As a parent of 3 young children, it’s constantly in the back of my mind JUST HOW MUCH THEY COST *scared face emoji*
In an uncertain and increasingly expensive world for youngsters today when it comes to university education, learning to drive (have you seen the cost of car insurance for young people now?) and then getting on the property ladder, we want to make sure that they’re sorted for the future by putting aside money for each of them now. With the cost of living high at the moment, it’s certainly not always easy to prioritise saving (and this comes from a die-hard interiors shopper here), but by putting aside a little each month it will definitely be worth it in the long run.
So, are you saving enough for your child’s future?
Shepherds Friendly have put together an infographic on this topic to share what other parents do when it comes to their children’s finances, what their savings are being spent on (weddings are still high up on the list to which surprised me, I’m not sure why it did as they’re very expensive!), with housing deposits, university and first car being the most popular choices.
Tuition fees and other university costs scare me a fair bit (SO much more expensive than when I went), so saving a bit of money each month for all 3 of our children will really help take the edge of the financial squeeze.
Shepherds Friendly offer a variety of children’s saving plans for parents (or other, generous family members!), so give them a head start in adult life and hop over to their website and take a look at their plans, help and advice.
Do you have a savings account for your children? What sort of things do you prioritise saving for? I’d love to hear!