4 tips to start saving for your child’s future

4 tips to start saving for your child’s future

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Financial Broker

As parents, we all want the best for our children. Expenses have a way of catching up with us and when kids are involved, you also have to think about their food, clothes, education, books, toys, sports, etc.

It is sometimes hard to see where you can establish extra savings to prepare for your kids’s future, but it is definitely essential. The cost of educating just one child through school and university is forever increasing.

Rental accommodation in many popular college locations are on the rise and if you have two or more children, you’re going to have to plan how you can afford their education and living expenses.

This four-step approach may help.

Step 1: Start Saving Today

There’s no time like the present when it comes to saving and investing. Starting today gives your money longer to grow.

It is often easier to deposit small amounts each week or month rather than waiting until you have a large sum of money.

Step 2: Save What You Can Afford

The amount you decide to save regularly should:

  • Sufficiently meet your child’s needs
  • Be realistic in relation to your family’s budget
  • Give you room to continue saving towards your own long-term requirements.
Step 3: Prepare For Unforeseen Challenges

It’s hard to even think about the possibility of your child getting seriously ill —but unfortunately, it can happen.

Always make sure that you’re prepared for such an occurrence.

Think about adding low-cost protection for your child on your critical illness policy.

Step 4: Seek Help From a Financial Advisor

A financial advisor can guide you on an approach that meets your financial circumstances. Murray & Spelman (Financial Services) Ltd will happily talk you through your financial planning options.

We specialise in areas such as Life & Serious Illness Cover, Mortgages, Mortgage Protection, Income Protection, Inheritance Planning, Pension & Retirement Planning, and Investments & Savings.

Using these steps as a guide can help give your child more choices in life and, ultimately, set them up to achieve greater financial independence for their future.

Request a CallBack from us today.