mum and her kids

How To Save For Your Child’s Future

4th March 2021

Saving for my child’s future has been a priority of mine ever since the day he was born.

I remember going to the bank with my nan and opening his first account when he was 4-months-old.

Even then I tried to estimate how much to save each month until he was adult, in the hopes he’d have security.

I worry often about his future, especially if for any reason I’m not here to help him.

baby feet encased in parents hands in the shape of a heart

Life’s tough, and the economy’s a mess, which is even more reason for me to give him a safety net.

In less than ten years time he will be eighteen, and able to live independently. I dread to think what the cost of living will be like by then, let alone university costs and property.

My finances aren’t great currently due to the lack of work that’s been available to me during this crazy year.

I’ve realised how easy it is to take the future for granted and end up with nothing, so I’m being proactive for both our sakes.

Support with Savings

Shepherds Friendly have been focused on helping families to safeguard their financial future for almost 200 years.

The mutual is different in that it’s owned by their members rather than shareholders, so profits are returned back to their members.

three piles of pound coins in front of a piggy bank

This means members have a say in how it’s run to help them safely save money for their family’s future.

They have a range of ways to do this including Stocks and Shares ISA, Junior ISA and Life Insurance.

Savings Accounts for Children

Shepherds Friendly have a Junior ISA designed for family and friends to invest in the future of their child.

It’s a great tax-free way to save for your child’s future, which in this day and age is really important.

An account is simple to set up online in minutes, and can be created from only £10 a month or a £100 lump sum.

You can invest up to £9000 each year, and the friends and family in your network can also contribute.

toddler running in the woods with his parents behind him

The ISA is easy to manage online, where you have options to pause, top-up or amend your payments any time.

There’s even a free shopping voucher when you take out a new Junior ISA with them at the moment!

Children cannot access the fund until they’re eighteen ensuring they will only access it when they’re mature enough.

They can then use the money for buying their first car, accessing further education or even towards their first house.

Remember: When investing, your capital is at risk. In poor investment conditions a Market Value Reduction (MVR) may be applied. Please ensure that you read the full terms and conditions of this plan which are available by contacting Shepherds Friendly directly.

This is a sponsored post with Shepherds Friendly.

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