Why it’s important to save early for your child’s future
This article is sponsored by Shepherds Friendly
It’s natural to get caught up in the here and now when your little one arrives but it’s a good idea to take a little time to make some plans for your child’s future. Opening a savings plan could help them to kickstart their adult life and give them a boost to reach their full potential. So, although you and your baby may still be working on those immediate milestones, now is a great time to start saving for when they’re ready to make their own way in the world.
You may think: “I’ve got plenty of time to save”
While this may be true, it’s important to remember that the earlier you start saving for your child’s future, the bigger the lump sum they could receive when the time comes and could really help with those important firsts such as their first car or home, or maybe help out with higher education costs.
Plus, it’s true what they say: time does fly. So, it’s best to be prepared as early as possible.
You may think: “My child is too young”
There are lots of different options available when it comes to child savings accounts. Certain types, such as a Junior ISA, allow you to start saving as soon as your little one arrives. Again, the earlier you do, the more your child could receive as a tax-free cash lump sum when they turn 18. (Imagine the look on their face when you hand over that gift!).
With a Shepherds Friendly Junior ISA, you can start saving for your child’s future from as little as £10 a month. And with a Young Saver Plan, the whole family can contribute to your child’s future.
Plus, when you take out a children’s savings plan, you’ll get free Love2shop vouchers as a thank you for joining.
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).