1st August 2016

Saving for your Children’s Future

For those of you who have children, do you save for their future?

You can save for many things such as.. towards a deposit for a house, driving lessons, university or just to give them a lump sum to have behind them when they are old enough.

My Mum, Dad and my Grandma saved money each month for me from the day I was born. I actually still have the majority of the money in the bank as I like to know I have money behind me. I like to know should an expensive emergency occur I have the money there to pay for it rather than having to use a credit card. The older you get the more responsibilities you have such as a car and a house and at any point anything can happen from a broken boiler to a massive expense on your car.

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When I was 17 I used a bit towards my driving lessons. I knew that when I was 17 I would need to learn to drive as I wouldn’t be able to rely on my parents all the time. I had a job which was half hour drive away from my house, and driving would also bring that independence I needed. I also used some of the money towards a new car to get me up and running after passing my test (2nd time) They do say the best drivers never pass first time!

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Since owning my house I have used some of the money to make the house how I want it to be, changing the kitchen, decorating and new furniture. I usually pay half myself and then use the other half from my savings. I have found this helps out a lot with costs but also keeps the extra bit back in the bank still to save for something else.

My Mum and Dad have said the money is mine and can be used for what ever I would like. Since having the children Doug and I have used some of the money towards nice holidays abroad and when the children were born to buy buggy’s and baby items.

Knowing how grateful I am for the money my family saved for me, this is something Doug and I do for our children now. My Mum and Dad also save for Little man and Bubs and I know they will both be really grateful when they are old enough to be handed the money. I just hope they are sensible with it as its isn’t a never-ending pot of money. We actually save £100 each a month for the boys and we put it into premium Bonds and not a bank account. Little man has already had 3 wins of £25 which just gets re invested back in and Bubs had a £25 win the first month we put money in for him.

There are many ways to save and you can save as much or as little as you want. Always remember it’s not how much your save, even a little amount each month will add up over the years.

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