Everyone knows that having children is expensive. From the moment they’re born – actually, from the moment you discover you’re pregnant the costs start to add up!
Nappies, furniture, clothes, bottles, bedding and everything else that comes with having a baby!
Did you know that the average cost to raise a child from birth to the age of 21 is £218,000!
That’s a lot of money!
With that in mind you may now be asking yourself how you can invest for your child’s future and why you might want to consider putting some money aside for them.
For me, I always knew that I wanted to put some money away for our children. I didn’t have anything like that when I grew up, not that it bothers me, but I like to think that if I can give them both a helping hand financially when they’re a bit older then I’ll do what I can to ensure I’ve invested wisely.
Before our twins were born, my husband and I looked around at what the best type of investment would be for us. We opted for a savings account and we now have a direct debit set up each month to make regular contributions.
I still haven’t decided at what age the girls will be when I hand them what we’ve saved for them. I think back to when I was 18 and I don’t think I would have spent any money wisely at that age, but then again would a few years make a difference? I think 21 is a good age, but we’ll see!
They may want to put the money towards their education, a car, their first home or maybe even a holiday. Whatever they decide to use it for, I’ll be glad that I helped to be a part of it.
F&C Investments have created this handy infographic providing advice to parents on how to invest for your children’s future. It includes information on the basics of investing, how to choose the right account for your situation, and collective investments.