As parents, there’s so much to worry about with your children, whatever their age and stage – are they hitting their baby milestones, are they eating healthily, are they doing their homework, and so on.. As they start to get older, we also need to start planning for their future.
With life becoming so expensive these days, it’s worth thinking about how our kids will be able to tackle expenses like driving lessons, university, and even getting on the property ladder, or whether we’ll need to help them out with these. I’d like to be able to help my children with some of these things, and with four of them it will soon add up! So it’s time to ask myself – “Are you saving enough for your child?”
Shepherds Friendly have put together an infographic on this topic to share how other parents are handling the issue, and where their savings are being spent, with housing deposits, university and first car being the popular choices.
It’s scary to see how much some of these things cost, especially university education with the rise in tuition fees in the recent years, and I dread to think how much a house will cost by the time my children are ready to move out on their own!
Saving a bit per month would definitely help to get the children set up with these things later on, and give a bit of peace of mind. Shepherds Friendly offer a variety of children’s saving plans, such as the Junior ISA, and it’s not only parents who can open these but grandparents or other relatives too if that’s something that they would like to contribute to.
Do you have a savings plan for your children? What are your main saving aims for them? Let me know in the comments below.