How to save for your child's future

Action Plan:

Action Plan Resources Q&A Tips Journal Successes Discuss

Action Plan Overview

You want the best for your child, so it makes sense to start saving now so that you can help them out financially in the future. We help you find the best way to build a nest egg for your child.

		a	Do: Set a savings target
		b	Work out: How long do you have to save?
		c	Work out: How much do you want to save?
		d	Work out: How much do you need to save each month to meet your target?

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		a	Find out: How much do you get paid?
		b	Find out: How much do you earn from other jobs?
		c	Find out: How much do you earn in bonuses?
		d	Find out: How much do you earn from overtime?
		e	Find out: How much do you receive in tax credits or benefits?
		f	Find out: How much do you earn in interest or dividends from savings and investments?
		g	Find out: What's your average monthly income?

		a	Do: Get all of your paperwork together
		b	Work out: How much do you spend on compulsory expenses?
		c	Work out: How much do you spend on essentials?
		d	Work out: How much do you spend on luxuries?
		e	Work out: How much do you spend each month?

		a	Find out: Should you get an instant access children's savings account?
		b	Find out: How do children's regular savings accounts work?
		c	Find out: Should you save in children's savings bonds?
		d	Find out: What are child trust funds?
		e	Find out: Should you consider investing in shares?
		f	Find out: What are the tax rules on gifting money to children?
		g	Find out: Is the interest on children's savings and investments taxed?

		a	Consider: Will you need regular access to your savings?
		b	Consider: What's your attitude to risk for your savings?
		c	Consider: How much are your circumstances likely to change?
		d	Consider: Should you get advice from an IFA?
		e	Do: Find a qualified IFA

		a	Work out: How much do you have in savings?
		b	Decide: Should you use existing savings to kick start your savings plan?
		c	Decide: Should you save or invest?
		d	Decide: How should you split your money between savings and investments?

		a	Work out: What's your disposable income?
		b	Decide: How much can you afford to save?

		a	Do: Find the best children's savings account
		b	Do: Find the best Child Trust Fund account
		c	Do: Set up your investments
		d	Do: Set up payments into your savings accounts
		e	Do: Start saving for your child's future

		a	Do: Start working to a careful budget
		b	Find out: Can you cut your compulsory expenses?
		c	Consider: Can you spend less without noticing a difference?
		d	Consider: How can you earn extra money?
		e	Find out: Can you cut the cost of childcare?
		f	Decide: Should you use spare cash to boost your savings?
		g	Do: Make a note to review your plans