I think my boys are quite expensive what with paying for their after school activities and days out but the future is going to be decidedly more costly I think. I need to start planning ahead for the bigger occasions, like when they are learning to drive, getting married or buying their first house. It won't be long before they are ditching LEGOLAND cars for the real deal.
Are you saving enough for your child is an important question to consider when you look at the following infographic and see just how much everything costs! It does make me panic slightly that the boys won’t have enough saved away.
I am fortunate my mum set up a savings account for them and puts away £20 a month each, I would love to do the same to bolster their savings but at the moment money is a little tight. The boys might only be 8 and 9 but I realise time will whiz by so I need to get cracking so they have a decent reserve waiting for them when they turn 18.
In terms of saving goals I want a low risk investment so would lean towards a Junior ISA, which is also a good option because it’s a tax efficient way to save and you can make top up payments too. Very useful when children have a birthday or at Christmas and have lots of money gifted to them as you can then stow their money away safely. Mine tend to spend it on all kinds of rubbish if left to their own devices… cheap plastic toys, sweets and expensive magazines. To them the responsibilities of having a wife and their own home seem a million miles off. Looking back at my own childhood I wish I had spent less on buying films and soft toys and saved more aggressively.
We were very lucky my parents gave us a hike up the ladder, our first house together was a private mortgage with my parents and they didn’t charge us any interest. That positive start meant when we came to buy a bigger home we had the deposit we needed. I want to be able to give my boys a similar helping hand when they need it; my parents have always been very supportive and its time to pay that forward to my own children. I don’t know where they will settle when they are older, so I better aim for the average UK deposit at the very minimum, we might be in Wales now but they might head off to more expensive pastures!