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Before I became a parent I was always fairly money-savvy, but knew nothing about children’s savings and what you need to save for their future. To be honest it’s hard enough nowadays to live month to month for a lot of people, so things like savings and pensions get put on the back burner.
You do need to stop and think about the future now, are you saving enough for your child? Kids get more expensive as they grow older. Mine is only a 1-year-old but she grows so fast and always needing new clothes. I dread to think what it’s going to cost through the coming years and decades!
When they turn 18 there is the usual list of things that come with growing up and turning into an adult.
- House Deposit
- First Car – including driving lessons, cost of first car and insurance
- University Fees and Accommodation
- Getting Married
You can bet they will turn to the bank of mum and dad to help out! But what if they had their own savings pot to help?
There are the options as parents to open a Junior ISA for your child and contribute a regular amount each month, to build up the savings pot. You can start from as little as £10 a month to add to the ISA. Just think of it as cutting out that takeaway coffee each week which I’m sure you can afford to miss and adding that £10 to your child’s savings. I’m sure when they are older they will appreciate it!
So the first thing you need to do to start your child’s saving’s pot is decide what can you afford to put by each month and what you would like to have as the end goal. Remember you can top up the pot with money from birthday’s and Christmases.
The infographic below gives you plenty of information on how to work out if you’re saving enough for your child’s future. Plus it has a great little calculation at the bottom to help you get reach your desired goal.
Do you have a saving’s account for your child’s future? Have you ever thought about the money they may need as they reach adulthood? As always I love to hear your thoughts.
Thanks for stopping by.