When he finishes school and college I want to be able to help him with one of those hugely expensive life costs such as learning to drive, going on to university or moving into his own place (not that I will ever want him to leave!).
Personally, I think that for young people these days it can almost be near impossible without some sort of financial help. For example, the amount in deposit that you need to get a mortgage is leaning towards ridiculous now. And with university fees (should he choose to go) and driving lessons, it's just one big ball of way too much money that I doubt he'll be able to afford all by himself.
So I want to be able to help him. I want to have saved some money up for him throughout his life and when the time comes I want to really be able to help him. Who knows, maybe I'll even be helping pay for a wedding? ;)
One of the first things that we did early on for Ethan was open a savings account. We've set up an amount of money to automatically leave our account and make it's way in to his savings account every month. That way we never forget to transfer it or end up accidentally spending it. It just automatically goes over and even earns a little bit of interest - every little helps, right?!
I hope that we will always be able to do this. And I hope that we will do the same with our second child if we get lucky enough to have another. I know that it will really help give them a little more security in the future and it'll make me really happy to be able to financially help with a future life event of Ethans.
Do you/would you like to put money away for your children if you can afford to do so?
We save Amelia's child benefit every month, it's a lot more than the UK €130 per month. Like you,we don't even see the money,it goes directly into a savings account.if we want to access it, we have to give at least 7 days notice. So it deters you from withdrawing. We are hoping it will cover Uni xx
ReplyDeleteWe save Amelia's child benefit every month, it's a lot more than the UK €130 per month. Like you,we don't even see the money,it goes directly into a savings account.if we want to access it, we have to give at least 7 days notice. So it deters you from withdrawing. We are hoping it will cover Uni xx
ReplyDeleteSnap! We also set up a saving's account for Little One when he was about 2 weeks old. We transfer a bit each month and you're right, every little helps. By the time he's 18, it will hopefully go towards something like driving lessons or a deposit on a house or university fees or whatever. Hopefully it will accrue some interest too if he's lucky!
ReplyDeleteWe are hoping that it will be possible to do this kind of thing for our little one once they are here even if we can only do £20 a month it will be a start. http://www.joannavictoria.co.uk/
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