11 February 2015

Investing In My Children


When you decide to have a child, you don't just need to think about the here and now, but also, the future. You have to make them top priority for the rest of your life not only with their upbringing but with their biggest decisions such as college, university, having children of their own. Everything that matters. 

The one thing that you know will be important, is money. No matter what your children want to do, it will not doubt cost a hefty amount of money and that's why it's best to think about that as soon as you have children, an investment in their future if you will, and getting organised now, means that you'll be prepared for any eventuality in their grown up years. 

As soon as Thomas was born, I opened him a Child Trust Fund. This is an account that I pay money into every month and that he (or anyone else) can not access until he is 18 years old. I did exactly the same with Charlie too, although his was a Junior ISA and will also be getting an account for Joseph in due course. 

Not only are they super easy to set up, most being able to do online and set up a monthly direct debit out of my account, but they are practical and it means that I am helping towards any costs that they may have when they enter adulthood. 

The set amount comes out of my account every month and is transferred direct into theirs. It works out that they will all have around £3,000 each when they turn 18. This amount is an estimate though as it could go up or down with inflation, deflation, interest etc but it will be around about that figure. 

It means that no matter what my boys grow up to be, they will have some money behind them to get them on their way. Whether they want to splash it all out on themselves or use it for education or for their own family, it'll be theirs.

Do you put money away for your children? It would be nice to hear other peoples tips for investing in the future.

3 comments:

  1. We put away each month for O too, but don't intend to save anything further for University fees, etc. x

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  2. I am planning on opening a bank account for Blake.
    I also plan on putting away money he gets given while he is too little to want certain toys.

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  3. I keep meaning to open an account for my child but always forget, thanks for reminding me :)

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