It might sound corny, but it’s true: Parenthood changes your entire life as well as your views on financial security and planning for the future. Before Amy’s arrival, I couldn’t have cared less about saving money. I was young and lived from one day to another. Saving and financial security really weren’t on my priority list. I lived in blissful ignorance and thought that if I needed to make a big purchase, I’d just buy it and pay for it in monthly installments.
Once Amy came along, my opinion on savings changed drastically. I wanted her to be financially secure should anything happen to Ben or me. I wanted to build her a financial nest egg of savings that she could use for those things in life that your parents help you with when you’re growing up: your driving license, first car, your wedding or maybe even a deposit for your first house.
We looked into different savings accounts, ISAs and every other option under the sun. In the end, she ended up with an ordinary savings account. It was the easiest option for us as non-bankers, but I wish I has known about protected saving schemes like the ones from FSCS. No matter what happens to your bank, they will pay out savings up to £85,000 within 7 days without you having to do anything, which I think is very reassuring. We all know how much people lost when the banking system in Cyprus broke down and family’s lost their life savings and more.
Did parenthood change the way you think about saving and preparing for the future? Are you saving for your children and what do you hope they’ll spend the money on?
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