As parents, the list of things we have to worry about is seemingly endless (argh I’m literally sweating bullets just thinking about them!), and usually these are more to do with the day to day of keeping a family together, clothed, fed, happy and functioning. But how often do we actually sit down and worry about the financial future of our children?
For me – certainly not as much as I should. Yet I know worrying about the financial future of our children has never been more important. So let’s get real here. The cost of having one child alone is pegged at £231,833 making it more expensive than the average house. Holy moly, I think I need to sit down.
But despite knowing this startling fact, I have been admittedly pretty rubbish to date at turning my attention to years down the line – when I know things will really come home to roost. The fact of the matter is, that in today’s costly world, our children are going to need more financial support well into early adulthood than ever before – yup, we have heftier tuition fees, shocking property prices and higher general living costs to thank for that. And if you really start thinking about things, it feels like we might very well be paying for our kids for ever. Gah!
So I’m starting to think that perhaps sticking my head in the sand is no longer the best approach, but taking action to ensure the financial future well-being of my child IS, especially because there is a striking link between debt, stress and a decline in mental health.
I’ve decided that the way forward rather than thinking about a big hairy scary figure which seems totally un-achievable to me from here is to make a start now, however small it may be, to start building a nest egg for our child.
The key I think for most parents to ensure any kind of future financial security for your children is little and often. We all have monthly direct debits for all sorts of things coming out of our accounts, and I think the way forward is to adopt a strategy where, you see it just like another monthly direct debit – where you put something in regularly, month in, month out. And of course, this will be different for every parent. Even £100 might sound too much, so let it be £50, £20, £10, £5 or whatever you can manage…because in this game, something is always better than nothing.
So the upshot?
I have stuck my stick in the sand and applied to open a Junior ISA with Orbis Access. There’s no use sitting on the fence…it’s a lot less scary and a heck of a lot more simpler than you think and quite frankly….the time is now because:
- There’s no charge for opening the Junior ISA
- Any money invested in the first 12 months will be invested free of fund management fees for the entire life of the account in their fee free offer – that means up to 18 years of savings. Hurrah!
- You can start with as little as £1 – the final push I needed!
And in the spirit of getting everyone else in the same mentality, the lovely folk at Orbis Access are helping parents to secure the financial future of their children by giving you the chance to win a contribution of £300 which will be invested into an Orbis Access Junior ISA for your children. Now there’s really no excuses! So how can you enter?
Well it’s incredibly simple really…..
To enter, sign-up here to receive the Orbis Access monthly newsletter and updates.
You should be aware that when investing, your capital is at risk. Approved for issue in the United Kingdom by Orbis Access (UK) Limited, which is authorised and regulated by the Financial Conduct Authority. Click here to view the terms and conditions for this prize draw.
Best of luck everybody xoxo!
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