Monday 24 June 2019

Saving for your child's future

With two children now, growing up fast before our eyes, it really isn't too soon to be thinking about the future. I've always been one to plan ahead and now that we have two little ones to think of and plan for, we want to be prepared for their future and help give them a good start in life.

* Collaborative post

You may remember a short time ago, Simon Cowell was in the news as he had said that he didn't believe in saving money for his son and that he wanted to learn to earn money for himself. Whilst I can see his point, I do think that parents should help their children get started - even if it's just teaching them how to save the money they get for birthdays or as pocket money.

A simple way to put some money away and get some savings going for your children would be set aside a certain amount each month to save; you could even set up a direct debit so that this happens automatically so you don't even notice it leaving your account.

It can be hard to know where to start though; I mean, what kind of account should you go for?

Having started the process into looking at the options available, a junior ISA looks like a good idea - particularly if you want to be sure that what you set aside is secure and will grow steadily over the years as your child grows too.

Whether you want to give your child a helping hand with university fees, buying their first car or getting a foot on the property ladder, a Junior ISA could be a great place to start. Investing in a Wealthify Junior Stocks and Shares ISA, for example, lets you build a pot of money for them when they turn 18,

One real plus I can see for junior ISAs is the fact they're tax efficient and the money is kept aside for that child until they are responsible enough to determine how it should be used.

I think it's never too early to start planning for the future and saving money for or with your child helps set them up to be future money savvy adults too.

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