Why I think its important to start saving for my children now

Do you think about your children growing up and wonder how you will ever have enough money spare to help them go to college, get married, travel the world or buy their first home? I do all the time but even more so since I turned 40. Maybe as they are so young at the moment all these issues  seems a really long way off for you. The years will soon fly away and they’ll be costing you more and more each year too!

Savings have to be the way forwards.

You are not going to just get a lump sum from nowhere when they are 22 and announce they want to tie the knot/buy a car/buy a house/retrain and could you help them? Unless you win the lottery that is and lets be honest it is not a likely option. The thought of taking out a loan when my son is 22 is not one I want to consider. I will be 55 then and thinking of slowing down not working even harder to pay off a loan.

Many people I know are looking to the long term with fixed rate bonds so they know exactly what return they will get on money they invest now. This is a very safe way of planning for the future and it does really appeal to me. I am not big on surprises when It comes to money!  I like to make plans and know exactly where I stand. It is emotional as well as practical, I am big on security!

I have had been looking at  some great options at Birmingham Midshires Savings and this idea actually really appeals to me. I’ve always been the type to go for fixed rate mortgages too. I play it safe with money.

Have you thought long term in regard to money?

 

 

 

Follow:

1 Comment

  1. March 16, 2013 / 9:42 pm

    We started saving for Toddler when he was a few months old in an ethical Child Trust Fund via Family Investments. We were lucky enough to get the £50 from the Government to help start it up, (they’ve since stopped helping in this way). We’ve just set one up for Tiddler (a Junior ISA as they’re now known), and though we only put £10 a month into each fund, it will be something for them both when they need it later on. They get top ups too from lovely Grandparents on birthdays/ Xmas, which is great. Would definitely recommend everyone to consider it!

Leave a Reply

Your e-mail address will not be published. Required fields are marked *

CommentLuv badge

This site uses Akismet to reduce spam. Learn how your comment data is processed.