Rainy days - why you should save for them
Whether a little or a lot, it's always good to put something away for a rainy day
Spring is here and often brings with it those April showers. When it comes to weather, we would all prefer a bright and sunny day, but those unexpected rainy days can creep up on us. Our finances are no different, we can enjoy spending money and treating ourselves every now and then, but it’s always a good idea to save what we can for our children’s future.
Shepherds Friendly carried out some research and asked 2,097 people the following question. Think about any children in your life currently (e.g., your own children, grandchildren, step-children, a friend’s child etc.) Are you currently saving money for a child(ren) in your life, either solely or jointly?
The results showed:
Yes I am – 22%
No I am not – 78%
During the pandemic many people have struggled with their finances due to unemployment, furlough and redundancy which shows we never really know when a rainy day may come making it difficult to prepare for. However, you can always prepare a little in advance for your child’s future.
Shepherds Friendly have a range of child savings plans. A Junior ISA account can be opened from just £10 a month (or a £100 lump sum). Whilst the Young Saver Plan can be opened from just £7.50 a month, with the added benefit that anyone can pay into this account even if they’re not a parent or guardian.
Remember: When investing, your capital is at risk. In poor investment conditions a Market Value Reduction (MVR) may be applied.