8 Ways To Grow A Brighter Future

You don’t need to be earning squillions to give your youngster a great financial start in life, just a smart plan

- Emily Thorpe

From the moment he’s born, you dream of the best for your little one, and a future where he can seize every opportunity that appears. But whether it’s buying his first car or heading off to university, those big life moments are going to cost cool, hard cash. Now’s the time to make a few savvy financial moves so that, by the time your youngster hits adulthood, you’ve not only tucked away a nice nest egg for him, but you’ve shown him the value of saving, too. Now, we know money’s tight when you have a baby – all those nappies! – but you don’t need to earn a fortune to make a big difference to his future. Just follow these eight simple steps.

1 Get an Investment Plan

A investment plan could be a good way to save money for your youngster. Here, your child will earn interest on your balance, while a Stocks and Shares portfolio allows you to access a variety of investment options. You don’t pay tax on interest earned, and you can save as little as you want every month. “The money belongs to your child, but he can’t withdraw it until he turns 18, apart from in exceptional cases,” says finance expert Kirsty Bowman-Vaughan. It’s a great way to build a university fund.

2 Check it every year