It’s no secret that having children is expensive, from the moment they’re born (or even before hand) there seems to be a constant list of unexpected expenses. Whilst you may or may not have saved money before having a child, it undoubtedly becomes a lot harder to put away some income each month when there are extra mouths to feed and constantly growing little ones to clothe, not to mention nursery fees, school fees, the latest toys and games and more plane tickets on the family holiday, the list is endless!
However, what parent wouldn’t wish they had some savings set aside for their child’s future to give them the peace that they have some financial help when they turn 18. Whilst you might be thinking, “this idea sounds great, but I don’t have any extra cash to put aside no matter how much I try” then do not fear! We’ve got some helpful advice on saving for your children in the cheapest and easiest ways possible.
Sound interested? Read about how to get started below:
Contents:
- Why should I start saving for my child’s future?
- What is KidStart?
- What is KidStart x Beanstalk?
- Is it too late to start saving?
- General Advice
Why should I start saving for my child’s future?
Whilst family life is expensive enough as it is, we hate to say it but the older children become, often the more money they need! No matter what educational route you send your child on, from nursery to university age it is likely that your child will need financial support for their education, from school trips to university accommodation, exam retakes and music lessons there are a whole host of expensive surprises awaiting the parents of a precious newborn.
When you factor these costs, alongside finding affordable childcare, perhaps wanting to buy your child their first car, help them move out one day and maybe even make a dent in the astronomical price of student loans these days, it can seem like an impossible task for those of us with nothing to spare at the end of the month.
Many parents think they just simply cannot afford to start saving for the future but there are ways to make substantial savings without making a dent in your current bank balance. Through using cash back websites and apps you are able to earn money back on purchases that you are already making such as food shopping, clothes shopping and booking holidays. KidStart in particular is a cash back website which places your earnings from shopping directly into a savings account for your child to redeem at a later date.
What is KidStart?
KidStart is a completely free, online shopping club for families that allows account users to earn back money from their online shopping. This money is then transferred directly to a savings account for your child, meaning that you or any other friends and family members can help save for your child’s future without being out of pocket in the present.
They are partnered with thousands of retailers including Asos, Waitrose, Booking.com, Halfords, Boots, Sky and so many more, so that you could be earning savings from the weekly food shop, to booking holidays or even just paying for the monthly tv bill! Click here for a full list of retailers!
You can link a variety of different types of account to save the money in, including a children’s savings account, junior ISA, building society or almost all accounts that accept electronic savings. They have recently launched their own app-based stocks and shares Junior ISA and ISA called Beanstalk, which is automatically linked to KidStart and is packed with other unique tools.
You can invite Grandparents, family members and friends to earn money back through their KidStart account to help save for your children and it can be a great way for those who want to contribute to your child’s future to maximise their contribution potential.
What is KidStart x Beanstalk?
Beanstalk in the revolutionary new app that is bringing family savings and investments into the 21st century as it allows you to save for yourself and your children from one app. You can have multiple contributors from parents and grandparents to friends and extended family to contribute as much or as little to your child’s savings account in the most efficient way possible.
It allows you to incorporate saving into your everyday life from rounding up purchases to getting money back on purchases you are already making, meaning that over time these small additions will add up and grow into a healthy nest egg for your child’s future endeavours.
Unlike many other savings and investment providers you can open a Beanstalk Junior ISA and ISA without a lump sum or committing to regular contributions making it flexible to your finances. You can manage all payments from the app giving you complete control.
Is it too late to start saving?
You don’t need to have a new born to start saving responsibly! Of course the earlier you start the more money you are likely to build up but small contributions over time really will add up and even teenagers will benefits from a couple of years of savings and cash back if you have not started putting any money aside so far.
If you have already started saving for your children then you can add to these by linking an existing children’s saving account with KidStart or switching your child’s CTF or JISA to Beanstalk if you’re looking for a lower cost alternative, find out how much you could save with the Beanstalk Switch and Save tool.
General Advice
Why not find out more about saving for your children on the KidStart website or for more ways to earn some money from home, finding what your side hustle potential is or part time jobs too!
Please note: Capital Risk. Beanstalk is a trading name of KidStart Limited and is authorised and regulated by the Financial Conduct Authority. FCA number is 473606.