It has been interesting to listen to some of the many ideas of what some of our friends and families plan on doing with their anticipated rebate checks. As expected, there is an almost daily barrage of advertising from companies offering to help you spend it before the check even arrives. While some families will need the money now to help make ends meet others plan on spending it in an assortment of different ways. Very few people have suggested they plan on saving the money since they feel that it is too small an amount to matter. I beg to differ with that idea. Even a few dollars can make a difference when saved and properly invested.
Being in the childcare field might make us think of uses more geared toward children than most, but I think that is a good thing. Our suggestion is starting a college fund. If you receive a $1,200.00 check it may not seem like much right now, but invested at 8% in a college fund for 18 years and it will grow to almost $5,000.00. If you can afford to add just another $100.00 per month to that rebate check your college fund will grow to over $50,000.00 by the time your little one is ready to go.
With expenses at universities continually increasing that small check may be a big help someday. Even if it doesn’t cover all the costs it can make a very big dent.
So how much is that little check worth?
