As soon as you fall pregnant, you start thinking about your child’s future. What will they look like? How will they be and how do you support them to achieve their dreams not only emotionally but also financially.
Mortgage Advisors Moneyfarm know about the challenges parents face when saving for their children’s future and have teamed up with Which? to create ‘Once in a Lifetime’, a series full of investment tips for parents.
The first part of the series, which you can find over on the Moneyfarm blog, teaches parents everything they need to know about getting their children onto the property ladder without sacrificing their own retirement plans.
This includes in-depth information about saving for a deposit, the government’s Help to Buy scheme as well as details on stamp duty, legal fees and other hidden costs involved with buying a house.
Moneyfarm’s Chief Marketing Officer, Alessandro Onano, said:
“Buying your first home is an important milestone for many in the UK, and many families want to take on some of this financial burden to give their children a boost. It’s important this generosity doesn’t mean families are sacrificing their own retirement dreams though, which is exactly why we’ve partnered with Which? to create this must-have guide to helping your children on the property ladder.”
If you’re thinking of supporting your child with their first own home, make sure to check out Moneyfarm’s guide. I’m a self-declared arithmophobiac, so avoid everything that’s got to do with interest rates, insurances and money, and I found the blog post really helpful and clear, e.g. I was able to understand it without a business degree or any personal expertise on the matter.
What I took away from Moneyfarm’s investment tips for parents, though, is that your best intentions aren’t enough, if you don’t stick to your plans or start early enough. Saving up for a deposit or even an entire property takes years of dedicated saving, so make sure to start saving as early as your pregnancy.
Also, hidden fees, surveys and legal can cost you a small fortune, so it’s best to be prepared and get a financial advisor who knows what they’re talking about. That way you’re on the safe side and make the most of your hard-earned money.
Are you saving for your children’s future or do you think it’s their job to work for their own home, car or driving license? Also, did you come up with your own savings plan or did you get help from an expert?
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