The Parent’s Guide to Saving Money With Kids

Planning your financial path is hard enough. Add kids to the mix and the vision becomes even blurrier. Don’t despair, there are ways to set yourself — and your kids — up for financial success!

Use these top three ways to build investments for big expenses, teach your children financial literacy, and save money on everyday expenses.

Invest early

Think about the last time someone told you how to grow money. Most people know they have to “invest!” and hear it repeatedly, but few actually do it.

Whether you have built yourself a cozy money nest or not, these steps will help you push towards saving a little every day and will produce results in the long term.

1. Set your risk tolerance level and build a plan. Ask yourself: “What are my savings goals?”

2. Remember: it’s all about dollar cost averaging, which means that your investments will grow over time if you stick to the program and invest consistently.

What if you have a child, you ask? If you start now, imagine how satisfying it will be to be able to cover their tuition and a used car, even!

Miles Saving Pro Tip: Start with the Webull reward where you can start out with 12 free stocks worth up to $30,600! You’re guaranteed at least $76 when you fund the account with any amount so start building wealth that you can pass on to your kids.

“The Talk” — How to teach kids about money

It may be awkward, but kids need to know where that weekly allowance comes from. (Hint: it doesn’t grow on trees.)

As you consistently expose them to the realities of money and how they can create their future through saving and investing, rest assured that they’ll have a financial safety net to fall back on by the time they leave for college. They can even build their own savings accounts for large purchases in the future!

Need help broaching this touchy subject?

There’s Copper Bank, a great reward in the Miles app (download here) where teens can learn to invest, track their spending, and use their own debit card. A $50 investment bonus will be sure to pique their interest!

Save on essentials

It goes without saying that kids are expensive. With investing for the future covered, let’s talk about the day-to-day. From baby formula to groceries for young children, Miles has a litany of avenues for you to save on essentials.

One popular way is to join Sam’s Club! Buying in bulk for your growing family will pay for the membership many times over. However, don’t pay the full price for that membership. Instead, use the Sam’s Club reward to get 60% off your first year plus a $10 gift card by redeeming it on the Miles app.

If you’re too busy to shop, you’re not alone.

According to CreditDonkey, Americans spend approximately 53 hours per year in grocery stores. Get hours of your time back by choosing one of our many food delivery services including Blue Apron, HelloFresh, Green Chef, and Factor.

Choose from any of the above and get free meals!

Each step counts

Achieving financial independence and building your children’s future is no small feat.

However, each step you take saving for big purchases, investing along your financial priorities, and making prudent decisions on your everyday expenses brings you closer.

Saving you money is our top priority — so go check out all of the other ways you can make your money work for you on the Miles app!