Here are some easy tips to help you begin saving money for your children’s futures.
- Open a children’s savings account as soon as possible. Most of the high street banks and building societies offer these and at the time of writing offer interest rates as high as 5% gross with instant access. This means any money you do save isn’t sat around doing nothing, it’s earning more money!
- When a child’s birthday or Christmas comes around, ask friends and family to donate money rather than buy gifts. Of course, this doesn’t have to mean your child gets no gifts only money. Maybe you could ask half of your friends and family to donate and the other half to buy gifts? Or maybe you could ask them all to donate and you purchase gifts on their behalf, saving a portion of the money to be added to your child’s bank account?