Saving for Your Child’s Higher Education Starts Today

*Collaborative Post*

If there is one thing that has secretly played on my mind in the few and far between quieter moments that us mums get to call our own, it’s the rising cost of higher education tuition fees. Seems to me like every time I turn on the news there’s a story about more and more people going into apprenticeships as a result of having been put off from higher education because of the mountain of debt they stand to build up over the duration of the course. Not that I’d mind my children going into apprenticeship schemes, of course. I simply want them to be happy. And if there’s anything that’s always helped me to find happiness, it’s having options (none of us like to make-do!). With that in mind, I started to research some of the more regular ways of saving for my children’s future to make sure they have the financial backing to pursue their goals.

Junior ISA

 Now, I know a bit about savings. I think we all know at least something. But what I didn’t know was that junior ISAs from Wealthify convert automatically into an adult ISA when your child turns 18, meaning your child will continue to benefit from tax-free savings without having to lift a finger. This is a no-brainer to me, as other junior financial services out there may end when the child matures to adulthood aged 18. Anyone can pay into the ISA, too. Grandparents, aunts, uncles, you name it. Why not ask each of the closer members of your family to contribute a small amount each birthday and Christmas (it doesn’t have to be much, maybe a regular £10 or £20) and watch those savings grow over the years. Now, we all know that the current cost of a higher education is eye-wateringly high, with most three year courses coming in somewhere north of ten thousand pounds. Whether you manage to save that much is down to you, but every little helps, and even just paying a quarter of that amount is a really special gift.

The 10% Rule

It’s not just you that can save towards your child’s future. Your little loved one can help too. Kids seem to accumulate money as if by magic. Pocket money comes from neighbours, long lost family members and just about anyone who happens to become a family friend around the time of a birthday or Christmas. It’s genuinely astonishing. Small fortunes of several hundred pounds appear as if this is just how childhood is meant to be (nobody ever gave me hundreds of pounds to spend as I wished when I was young!). Naturally, any kiddy-wink with half an eye for anything shiny or sugary will want to buy buy buy. But this is where you can implement the 10% rule. Simply make sure that 10% of your child’s earnings go in a piggy bank. Not just as a one off. But throughout their childhood. Every well wisher and do-gooder who puts their hand in their pocket to give some of their hard-earned to your wee nipper shouldn’t pass by as a wasted opportunity to save. Over the years, the 10% rule will work wonders (see above for an idea of where to save it!).

Sell Unwanted Stuff

Nothing says ‘instant money earner’ like a toy room or closet filled with games, costumes, semi-collectable moulded plastic nik-naks and other whatnots. Kids want entertainment. They want it now. They want loud bright things that make them go ooh-ahh, and then they want something else to do. All of those un-loved possessions are someone-else’s treasure. Sell online and keep the profits for a tidy bonus towards future savings.

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