Saving for your child’s future

The expensive business of having children

Children are expensive. Fact.

We knew that when we signed up to be a parent right?

It’s common for parents not to fully appreciate the expenses related to having children until, well, they are about to happen.

There are of course those big expenses at the outset, cots, car seats, pushchairs and so on. There are the on-going baby expenses, endless nappies and wipes and such like. Then there are birthdays, birthday parties and Christmas gifts to buy across the years.

Days out, holidays, school uniforms, clothes, shoes, fees for swimming lessons and dance classes etc etc etc. The list goes on.

When we are in the midst of all of this it can be hard to think further ahead, to plan, to save more for their futures. I hear lots of parents say that they can’t save for their children’s futures as they have so much to buy right now, with lots getting short term loans. I get that, I really do, but, however small, we have to try – we will thank our future selves at some point!

Saving for the future

Whether you think you should be saving for college, university, a car, car insurance, a gap year, a deposit on their first home – or all of these things, saving even just a little now can make a difference.

Often we think we can’t save anything. Perhaps you are in a position where everything you earn every month is spent? Perhaps worse. Even if this is the case, spend some time scrutinising your spending habits, I guarantee you will find something you can save on, however small that might be.

Saving super habits

If you’ve taken a look at your finances and still can’t see ways of making any savings, have a look at the helpful infographic below for some inspiration.

Infographic by Sunny

Are you saving for your children’s future? Have you made cuts to your spending? Any useful tips to share with us? Do let us know in a comment below.

Leave a Reply

Your email address will not be published. Required fields are marked *