We work hard to teach the children the value of money and the importance of saving. The culture of borrowing money to get what you want and worrying about it later frustrates me as people get into so much debt that they then struggle to get out of.
We set savings accounts up for each of the children when they were born, which we added to every now and then – normally with birthday and Christmas money. Abbey got her savings at 17 which she put towards her first car and Callan will be the same this year.
The kids initially had Investment Accounts at the Post Office but their interest rates are rubbish, so last year we researched the best children’s ISA accounts on the market to get the best return on their savings.
Isaac is probably the best off financially as he was entitled to the Child Trust Fund when he was born, which has been performing well for him. Eliza missed out on that by 24 days and I have to admit that I feel pressure to replicate the scheme with her and Sebastian so I have been researching saving rates with Santander as they have a good reputation for being a family friendly bank and take pride in giving some of the best rates on the market.
It’s not just the kids though!
The importance of saving really hit us this year when hubby lost his job. If I am honest, we were saving for a holiday to Disney, which will sadly not happen for some time now, but those savings kept us afloat for three months whilst hubby searched for work.
Although hubby is working now, its really only just hit us and it is going to take some time to get back on an even keel and start saving again, but it could have been so much worse. I am so grateful that we had taken the time to take proper financial advice and set up a decent savings account.
Hurrah – well done for saving for your children. I have 2 accounts for each of my 2 sons. One is a general savings account they know about, and they put money in there themselves, but they can take out money if they want something – that has taught them saving. The second account they dont know about. This is an account for when they become adults and need to use on important things – like new car, university, etc
Even if you can only put a small amount away each month, it builds up to a good balance. I would say that all parents should do the same. Oh, nearly forgot – there’s still their Child Trust Funds!!
Mine have normal accounts for the everyday and we encourage them to save up for the things they want. You are right though – having another secret account is the best way to save for their future!
Saving for yourself or your children is so important. I have only just started to put aside some money each month and its such a joy to see it growing each month.