Friday, 20 July 2018

Are You Saving For Your Child's Future?

Are you saving for your child's future? is something that I was asked recently and I will be honest and say that as a Mam of three I haven't been as children are expensive and we have had a lot going on the past few years, moving house, saving for a wedding and I also gave up my full-time job when my youngest was born almost 4-years-ago. So saving has been the last thing on my mind as we did think of it as a luxury we could not afford over the past few years, as money was tight as a one income family.

However lately we are in a much better financial position and as the children get older it is something that I have been thinking of. My eldest is turning 16 in just a few months, before we know it she will be starting driving lessons and wanting a car of her own. Maybe she will be off to university or want to buy her own home in a few years time and as a Mam, I obviously want to be able to help her with these costs.

money and clock


I do have a savings account for my eldest which she will get when she is older but I haven't saved as much as I had hoped for her and I haven't saved at all for my youngest two children. I really want to though as my own parents saved for myself and my brother, we got a lump sum when we were 18 to help us in life and we also received a big amount when our own Mam died when we were younger.

I found this article about how to work out if your saving enough for your child's future really interesting as it made me realise how much I need to save for my children and also how even just small amounts of money each month soon add up. For example if I save just £30 a month for ten years that will be enough to help them buy a car or to put towards university fees or even towards a deposit on a house someday. Every little really does help when it comes to saving for big things, I know from personal experience of planning my own upcoming wedding how expensive they can be and even a few hundred pounds is a huge help.

As I am getting older I am starting to think and plan a lot more for the future and saving money for my children's futures is part of that. Like most parents I want the very best for my children, I want them to learn to drive at 17 - something I failed to do! If they want to go to uni or travel the world then I want them too and hopefully, I will be able to help them in a small way to achieve their dreams. I have been looking at savings accounts on Shepherds Friendly to find out more about the different accounts available. 

I am lucky my own parents were in a position to help me out financially through life and I want to be the same for my own children. Do you have savings for your children when they are older? 

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