Providing for children can be expensive, and with prices rising it is not likely to be cheaper any time soon.
Some parents choose to give their children a head start in life by saving for their children to help them buy their first car, to put towards university fees or contribute toward a housing deposit. However, accumulating enough money for these goals can seem unrealistic unless we have a plan in place, such as a dedicated savings plan.
Shepherds Friendly research tells us that 65% of parents said that if they had a savings plan in place that they would pay just £10-£50 a month. So is that enough to help you reach a savings goal you have in mind for your child? Are you saving enough for your child’s future?
The friendly society’s infographic below helps you consider whether you are saving enough to reach a savings goal for the future of your child.
It is worth saving for the future of my kids. Expenditures are really going high, and the best way to get prepared is to save earlier and as much as we can.
I’m surprised university fees makes up such a low percentage of the total re: parents’ wishes (around 20%). I’d like to provide our kids the ability to go to a public university paid in full by us plus any scholarships they received, and I’d like to start them out with a little liquidity, perhaps 6 months’ worth of expenses. My split would thus be more like 75% University, 25% Other.
Regardless, those benchmarks figures are sorbering. Certainly something worth thinking about.