How To Plan For Your Child’s Future*

Whether you are pregnant or have children already, your priority is always making sure they are loved, looked after and as well equipped as possible for whatever future they choose. From spending time helping with their fine motor skills, helping with homework to supporting them when they leave for University and funding their student accommodation in South London.

Of course, some of this comes at a cost. In order to help them not end up in a significant amount of student debt, it is important that you start thinking about building up those savings now. Creating a financial plan will help you maximise your savings returns.

Start As Early As Possible

Think about how much the cost of education and university costs have changed over the last 50 years. At one time it was free. Since then the costs of attending university has continued to increase. So although no one knows how much it will cost in the future it is worth trying to save up as much as possible to either cover or assist with those costs. The earlier you are able to start saving to be better equipped you will be financially able to support your child’s dreams.

Plan A Budget

Unless you have endless amounts of surplus money remaining each month, budgeting will be key in order to ensure that you are able to save. It can be easy to find yourself living from one paycheck to another and not having a lot of surpluses if any left. This is where budgeting comes into play. It will help you organise your finances, plan your outgoings better and understand your spending habits. Once you start treating your need to save in the same way you do your bills and it becomes part of your spending routine you will get used to using it and as your finances change over the years so will your ability to save more and the amount you end up saving.

Teach Your Child How To Be Financially Responsible 

At the end o the day, after all of the effort that you have put in to be able to financially support your children and give them the best start to enter their adult lives with as little or no debt to their name, it only really has value if they understand the real value of your effort. It is important to teach your child about financial discipline from childhood and the real value of money.

With so many forms of credit and financing, it is easy to see and understand why people can end up building up debt. To help your children not find themselves in that position you want to teach them about budgeting, savings and how to manage money. This can start from an early age when they have to use their pocket money in order to save for a specific desired item or have to earn their own money by carrying out additional chores or getting a job in order to learn the value of money.