How to work out if you are saving enough for your childs future

Are you saving enough for your childs future ?

Children bring with them a whole host of worries don’t they? Financial worries and kids seem an ongoing combination!

It isn’t just about being able to afford all they need right now either is it,  it is thoughts for the future. I think it is hard to know if you are saving enough for your child’s future?

Is this something you worry about?

I know I do, I think ahead to them going to university, having their first car, wanting to travel, get married perhaps and most of all I worry about how they will afford to buy their first property.

Have a look at this useful infographic from Shepherds Friendly which considers the question Are you saving enough for your child

It contains the average price for many saving goals today and also includes a section on how to work out how much you’d need to save each month over how many years in order to reach your goal.

 

saving enough for your childs future

 

What an eye opener?

 

I have to say looking at this infographic has really made me think. I ought to be making a much more concerted effort to start saving for my kids future. Can you believe how expensive insurance is for a young driver…almost the price of a car!
What has really truly shocked me though is the student fees. When I was 18, poorer families like mine got full grants. I went to university for 6 years and did a degree and an MA and left with zero debt and it did not cost my parents anything at all. Times have changed. I need to get organised.

A Junior Isa can give your child a real head start with flexible, tax-efficient savings from just £10 a month and they won’t pay tax either when it matures.The Shepherds Friendly Junior ISA allows you to save for any child that is under the age of 18 and does not already have a Child Trust Fund in their name.  If they do have one you can transfer it to the Isa. I think this sounds a good option and it only requires £100 deposit.

It’s definitely time to start saving!

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