Knowing how hard it was for me to afford my first ever car, or save up a deposit for my first house, I want too make sure that I can help my boys do the same when their time is here. Therefore, when they were born I opened a savings account for them, ones that they are not to take control off until they are 18 years old. In to this account goes any money that they have been sent for birthdays or Christmas (admittedly, a little less goes in now they are older as they like to spend a little of it), and any money left in their piggy banks at the end of each year. It all adds up, and to be fair they each have enough to buy a decent second hand car each, in todays money at least, already.
It is a question I think about often, and I know as an adult and a parent, it is very hard in this day and age to save money. I know that I personally struggle to make the money I earn and am given each month last the full month, and that final week before pay day is always very tight. Therefore, I hardly ever put any money back, so I fully understand how difficult it is to save money for your children on top of that too.
This handy infographic from Shepherds Friendly explains how to work out of you are saving enough money for your child/children’s future. It makes for a VERY interesting read!