My eldest is already developing a sensible approach to money, for his birthday this week he had a fair few cards each with a crisp £5 note inside.
Rather than blow the lot, he wisely decided to purchase some more LEGO to compliment a set he had off us and then he put the remainder into his piggy bank for a rainy day.
I really do want him to have a bit of a nest egg to fall back on. It seems much harder these days with the raising costs of food and living generally! Perhaps if he makes a considered effort now he will have some money to tide him over when he needs it for the bigger things in life, funding himself through university, buying a car or a deposit on his first home.
Future proofing your child’s tomorrow seems a sensible approach, I do not want my boys struggling like hubbie and I did when we first had the boys. Money was extremely tight, holidays nonexistent and luxuries unheard of. It was a stressful time for the both of us; we struggled on weathering the storm, making savings where we could and going without.
But even when money was at its tightest we always tried to squirrel away a few pounds a week for the boys financial future. It can be hard to decide where to invest your money; we started off quite favourably with the child trust fund (£250 or £500 depending on circumstances invested on the birth of your child), which suddenly seemed a lot less competitive once the government abolished it! Such a shame as eldest just turned 7 so would have been due his next payout if it was still running! Instead we went back to the drawing board. I must admit the cash ISA at Santander looks promising; whatever we decide the main thing is giving my boys a buffer, life is tough I want to make it as easy as I can for them.
They certainly have a taste for accumulating money, they like finding it down the sofa, on the street and they even keep asking for a metal detector as a present so they can seek out more hidden underground. Their plans for treasure know no bounds; hopefully they can gather a healthy stash by the time they leave home.