This is a collaborative post
Where to find the money to save for your child’s future
Every parent wants the best for their children, and for them to be prepared for the future.
However, setting aside savings each month can be a challenging task, especially with the rising costs many have faced due to Covid-19.
Costs such as increasing utility bills, being placed on furlough and any changes in spending habits.
Savings Goals
Setting up savings goals on a weekly or monthly basis is simple.
It’s best to take a look at all of your outgoings each month, and ask yourself if everything is necessary. E.g. money spent on weekly takeaways or an extra streaming subscription.
You can also shop around and try to find the best bargain possible to cut down utility costs. E.g. switching energy providers or switching to a discount supermarket.
Saving regularly can be difficult so remind yourself that all the money you save can be put towards your child’s future by saving in a Junior ISA.
Shepherds Friendly carried out research and asked an audience of 2,097, “Think about any children in your life currently (e.g., your own children, grandchildren, stepchildren, a friend’s child etc.)
Are you currently saving money for a child(ren) in your life, either solely or jointly?”
The results showed:
Yes I am – 22%
No I am not – 78%
Head start in life
Saving a little from when they are young can give them an amazing head start in life, whether they want to invest the money in their first car, get onto the property ladder or put it towards a university education.
This will help them manage their own money, and less likely to rely on the bank of mum and dad.
A Shepherds Friendly Junior ISA account can be opened from just £10 a month (or a £100 lump sum). With the added benefit that anyone can pay into this account.
Ideal if you have grandchildren, nieces or nephews or a friend’s child you’d like to save for.
*Remember: When investing, your capital is at risk. In poor investment conditions a Market Value Reduction (MVR) may be applied.
Start taking back control of your money by grabbing your copy of the Money Saving Starter Guide today.
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Last Updated on 11th February 2022 by Emma
