to save for their children’s future. Ksenia is an entrepreneur and financial expert with over ten years of experience in the financial industry.

As a wealth manager she helped affluent parents access smarter saving and investment options. She founded UNest to extend the same financial acumen to parents across all income levels and backgrounds.

To date, UNest has helped tens of thousands of parents save millions of dollars for their kids’ future.

Raising a family is tough. The majority of young parents face what seems like an insurmountable mountain — how to keep things going on a limited budget while also putting the funds aside for big ticket items like your kids going to college.

Let’s explore some ways to scale that peak (no Sherpas required). We promise to avoid ivory tower thinking or glib assumptions. Let’s get you some practical ways to start and maintain a savings plan for your kids.

One that buys them a huge step ahead as they prepare for all of life’s great opportunities and challenges.

Assess Your State of Affairs

$50k a year takes on a different complexion for those living in Magnolia, Arkansas (home to the World's Largest Charcoal Grill) compared to a family in Manhattan, NY.

Getting going on a savings plan requires some common thinking, however.

Wherever you live you need to tally up your weekly expenses. Categorize the must haves, and the nice to haves (e.g. Starbucks’ White Chocolate Mocha: $5.45 and 530 calories you really don’t need).

Yep, some of those nice to haves may have to be put on hiatus. The satisfaction you’ll get from doing ABSOLUTELY the right thing for your kids will more than compensate, we promise.

Armed with a decent understanding of your outgoing dollars, set a starting point for what you can put aside.

Any number will do at this point — this is more about getting into the savings habit than transforming yourself into Warren Buffett overnight.

Unconvinced? Skip ahead for a moment — what will life be like in your ideal world ten years from now? That’s why we are here.

To get the machine in motion that will help transport you and your kids to a sound financial future. Use that as the impetus to get moving and resist the temptation to push things off.

Starting from Zero

Living paycheck to paycheck?

You’re not alone — the majority of American families are in the same boat. OK then, let’s get the network effect going.

This is the time to recruit some help from those around you.

At your kid’s birthdays and Holidays tell your family and friends that the only gift you want is cash placed into your kid’s saving account. They will be contributing to something really special — your kid’s future.

It’s even good for the environment (no boxes, wrapping paper, and unused toys/clothes to decompose over the next billion years). Make that a standing gift until your kids are off to college.

 Starting from Zero, Without Outside Help

There’s a chance you’ve reviewed the family tree and come up with a sum total of nothing in possible contributions. Where to now? There are still ways to get things moving.

Family saving solutions like UNest include partners that offer rewards when you sign up for things you may have been planning on doing any way.

And you can earn extra dollars by referring your friends and family to sign up for a savings plan. It’s probably the right thing for them too!

Josh founded Money Buffalo in 2015 to help people get out of debt and make smart financial decisions. He is currently a full-time personal finance writer with work featured in Forbes Advisor, Fox Business, and Credible.