Top 5 Ways To Contribute Towards Your Child’s Future

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Top 5 Ways To Contribute Towards Your Child’s Future

When BabyN’ was born few years ago, we were advised to save money for him for his future so he’s able to use it once he grows older, or as the need arises. Junior ISA is a great way for giving your child a helping hand and investing in Wealthify Junior Stocks and Shares ISA as this lets the parents build a pot of money for the children to use when they turn 18. You can also find out more information on their website.

Below I’ve discussed about the top monetary contributions the parents can make towards the children for the various important occasions in their lives. 

Contribution Towards University Fee 

The money saved by the parents work as a great helping hand for the children in various aspects. Not only does it enable a child by contributing towards his or her university fees, but this money can also be used for various other purposes, but this one definitely tops the list. Different universities may have varying tuition fee depending on the course chosen by the child, as well as the other factors and not having to think about the fee too much, gives more time and energy for the child to focus more on studies rather than having to look for work to cover the fee. Parents can also make different investments and buy British Airways shares that can be very helpful for the children in the later years. 

Driving Lessons 

In the UK, it’s essential to pass a theory test followed by a road test to attain a full driving license. However, it’s essential to take driving lessons to ensure one is aware of all the driving techniques, tips, rules and the manoeuvres for which it's recommended to take at least 40 lessons. Paying for the driving classes is quite heavy on the pocket and a fair amount of money is required for this purpose. Having some money saved prior to the time can greatly help in contributing towards the amount that needs to be paid to attain a license. 

Buying First Car

It’s always convenient to get a car, even if it’s a small one. Since the cars are priced differently depending on their make and model, and taking into consideration the fact that the car that needs to be bought is new or second hand. However, everyone needs to stick to a certain budget and look out for the best option. A certain amount of money, even if it's little is always something a child would appreciate as a help from the parents. 

Buying First Property

To buy the first property, a minimum percentage of deposit is required depending on the type of scheme an individual is opting for. Getting a helping hand in terms on monetary contribution can be a great relief for the children and they will then only have to worry about paying the monthly mortgage rather than having to worry about the amount of deposit they will have to arrange to get on the property ladder. 

The Marriage Fund 

At some point, every individual tends to get married and even if one decides to keep things simple, they still need to have a certain budget to spend on the wedding. Although the budget may vary to different lengths, even the simplest weddings do expect the couple to have a minimum fair amount of budget. 

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