I became a dad 23 years ago. There is no doubt that when I was holding my first born for the very first time, the last thing on my mind was how much it was going to cost to raise my child, and ensure that I do my best to help them in every way I could, which of course takes money. I consequently went on to have three children in four years. It still didn’t dawn on me just how much it was all going to cost having children. Needless to say it has now!
Raising children is without question an expensive business, and the older they get the more expensive they become.
There is a large age gap between my oldest three children and my six year old twin girls. This has thankfully given me the opportunity to make sure I save up for my twin girls futures, and this is simply something I never did with my older children.
I have teamed up with Shepherds Friendly who have produced an article and infographic showing the cost of children, and to be honest it really is quite frightening how much money you will need. For instance if your children go to university, as in my case two of my children have gone to university. The cost is estimated to be between 44k and 50k of debt for somebody attending university, and in anybody’s language that is a serious amount of money. That is just one of the many costs that have been highlighted by the infographic which you can see below.
One of the main reasons that parents don’t save for their children, in fact 28% say that they didn’t, is because they considered it a luxury that they really couldn’t afford. This is understandable, but there are actually many ways to save and a Junior ISA is a good idea because family members can also pay into it.
We all want to help our children as much as possible, whether it be a house deposit, or lending a helping hand with buying their first car.
I may not have saved with my older children, but I have not made the same mistake with my twin girls. I started saving accounts for them the minute they were born, and I set-up a standing order to pay into it every month. Of course it won’t pay for everything when they are older, but it will hopefully help them along the way.
In the world we live in today with the increasing and forever escalating cost of everything, I believe it’s vital that you start saving the minute your children are born I know it would have helped massively, especially with two of my children attending university.
Are you saving for your children? Did you start the day they were born? I would love to hear.
Disclosure: This is a collaborative post.