We all think of our kids’ future, wondering what they’ll do with their lives and the personalities they’ll grow into. Some parents like to put away some money to invest in a car, a house, or education when they’re older. For us we like the idea of putting some savings into an account for a gap year to travel the world. Well travel is the best education after all, right?!
Since Arthur was born five years ago, we’ve bought a house, travelled the world and bought a tonne of nappies and baby paraphernalia in between. Consequentially, we don’t really have much in the way of savings, and the grand total in that imaginary gap year pot stands at a big fat ZERO. But are we too late to do anything about it?
According to the guys a Shepherds Friendly, not at all! It’s just a case of breaking down how much you are able to save each month and making a commitment to actually do it. If we put £10 aside per month for 13 years (when our eldest finishes school), that would equate to £1560. Easily a flight each to Bangkok (and back home of course), or even Australia! Although I know I’m going to want to join them…
You could even invest these savings tax-efficiently in a Junior ISA, where family and friends can also contribute on behalf of the child. Alternatively, there are/ they offer a range of tax-efficient child savings plans to choose from in order to help your money go further.
Are you putting a little aside yet each month for your children’s future? Check out the infographic below to help you get on track.
Disclosure: This post is sponsored by Shepherds Friendly. Please bear in mind that the statistics provided by Shepherds Friendly are approximations and were based on research in 2016.