Every now and then there is a story in the media about how expensive it is to have a child, how much it costs to raise a child. One thing that’s not often discussed though is savings for our children.
I set up a savings account for S when she was born, and I pay tiny amounts into it each week in the hope that it will build up over time. We save coins in money boxes on the side, and every now and then we will empty the money boxes and take them to pay into her bank account. I think it’s important to teach our children about saving money, and also to save regularly so that there is money available for them as they grow up.
Shepherds Friendly have put together this infographic about saving for your children’s future. I’ve been looking into setting up a Junior ISA for S so that she has some cash for her future – and an account to save her own money in as she grows up.
This post is in collaboration with Shepherds Friendly.