Did you know that just to raise a single child to 21 years old costs on average £218,000? That means by the time all of my children become adults I will have spent over one million pounds! Will that make me sort of a millionaire if they are worth that much!?! That truly is a staggering amount isn’t it, but what price can you put on the love and joy (and grey hairs!) that children bring to your lives?
With only one income coming in to the home and having more than one child it can become difficult for us to look past the bills and the rising costs of school uniform or new shoes and forward to the future and wonder how, and if, we should be thinking about our children’s financial wellbeing as they reach adulthood.
We don’t regularly put money aside for our children’s future and this is something I do feel guilty about and is something I want to change when we are able to. I remember being given money from an endowment fund that my parents had been investing in for me and wish one day that I could do this for my children.
The oldest four have a small amount of money set aside each, LM and LV were given money in child trust funds so E&Ff were given an equal amount in their own accounts that we set up. But so far poor O doesn’t have anything.
After Christmas I think I am going to have a look at the four accounts that have so far just been left to do their thing and look into setting something up for O so they get the most out of the small amount that they will have. Whether that will be toward a new car, university, or whatever is the greatest need for them at the time. However they choose to spend it I know they will be grateful.
F & C Investments have put together the following infographic that I though you might find handy if you are thinking about looking after your child’s future and just how investments work.
Do you set aside money each month for your children?
***Disclaimer: This post has been written in collaboration with F&C investments but all opinions are honest and my own and have not been influenced by the data provided***