Life is getting so expensive for people growing up nowadays. The housing market is expensive, living costs are more expensive and then add in university costs if need be too. If possible it would be so good for us as parents to be able to give them a little head start.
How To Start Saving 4k For Your Child’s Future
So I thought I would make up a little chart to help you get started, as it’s amazing how much it does mount up over the years.
Is this something you think you could do to start saving 4K for your child’s future?
Each year you can save by just putting a little bit away each week for them, add this to a separate account, even think about creating a junior ISA for them so both yourself and family can add to this as well.
You will notice a few of the years I have reduced it back down to £1, this, of course, is optional but as a Mum of a nearly 15-year-old, I know that some years are much more expensive than others! Of course the first year, they go through nappies and milk and having to buy the new baby equipment. Then you have the following years they go to school, the new school uniform and equipment really mounts up. Then secondary school uniform!
Then you have the last year of secondary, the prom and exam equipment. Then last of all its the year before university! Like I said this is down to you if you choose to reduce your money back down on these years, but if you did you will still end up with just over 4k to give them when they turn 18. This could be used for anything they need at this stage, university help, their first car or towards a house deposit. But either way, it’s a nice amount of them.
Shepherds Friendly have some very useful information to help you look into saving for your child’s future, and it wasn’t surprising to see how many people weren’t saving for their child’s future from their research. It’s really hard for us parents to be able to save for them with all the expense that we have to pay out anyway.
Saving Money For Your Child’s Future
Sometimes we can’t afford to be able to put that money aside each week out of our monthly incomes, so I thought I would give you a few ideas on how you can save money in our daily life to be able to put that little bit aside each week for them. The money you save here could then go to their savings pot each week instead.
- Miss one of your coffee shop coffees each week
- Get cashback on your online shopping
- Pick up online voucher codes
- Go for a walk with them instead of a trip to the cinema or bowling etc
- Or use Groupon to get deals on days out
- Take a picnic out with you
- Shop at Lidl or Aldi instead
- Or drop the brand named food on some things
- Have a home-cooked hot dog dinner down the beach
- Check money-saving websites for deals
- Take online surveys
- Purchase water bottles and take your own drink out
- Meal plan
- Sign up to 20Cogs to take part in offers to gain cashback
All of these things mount up and you could then gain your extra savings to add to their weekly account. Meaning you’re saving them money without it going into your weekly budget.
What extras do you do to save a few pounds each month?
18 Comments
Oh I wish I had started this when mine were born, what a simple way to save for their future.
So surprising isn’t it how much a little bit can mount up
Such a great idea, really love the tips that you have shared for saving. I have actually recently set up a daughter another savings account for this reason.
Thank you, it will be amazing how much it does mount up when you start putting it away for her.
We’ve got ISA’s set up for each of our kids, but we are rubbish at remembering to put money in – this seems a much more achievable way! Although, I think we’d likely pop something in monthly when we do the other bills and things. Some great tips to help prioritise it
Thank you, it’s surprising isn’t it how much little mounts up. If it goes out straight away then you don’t notice it so much do you!
You’ve got some really good advice here – thank you. Little and often is the way I think. We are saving hard so that we can over pay on our mortgage and shorten it (less interest) we’ve shortened it by 2 years already.
That’s brilliant! Little and often isn’t it and surprising how much does mount up over time
I used to try and put £20 a month into an account when I had my first. It all got a bit too difficult once number 7 came along but I can see the sense in just a couple of pounds er week, it soon adds up.
Yes I think it’s manageable when you have fewer children isn’t it, I have 3 and I couldn’t save that for all of them either.
This is such a good idea. My son is 11 so I’d be late to the party although he does have a child trust fund that was scrapped a few years back so he will have something coming his way.
I definitely think I need to look at this moving forward. Thank you for sharing x
Yes I was lucky and my three got that before it was scrapped.
This is great advice. We have saving accounts for both our girls who we pay into monthly and I also have a separate trust fund (back from when the government have you £250) which has money in too. As they get older we plan on adding extra as and when we can afford to and this will give them a head start for driving, uni etc
Yes that’s a great idea for them, be lovely to have that saving pot for them when their older
What a clever Idea! I love that there is variation over each of the years to make it a bit easier at certain ages.
Yes it can get quite expensive on those years! But I think when you get used to saving it becomes easier too
It doesn’t sound that much when you break it down into weeks. That definitely makes it seem easier.
No, it’s much more manageable looking isn’t it