Advice on saving for kids

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ryan10

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Hi

I am looking for some advice on long term savings options for 2 kid's.
1 has a Standardbank TFSA and Standardbank Moneymarket Call Investment account in their name.
I have not opened up any accounts for the 2nd child yet.
I would like to be able to share the account details with family/friends so that they can contribute to these accounts.
What are the best options availble for saving?

Thanks
 
I opened two unit trust accounts for my little one. Both are Equity funds (good for the long term), one is local while the other is a feeder fund. I did think about a fixed deposit account but never go that path as the money is locked and you can only add additional amounts on maturity.

PS. Not financial advice, just sharing with I did.
 
ryan10 said:
Hi

I am looking for some advice on long term savings options for 2 kid's.
1 has a Standardbank TFSA and Standardbank Moneymarket Call Investment account in their name.
I have not opened up any accounts for the 2nd child yet.
I would like to be able to share the account details with family/friends so that they can contribute to these accounts.
What are the best options availble for saving?

Thanks
Click to expand...

Dont share the details of the TFSA to your relatives, you have a limit as to much you can deposit per year. Rather control that yourself.

Seen a few posts on twitter regarding just how well the TFSA could be, but there are some cons - i will try find the thread.

Personally i dont think the money market account makes sense, interest rate is too low, inflation would eat into it. You should consider going high risk as the time frame on this investment is long.

PS i am no financial advisor.
 

Easy equities TFSA for minors

Hi, Looking for some advise and feedback about opening a TFSA for minors on EE. Process seems very manual.... Has anyone had success and what are the time lines (none stated on their site)?
mybroadband.co.za mybroadband.co.za

TFSA for New Born Baby

Hi guys, We had our first child this year and I would like to set up a Tax Free Savings Account for her. Disclaimer: I'm a total noob with investments. To me it sounds best to invest have the money work in some sort of index tracker. Maybe something like SATRIX Top 40. But with uncertain...
mybroadband.co.za mybroadband.co.za
 
We chose to open Satrix accounts, to which we contribute monthly. We control these. Monthly contributions increased annually (for inflation). Accounts are equity exposures one for local and other to international.
 
my 2c, saving as much as you possibly can for your kids wont make a big difference to their future/s, if you plan to remain in sa.
 
Speak to a wealth/financial adviser on what options are available with houses such as Old Mutual/Momentum/Sanlam/etc.

They are skilled in helping you unpack your future needs so that you can structure something within your budget whilst still achieving what you need to save/invest for your kids.
 
SauRoNZA said:
Aaah name rings perfectly true.

**** saving and just wallow in self pity instead.
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if you're so inclined, you're welcome to ***** saving. if that's what you take from it, so be it. i'm certain that you hope that things will get better in sa, hope is not a good strategy though. i'm sure it will too, but not in your childrens lifetime.

edit: yeah , the name is great !
 
chuckles_the_cnt said:
my 2c, saving as much as you possibly can for your kids wont make a big difference to their future/s, if you plan to remain in sa.
Click to expand...
Nothing stops them from investing in foreign assets within a TFSA.

If things become as dire as you say, then they can always withdraw the money and leave.
 
ryan10 said:
Hi

I am looking for some advice on long term savings options for 2 kid's.
1 has a Standardbank TFSA and Standardbank Moneymarket Call Investment account in their name.
I have not opened up any accounts for the 2nd child yet.
I would like to be able to share the account details with family/friends so that they can contribute to these accounts.
What are the best options availble for saving?

Thanks
Click to expand...
Big life insurance policy and make sure you die timeously.
 
pinball wizard said:
Big life insurance policy and make sure you die timeously.
Click to expand...
Was wondering if that was a plan recently. Anyway, wife needs to increase hers

It's evolved for my kids since I started in the last 6 years. Now it's EE in the overseas ETFs, but they have cash, UT and various flavours of TFSAs to their name. Hopefully it will sort them out for their uni education and starter homes ,etc. Most likely they will have to bail me out so I better be nice to them. The 5 year old was already worth about 270k last year. Probably took a massive dump this year with the markets. I don't pay too much attention due to it being long term.

EE have gift cards so you can ask family/friends to give those if they so inclined which you can do as necessary . I think EE is pretty good.
 
Thanks for the info guys.
After doing some research and sifting through advice.
I have decided to open FNBy accounts in the kids names and share those with family to contribute to.
Transfer from FNBy to EE ETF TFSA and other EE ETFs.
Perhaps will look into RSA Retail Savings Bonds also.
Thanks
 
The Door said:
I think an advisor would probably have the opposite advice if you have time on your side?
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That's a very conservative advisor then. If the time period is medium to long term i.e. 10-15 years, high risk seems to be way to go - well at least in my eyes.

Disclaimer: I am not an advisor ... just listened to a few
 
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