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I have always been a saver and I don’t think that’s ever going to change. I think it’s been embedded in me by my mum who has always been conscious about money herself. That’s ended up rubbing off and me and to be honest, I really thank her for it. It’s helped me save for things in life that I’ve really wanted and it’s helped to create some amazing memories. Saving I think is important because even though we can’t guarantee a tomorrow, it’s good to be wise with your money. As I approach 27, I’m becoming more aware of my need for a child – which is crazy. And I want to be able to give my kids a really good life where I can teach them the values of money that my mum gave to me but to also provide them with the funds they need for when they reach adulthood. So with Wealthify, they’ve asked me how I plan to save for my kids future.
Open An ISA
One of the options that Wealthify offer is a Stocks & Shares Junior ISA. These ISAs allow your children to save more money by protecting any positive returns they receive from income tax and capital gains tax. The Stocks & Shares option invests the money into financial markets with the aim of earning a return for investors that are greater than those you would get in their standard Junior ISA. Obviously, there’s a little more risk with this as profits aren’t guaranteed and your money can go down as well as up. I think if we had the opportunity we’d put the main bulk of savings into a normal ISA and then open a second Stocks & Shares one to experiment with.
Save Small AmountsÂ
I’ve found that I can save money even if it’s saving it in small amounts. When I was growing up, my mum would encourage me on my birthday to put some money into the bank. I did this every year and over time it built up, along with what my mum put in herself. Everyone can save money to some level and it’s just being strict with yourself because once you get yourself into the habit, it’ll just become another expense that comes out of your monthly wage. So for me, I’m going to start saving into a savings account after our wedding so that we’ll hopefully be able to give our kids the money they’ll need to get on their feet when they turn 21.
Make Sacrifices
I think by the time I turn 29, I’m going to feel less selfish and therefore I’m prepared to make some sacrifices. When you have children, there have to be some sacrifices made by yourself and your partner. Our lifestyle currently is very nice and we’re able to do things comfortably which is great. However, if we want to have kids, then we need to perhaps cut back on a few things in order to have the savings we need. I know I’ll still be able to enjoy my lifestyle but it’s important to be smart about what you can afford to keep and what you might need to let go of.
Have you thought about investing in your kid’s future? Let me know your thoughts in the comments below.
*Disclaimer – This is a collaborative post with Wealthify. All words are my own.
