Expert / 24 February, 2021 / My Baba

How To Save For Your Child’s Future

Setting savings goals by cutting out any extra costs can help save for your child’s future

Every parent wants to save for their child, however sometimes after the bills and utilities have been paid, it can be difficult to find the extra funds to set aside. Setting up savings goals and changing your spending habits can be difficult at first, however, try remembering that whatever change you are making, could help you save for your children.

Some choose to save either by analyzing their monthly costs such as switching energy providers, spending less on luxuries, or switching to a discount supermarket. While others choose to save whilst also improving their health, e.g., drinking less, quitting smoking, eating out less etc. So help motivate your savings goals by putting every penny you save in a Junior ISA, benefitting you and your little ones – win-win!

With this in mind, Shepherds Friendly carried out research and asked an audience of 2,097 exactly this, “Think about any children in your life currently (e.g., your own children, grandchildren, stepchildren, a friend’s child etc.) Are you currently saving money for a child(ren) in your life, either solely or jointly?”

The results showed:

Yes I am – 22%

No, I am not – 78%

For some people setting up savings goals can be a daunting task, but with the incentive to build up some money for your child’s future, it could be the motivation you need to keep going.

Money saved from kicking a bad habit, can be put to one side for your child.

A Shepherds Friendly Junior ISA account can be opened from just £10 a month (or a £100 lump sum). With the added benefit that anyone can pay into this account. Perfect if you have grandchildren, nieces or nephews or a friend’s child you’d like to save for.

Saving a little from when they are young can give them an amazing head start in life, whether they want to invest the money in their first car, get onto the housing ladder or put something towards a university education.

“Remember: When investing, your capital is at risk. In poor investment conditions, a Market Value Reduction (MVR) may be applied.

Article written by Shepherds Friendly

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