Saving for children
There are three certainties in life; death, taxes, and the inescapable fact that your children will cost you a fortune over the years.
Take the first five years. The total cost of raising a child to the age of five comes in at anything between £20,800 and £37,900 (Pregnancy and Birth Magazine).
And it doesn’t get any better as they get older. Students starting university this year will pay around £25,000 to cover their course and living expenses for three years. With fees very likely to increase in the future, continuing education will be one of the biggest financial commitments we make for ourselves or for our children National Union of Students Press Pack 2005/2006)
It is forecast that by the time that a baby born today graduates, the cost will have risen to around £75,000.
So, how are you going to provide savings for your child’s future? Well, if you have time on your side and, over time, a little bit goes a very long way. So, start as you mean to go on and ensure you get good advice on the best way to save for the future.
We can advise grandparents about how they can minimise their inheritance tax liability by putting funds in trust for your children.
Moreover, because we are fully independent and not tied to any financial services provider, we can advise on all the investment products on the market to find the right solutions for you.
Use the contact tag on the menu on the left of this page, or telephone 01434 607 808 for an appointment with an experienced adviser.
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