Saving for little ones in 2021
Sticking to new year's resolutions as the year goes on
The new year is in full swing and a month in it can be easy to be struggling with those resolutions you were determined to keep just a few weeks ago. When motivation is hard to find, try focusing on whatever change you are making could help you save for your children.
Many new year’s resolutions involve cutting back on things and saving money, such as taking part in dry January, quitting smoking, eating out less etc. So, to help motivate you in your chosen challenge why not put away every penny you save in a Junior ISA or Young Saver Plan, benefitting you and your little ones?
How many people are managing to save for the children in their life? With this in mind, Shepherds Friendly carried out research and asked 2,000 people exactly this, “Think about any children in your life currently (e.g., your own children, grandchildren, stepchildren, 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%
Now, is a crucial time many of our good intentions for the new year go out the window, but with the incentive to build up some money for your child’s future, it could be the motivation you need to keep going.
Every penny saved can be put to one side for your child.
Depending on your situation, Shepherds Friendly have a range of child savings plans. With the Junior ISA, an 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. Perfect if you have grandchildren, nieces or nephews or a friend’s child you’d like to save for.
Saving a little from when they are young can give them an amazing head start in life, whether they want to invest the money in their first car, get onto the housing ladder or have something towards a university education.
Note: Please remember, as with all investing your capital is at risk.