Are you a young parent worried about how to build a nest egg for your children so they don’t have to struggle like you do? Savings and compound interest are a great thing for our future generations. A mere $1.00 a day deposited into a savings account and average growth of 8% will leave your child wealthy by the time they are ready to retire. But where do you find that money?

Simple things at home consume our children’s future and all we have to do is save a little on our house utility costs.

To find a dollar-a-day savings, let’s start with your water bill.

1. When doing laundry, do full loads, not just the daily load.

2. Check the house for leaky toilets or faucets. Although it may seem like a small amount of water, it is a constant flow.

3. If you water your garden, do it between 6 and 8 in the morning to avoid evaporation

4. Use short showers instead of baths and don’t use large amounts of hot water. The lowest temperature you feel comfortable at will also save electricity. Check your water heater temperature and turn it down to 160 degrees instead of 180 degrees.

5. Plant long-term shrubs and shrubs around your home. This will improve value but will also use runoff water from your roof more effectively. It will also help reduce your heating and cooling bills.

6. Do not use a running faucet to brush your teeth, shave or wash dishes and especially to wash your car.

If you use propane or natural gas to heat your home, try the following.

1. Locate your home and only heat the rooms you use. Most of us have areas of the home that we don’t use on a daily basis, like the laundry room.

2. Dress for the season, wearing layers in the winter inside your home reduces the temperature you need to be comfortable.

Other monthly expenses that you can control: Cost of insurance, Telephone bills, Internet, Pest control and Pet care. While these may all seem like little things, remember that all you are trying to do is save $1.00 per day per child. $30 per month is all you have to save for each of them. And don’t panic because you can’t get an 8% ROI right now for them, the economy works in cycles and we’re going to see higher interest rates soon.

Learning to control your personal finances is not about thousands of dollars at a time, but about dollars at a time. To find more tips and advice on your personal finances and retirement planning, visit the resource block below.