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Financial planning for your child's future

Every parent and guardian worries about their child's financial future. Beginning to plan for your child doesn't have to be groundbreaking. Making small steps to help your child along the way will make a huge difference.

Financial planning for your child's future isn’t too dissimilar to planning for yourself. The main difference is the financial goals you set. You may decide you wish to save specifically for their education, or perhaps help towards their first house. Whatever the goal, how you reach them will be similar to reaching your own financial goals. There may be some considerations when it comes to making the most out of your money, but those details will be discussed with you as and when it comes to it.

Here at Schofield, we work with many different types of people all at various stages of their life. We have some tips when it comes to financial planning for your child's future.

Saving for your child's future; Our top tips

Set an account up as soon as you are able to. This way you can start building toward your child's financial future as soon as possible. Additionally, when children are very young, any gifted money could be set aside for their future.

Keep it going. Our second tip is to keep the amount you set aside as consistent as possible. Always set a minimum amount to put aside for your child’s future, that way if you have any additional income you wish to add to their accounts you can. Having that minimum amount set aside each month will offer you the peace of mind that you are helping to build your child's financial future.

Consider multiple accounts. This is something that might work for you if you want to help contribute to multiple aspects of your child’s financial future. You may decide to have one main account for their education, and another to help towards their first home. Having separate accounts for each goal might enable you to maximise the benefits of each account. It is always best to speak with your financial planner regarding the various accounts you can create on your child’s behalf. Ensuring you are building towards their future in the best way possible should always be a top priority.

Children's savings accounts

There are several types of savings accounts you can set up for your child's financial needs. The one you chose depends on what you need the account to do for you. The main two accounts are instant access account which as the name suggests provides you with instant access. The second is a standard account which may have a specific time frame in which you can access the funds.

It is always important to consider the savings goals you have set for your child, as well as what you need the account to do for you. The best solution to finding the right savings account for your child is to speak with a financial adviser.

Schofield has dedicated, independent financial advisers ready and waiting to help you reach your financial goals. No matter where you are in your financial planning journey, our team will help you find the best solution. Contact us now to see how we can help.

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