When I was younger my parents would put money away in a savings scheme for me and my brother, each month money would be put away for us and for our ‘tomorrow’.
When my Grandad past away he left me and my brother some money, this was put into our savings account for us for when we were older.
We gained access to our accounts when we were 18.
With my money I went on a girlie holiday, me and 2 of my best friends flew off to Spain to celebrate the end of our exams. This was my first holiday abroad and we had an amazing time and I have my parents and my Grandad to thank for that.
Both my children now have their own savings accounts. When they are given birthday money and money for Christmas it goes into their accounts.
Their Godmother also has these account details and instead of presents she adds money to their accounts.
We will be building up these accounts for them to access on their 18th birthday’s and they will be given their savings books then.
Now I’m in no way rich however even putting way a few pounds a week for them both with mount up and they will have a fair amount for when they are old enough, saving accounts are a good way to save as are ISA’s, you can see the ISA rates at Santander for example. Just putting £10 a month away will mean they have £2160 guaranteed for those special birthdays – that’s without the other money which is being added to the pot.
What they do with this money is entirely up to them of course.
It could go towards:
University (high hopes – no pressure kids!)
rent/towards a house deposit
A special piece of jewellery
I will of course have no influence over their decisions, it belongs to them after all but it gives me a warm and fuzzy feeling to know when they will need it most that I’m able to give them that helping hand.
I’ve a figure in my head of what I would like that minimum amount to be for when I hand these accounts over to the children, I would like it to be a substantial amount so that they are able to do many things with their money – time will tell if I manage that but I’ve a while to save and to help future proof their tomorrow!
Are you helping your child save for their tomorrow?
“Posted in collaboration with Santander”