The best time to start saving for your child is now, whatever age your child is. The earlier you start, the smaller the amounts can stay. And a later start is still better than none at all.
"I wish I had started earlier." You hear that a lot when it comes to saving for children. The honest answer to the question of when is simple: now, whatever age your child is right now.
Behind the question there is usually a small worry about doing something wrong or too late. That worry disappears quickly once you understand why timing matters in the first place.
Why starting early makes such a difference
What really works for you is the time until your child turns 18. The more years you have ahead, the smaller your monthly contribution can stay while still building up something solid. Starting from birth gives you the longest possible runway, and that is exactly what makes it so relaxed: you do not need to put much aside, you just need to start early.
What if your child is already older?
That is no reason to give up. Even at eight or twelve, there are plenty of years left before adulthood. No need to make it bigger than it is:
You may have missed the earliest start. The next best one is today.
Instead of mourning the earlier start you missed, it is worth making use of the years that are still there. They count just as much.
The deadline you are waiting for does not exist
Many people put off starting until a good moment comes: the new year, the next raise, the end of the expensive months. That perfect moment rarely comes, and in the meantime exactly the time passes that would be your biggest advantage. Starting almost always beats waiting.
Start small, grow later
You do not have to start big. Better to begin today with a small amount and increase it later when you have more room, than to wait for the day when a larger amount would be possible. How much makes sense at the start is covered in How much should you save each month for your child?
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Start the Family CompassFrequently asked questions
When should I start saving for my child?
Is it too late if my child is already older?
Do I have to wait for a specific moment?
How much should I save at the beginning?
This article is for general information and educational purposes only. It does not constitute individual advice, and no statements are made about future performance. Which path fits your family is something we work out together in a personal conversation.