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?