Saving for children
Helping fund your child’s future has never been more important. Here we cover types of children’s savings accounts and a four step plan to achieve your goal.
We have a lot to save for. University tuition fees, living costs, house prices and life expectancy are all on the rise. Helping fund your child’s future has never been more important.
Savings providers and the government have also recognised the pressing need to support future finances, and the range of products available to make saving and investing for children accessible. It’s never too early to start saving, and putting aside money for a child today will mean they may have more tomorrow.
What savings accounts are out there?
How do I get started?
1. Consider a goal
It could be a good idea to choose a goal to save towards for your child, but it’s equally just as important to save for the sake of it. The goal may well materialise as you’re saving, and it means you’ve started making a difference to their future without knowing what it may look like.
2. Make sure you know how much you can save
Having a plan to reach a certain level of saving or to reach a specific goal is a useful way of sticking to your commitment. Knowing how you’re going to save such as lump sum, regular payments or a combination of both, even if you start small, is the best approach you can take.
3. Decide where to save
Choose a product that you’re comfortable with. How you’re saving should suit you, your capacity for risk, tax benefits and desired returns.
4. Keep an eye on your savings
Ensure you review your savings regularly to make sure you’re on the right path. Sticking to a plan is important, as over time you should see your child’s savings grow.