At MyBump2Baby we are proud to be connecting families with trusted financial advisers throughout the UK with our new family protection campaign. Our financial advisors offer advice on pensions, savings and investments and family protection.
Everybody wants their child to be able to do what they want when they grow up. To follow the career that suits them best.
Unfortunately, achieving this costs money, in some cases, a lot of money. If you want your child to be able to go on to further education, it is very important to start saving for that eventuality now. Below are several ways that you could go about doing so.
Open junior ISAs for each of your children
One of the best options is to open a junior ISA for each child. For most people, they are still a tax-efficient way to save money for their children.
Plus, there is no limit to how little you can save, which means they can work for virtually any family. You can start them with as little as £100. Often, you will receive at least that as gifts, when your child is born. So, if you can, open an ISA for them using that money.
Close family members can contribute to their ISA accounts too. Some grandparents put a percentage of the cash they would normally gift for birthdays and other special celebrations into these savings accounts. Even if it is just 10%, with interest payments, across 18 years, that can add up to a lot of extra money for your child to use as an adult.
Teach them about managing money
Being able to manage money well is an important skill. Teaching your children how to handle their finances will save them a lot of money throughout their lifetime. They are less likely to make the mistake of stretching themselves financially and getting into debt.
Prepare them for the world of work
An important part of teaching your children about money is providing them with an allowance. Handling even a small one can still teach them a lot.
When they are old enough, give them the chance to get more by doing work around the home. Doing this helps to prepare them for the world of work.
It will also help them to learn new skills and help to boost their confidence. Manual jobs like gardening will help to keep them fit and help their mental health too.
If they show an interest in learning a skill like hairdressing or cooking, do everything you can to encourage them. Many regard this work as menial and forget that even in a deflated job market there is usually still a strong demand for these skills. Hairdressing is a particularly good skill to learn because you can always work for yourself. It is also a job you can be fitted in around other things. Encourage them to learn things that will make it easier for them to secure work on the side, for example, while they are studying at university or raising their own kids.
Encourage your kids to be entrepreneurial
Helping your child to set up a small business is another good idea. They will learn a lot by selling online or making cookies and selling them locally. Even selling their old stuff can teach them a lot about the world of commerce. Knowing how to do these things will also help them how to make money during those times in their life where they cannot find steady employment. If this idea interests you, click here to learn more.