School's Out! But Your Child's Financial Future Is In!
Back in the day, I used to sing Alice Cooper's "School's Out", which for me as a kid officially meant the six week holidays have officially begun. Now, older and as a parent, and many other parents, this is now a respite from school runs, packed lunches, and last-minute homework, which helps bring some needed relief. But it's also an ideal time to contemplate something far more long-term than the next six weeks - your children's financial future.
From the moment they first toddle into primary school, waving back at you with that innocent grin, to the time they step into university, donning a cap and gown, the days are long, but the years are short. Suddenly, you're facing hefty uni fees, accommodation costs, and an avalanche of expenses you hadn't fully anticipated. "If only we'd started saving earlier," you sigh. Well, the good news is, it's never too early to start.
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1. Know how powerful time is
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Time is your best friend when it comes to making sure your child's financial future is safe. Because of the power of compound interest, even small amounts of money spent today can grow into a lot of money over time. Use the extra time you have this summer to sit down and think about how your children can save and spend their money. Think about the sandcastles you'll build this summer. Investing in the future of your children is the same. It takes time, and each small bucket adds up to make something amazing.
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2. Use the financial tools that are good for kids
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Several financial tools are developed to meet the needs of children in the future. Junior ISAs, children's savings accounts, and even long-term investment bonds can help you save money for your child's uni years or their first down payment on a house. Just remember to find a good mix between risk and reward - too much caution can slow growth, but being too risky can put their fund at risk.
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3. Show the way
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You can start teaching your children about money right now. Include them in discussions about the budget, teach them how to save, and let them make small choices about what to buy. You are not only giving them a safe future, but also teaching them how to handle it.
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4. Ask an expert for help
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The financial world can sometimes feel like a three-legged run or obstacle course at a school event. But remember that you are not alone. Talk to financial experts to figure out what your best choices are for you and your child. They can give you personalised advice to help you make smart choices.
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When the last school bell rings this year, don't forget that summer is about more than just ice cream and beach balls. It's a great chance to set your child up for financial security in the future. You can help your child get a head start in life by spending wisely and getting the right advice.
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So, when you sing along to 'School's Out', think about the next line: 'School's out forever!' Remember that your child's learning may only last a few years, but their financial future will affect them for the rest of their lives. Time to start getting them ready.
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Please contact us if you want to learn more about your choices.
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Hope that helps.
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Nathan Waldron
07773814684
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