As many of you will know, we are expecting baby number 4 in June. Expecting a new addition is exciting, overwhelming and often things such as saving money can be pushed aside amongst all the pram and nappy buying!
When my eldest 2 children were born they both received a £250 government grant, which we popped into a savings account for them, and added to each month with a small direct debit. When our youngest was born in 2013 this £250 grant no longer existed, and so we scrimped and saved as much as we could to ensure that he also had a savings account – again, we pay into this every month. With a new baby on the way, we have been looking at the best savings and investment options at the moment, so that when the time comes we will know where to put the baby’s money this time around.
There are SO many options, it can be really confusing. Gemma and Jacob both have a child trust fund with the same company, and we have been very happy with the progress there so far. Max has an ISA with our current account provider, as at the time they were offering a great sign up deal for new accounts. But of course, things change all the time, and all we really want is to ensure that any money we invest for the baby is safe, secure and gaining as much growth as possible for the future.
We often wonder what the children will spend their money on once they have access to it – will it be a house deposit, a car, university fees, a wedding? Who knows? I just want to be confident knowing that we saved for them as best we could, and although it won’t be a fortune, they will have something to see them on the path to adult life.