Helping your children save for the future

Helping your children save for the future

The future can look scary for our children partly due to the rising cost of living we face. With house prices rising and even the cost of university going up, what really does the future hold for our little ones?

No one can tell us really what is around the corner. All we can do is help our children to be prepared for what may come and give them the lessons they need to stand on their own two feet in the big wide world.

The first thing we are doing is building them a little nest egg. Saving for children to us is important as it gives them a chance at life to do something they really want.

We are not in the position to be able to put lots of money away a month but just putting a little something away each month into a junior ISA soon builds up. Even saving a small amount a month can give them a head start when they reach adulthood. For example they may put it towards driving lessons or towards their first month’s rent.

There is one thing however I think is more important than saving for their future. That is giving them the skills to know and understand about money.

Teaching children money management is one topic I do feel children would benefit from having in school. It’s great they are learning necessary skills needed in life at school such as maths and reading, however many schools are not teaching important skills in budgeting and saving so that children avoid financial implications in their adult life.

It is important to teach our children these skills so when they are earning money and having to pay bills, they are in a position to cope and understand how to budget their incomings and outgoings.

How are you teaching your little ones the value of money and how to manage it?

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This post is in collaboration with Shepherds Friendly Society

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  • kim neville

    Luckily my kids are sensible when they get their pocket money or birthday/xmas money and don’t waste it on anything. They either save up for something they really want or put some money in their savings account

  • kim neville

    Luckily my kids are sensible when they get their pocket money or birthday/xmas money and don’t waste it on anything. They either save up for something they really want or put some money in their savings account

  • Rachel Butler

    Such an important thing to do with our children! Especially as times are so tough now….I’m trying to teach my 5 year old about his pocket money and the cost of things! X

  • williamgould

    All the above is very good advice – the one thing missing from my education years ago, was money management. I was terrible with money all my life until I met my wife, who is extremely good with finances. Thanks to her, I can now look forward to a fairly comfortable retirement!