Hey there! So I don’t have any kids yet… I’m 25. But I plan on saving for my kid’s mission for sure because my parents paid for mine. I need to pay it forward.
What my family did for me was made me “save” for my mission while I was working in high school/college. Then when it came time to actually pay out of my pocket for the mission my parents covered it for me and told me to save the money that I put aside for the mission.
Which was much needed when my wife tore her ACL…
Anyways, I ask my parents what they did and they just put the money into CDs or Money markets… A high APY savings account could work too but they didn’t do this option.
With this said too if you are anxious that you won’t be able to save for your child’s mission there are so many people out there that are willing to help pay for their mission. I had a friend that was paying for his and then some anonymous guy paid his mission in full.
One way or another the mission will be paid for either by you, the church or some really nice anonymous member.