Are You Saving Enough For Your Child's Future?

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With three children (who only get more expensive as they grow older) to take care of, saving for their future is something that can easily be put on the back burner. It feels like I'm forever putting my hand in my pocket to pay for new school shoes, trips out, clothes and of course, never-ending snacks and saving to help with their house deposit can often be put off for another day.
Are You Saving Enough For Your Child's Future?

Shepherds Friendly surveyed 2000 parents about saving for their kids and the results in this infographic may surprise you:
  • 65% of parents would happily save £10-£50 per month 
  • 35% of parents would happily save £50+ per month 
  • Most parents are saving for a house deposit or university tuition fees

Saving for your child's house deposit 

I guess we're pretty lucky living in the North East as the average house deposit at the moment is just £6085 (it's £23k+ in London). This works out at £28 per month if we saved from the day out child was born until they were 18 (excluding any interest). 

Saving for your child's first car 

When you add together the cost of a second-hand car, driving lessons and insurance, the cost of your child's first car is around £6421. Wow! That's more than I expected if I'm honest. This works out at £31.50 per month (excluding interest) from the day your child is born until their second birthday. Yikes! 

Saving for your child's University education

This was actually a real shocker for me. I was lucky to be helped with grants etc... when I attended University and my student debt is super low. It's awful that a student's debt is now expected to be over £50,000 just to obtain a degree. When I mentioned this to Heidi and Harry as I was writing this post, I could see it put them off thinking about going which is wrong! I've previously written about how University isn't for everyone and I can see how this is the case even more now. 

Saving for your child's gap year

Above everything (even a house deposit), I'd love to give my children the gift of travel and really want to encourage them to see the world before they settle down. A round the world ticket can cost from as little as £1500 which works out at £10.50 per month from the day they are born until they are 18. This seems achievable when you break it down like this and there is really no greater gift you can give than the gift of travel (in my opinion anyway).

What do you think? Have you started saving for your children's future and what are your aspirations? Would you like to buy a round the world ticket like I do or is a house deposit or University education more important? 

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Are You Saving Enough For Your Child's Future?


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