We all know how expensive children are – it’s not just the initial years where they need cots, car seats, pushchairs and nappies, although those early years do seem to cost a fortune the expenses continue throughout their lives – school shoes, school uniform, books and the there are the driving lessons and collage/university fees to start thinking about too.
When my children were born I set up a bank account for each of them with the plan of adding their birthday and Christmas money into, I also add a little each month when I can afford to. They don’t have access to this savings account, it will be transferred into their names at the age of 18 and they can spend as they wish. Of course I do hope they use it wisely however it is their money to do with as they wish so it they want to go on holiday or have a tattoo they can.
Another way of saving would be to open a Junior ISA for children, why not take a look at this infographic to show some of the things parents are saving towards for their children/to help their children:
It’s quite an eye-opener for me – I live in the South East and to get a 10% deposit ready for the kids to buy a house I would need over £30k, of course my eldest is only 7 currently but they only reaffirms that I really need to start upping their savings accounts more regularly to even be able to give them a tiny foot on the ladder.