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Our Favourite Ways to Save for Your Child's Future

Be it a piggy bank or a trust fund, most parents like to put a little money aside for their children's future. We've talked to the experts to help you figure out what sort of saving might suit your family

 

Whether you've just started your family or you're a seasoned pro, saving for the future is something all parents need to consider, and it's never too early to start. We asked Alex Zivoder, Chief Executive of GoHenry, for his advice on saving for your children's future.

Saving for the future

Start saving early

Children cost a small fortune even at a young age. But when you start to think about how much their education - and the things they might want to do - will cost, you'll understand why it's better to start putting a little bit away early.

Every family will make different choices for their children, but to give you an idea of how much you need to be saving here's a few examples of what your child's future could actually cost. 

  • Private school - An average of £13,194 per year and £30,369 per year for boarding
  • Learning to drive - On average takes 45 hours, so roughly £1,000
  • University - £9,000 per year for tuition fees and maintenance fees are around £5,555 or £7,751 (if you live in London)
  • Taking a gap year - Average cost £3-4k for all travelling and accommodation expense.

(There's also a great costs breakdown from the Money Advice Service.)

Set up an account in your child's name

One of the most common ways of starting to save for your children is to set up a bank or building society account in their name. You can then start paying a little bit of money into this on a regular basis.

Once your child is a bit older, they can start managing this themselves. There are many different types of accounts - some from banks and others from private companies - so make sure you do your research and find something that works for you.

Setting up a junior ISA (available for thousands of under 18s) means any savings you put aside are tax-free and remain that way until your child turns 18. Again, getting children involved in putting a regular, small amount into a savings account works really well to help keep them involved as well as building their pot for the future.

Involve children in saving too

Getting your children involved in saving is a really great way of passing on more than just some money. Involving them in saving for themselves starts them off with some great money management habits, which will stay with them as they grow up.

Research carried out by the Money Advice Service suggests that children form their attitude towards money by the age of seven, so the earlier you can start introducing good money habits, the better.

Quick tip: To help get kids saving for themselves, set small short term goals as well as long-term larger ones. That way they can experience the satisfaction of successfully reaching their goal, which should spur them on to keep longer term savings going.

Invite relatives to help save for the kids

We all know our family - grandparents, aunts, uncles, and others - they love to treat the children around Christmas and birthdays. So why not invite them to put a little bit of money into their savings account, rather than spending a fortune on something that the kids might not appreciate for that long?

 
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