When Roo was born we received a child trust savings certificate from the government. A £250 certificate which we could use in several ways with the hope that it would start a lifelong saving plan and provide for her future. As a new parent, I opened up a savings account and placed the funds in there. I’d hoped that this would encourage me to place a regular amount in the account each month and top up with birthday and Christmas monies received. It never worked out that way and her savings pot is sufficiently less than it should be as she approaches her 10th birthday.
Are you saving enough for your child’s future?
I can use all the excuses of my wages dropped to part-time monies, Mr. Boo being made redundant, Tigger coming along, life happening etc. None of those excuses will count for anything once she is older and requires a deposit for a house, money to buy her first car or funds for university.
With my recent redundancy, we have once again looked at our family finances. Whilst things are tight we do need to ensure that the children have some savings for when they leave home etc. So we have just set up a Junor ISA for each of them, with a regular amount being transferred from our current account to them each month. It’s not a huge amount and I hope that as time goes on and I can gain more freelance contracts I am able to increase the amount. I do, however, feel better knowing that I am at least doing something rather than nothing.
How to work out if you’re saving enough for your child’s future?
So the question I have for you is… are you saving enough for your child?
If not, then there is no better time to start than now, as with each passing day, week or month the shortfall gets bigger.
Disclosure: This is a collaborative post