The "spring time" of the financial planning cycle
Whether you are just beginning your working life or are married and perhaps have children, effective planning for both your own and their future is particularly important at this stage. It is easy to find other uses for your hard-earned income and to use that as an excuse to not plan effectively. Here are some key areas you should consider.
- Your new arrival - as your child grows, so will the expense! You need to incorporate this expenditure into your financial plans.
- University and College Fees can be expensive - consider a Junior ISA or Designated Account to help fund your child's education
- What happens if one or more of the parents or guardians die? - accumulated ISA balances can be transferred to spouses without tax implications. Consider setting one up
- Starting work - for the first time you're feeling a sense of independence and no longer having to rely on the "bank of mum and dad". It's very easy to spend money but difficult to save. Try to get into the habit of putting some money aside on a monthly basis - you can start from as little as £10 per month.
- Your first home - this is probably going to be the biggest outlay you will make. Begin saving towards a deposit as soon as you can.
Things to consider
Start saving for your children's future
Time will soon pass - set up a monthly contribution and get into the habit of saving
Don't be tempted to dip into your savings - you're investing for the long-term
We've been assisting clients to make the right investment choices for 30 years - contact us to find out more