How to make changes to save more for your children
How to change spending habits to help save for your child’s future
What parent doesn’t want to give their children the best start in life? But, the reality is with all of life’s little expenses, it can sometimes be difficult to fit in saving for your child’s future into your budget. However, by making some simple lifestyle changes, you may be able to spend a little less on a day-to-day basis. That means you could have that little extra money to save towards your little one’s future.
With a few extra pounds in your pocket, you could open a Junior ISA for your child. This is a savings account that lets you save long term and, when your child turns 18, they’ll receive a tax-free cash lump sum. This could be just the boost they need to kickstart adulthood.
Here are some simple changes to your daily life that could help you spend less and save more:
Review your spending. This applies to the whole household. You may spot unnecessary expenses to cancel, reduce or find alternatives for, e.g. packing your own lunches for work.
Explore your options. Shop around when it comes to bills and purchases, you may be surprised at the price differences between certain shops or providers.
Loyalty schemes and cashback. Plenty of businesses offer customer loyalty schemes, rewarding you with money off, freebies or vouchers when you spend. Cashback sites could also help you earn money back when you shop.
Save on energy. According to Energy Saving Trust England, you could reduce your electricity bill by up to £80 a year, just by turning off appliances that aren’t in use. Plus, turning the central heating thermostat down by just 1°C could also save you money.
With Shepherds Friendly’s flexible children’s savings plans, the whole family can save for a child they love. Plus, when you join, you’ll receive free Love2Shop vouchers as a thank you.
When you take out an investment product with us your capital is at risk and you may get back less than you have put in. In poor investment conditions we may apply a Market Value Reduction (MVR).