Whether you are a mum or mum-to-be, we can all agree that having a child is expensive. Whether it’s for the endless nappy supply we need or the next school trip, we are constantly burying into our purses to provide for our children. As our children get older, these expenses seem to only get bigger, there are more birthday parties to attend and more clothes to buy. And when we think further down the line, to when our children are approaching adulthood, there will soon be first cars to think about, university fees and your child will also eventually want to buy their first home.
We all have different views on how we want to financially support our children when they reach adulthood, but if you plan to help in one way or another, it is important to think early on of how you want to contribute, how much you can afford and how much saving you will need.
Shepherds Friendly have produced an interesting infographic that shows the average cost of common saving goals that parents would like their children to use savings towards.
The infographic states that
- 8% of parents would like the savings to be used towards a house
- 4% of parents would like the savings to be used for their first car
- 7% of parents would like the savings to be used towards university fees.
With these goals in mind, the friendly society have investigated the average price of these today. At the end of the infographic, you can find a calculation which can help you work out how much you need to save per year and for how many years in order to reach a particular savings goal for your child or children.
Once you have decided how you’d like to financially support your children on their first steps into adulthood, and have discovered how much you need to save in order to do so, it can be very interesting or rather quire daunting. It’s wise to look at the different savings vehicles out there on the market to help the money you save go further.
For example, Shepherds Friendly offer a Junior ISA that you can open for your child and save from as little as £10 a month into. You can find out more about Shepherds Friendly Junior ISA on their website.
Discover the infographic below:
Disclaimer: I have teamed up with Shepherds Friendly in support of this campaign. We received compensation for participation in this campaign. However, all thoughts and opinions are my own.