Saving for the future

The older Jasper is getting the soppier I have become. I worry, I panic and I stress about what could go wrong in life especially with how the world is turning. I’m scared of what Jasper’s generation will have to go through on top of the usual daily struggles of relationships, illnesses and finances and honestly it drives me crazy.

What starts as a simple thought makes my mind go in a million directions and all of a sudden I’m thinking about Jasper as a 30 year old man with responsibilities. Ooh it really does make me want to wrap him in cotton wool forever.

Well this worrying does do some good. It’s made me think practically and sensibly and plan for the future. Me and Pete sat down the other day and spoke about life insurance, making sure that our boys will always be okay. We spoke about saving for the future, giving them their own funds to access when they need to.

They have money boxes, little tractor ones that we add to on birthdays and at Christmas. This will be great in a few years time when they start to ask for specific toys and we can tell them they need to save and spend their savings wisely. This can be their money for toys that aren’t for special occasions and perhaps are a bit too expensive to justify just buying out of the blue. It’ll teach them to appreciate what they have and be responsible.

But then we thought about the big things; their first cars, their first homes. Yes we hope to be in the kind of financial situation when the boys are older to simply buy these things outright, but you never know. We could be millionaires but we could be scraping the barrel. We’re realising more and more that we really need to save, not for us but for them. We can go without but we want to make sure that the boys have the best start at everything and if putting aside a little each month now means we can buy them their first cars when they’re 17 without dipping into our current accounts then that would be fantastic!

I’ve been looking at different savings accounts, I don’t really understand them to be honest. I don’t know if it’s best to get the boys their own ones or just keep it in my bank. I don’t know about interest rates or fees.

One thing that I have seen is a consolidation loan through Lending Works. Instead of holding your money in the bank to either pay a fee or only gain a small amount of interest, you lend your money to credit-worthy borrowers for a fab return.

You tell Lending Works how much you want to lend, they vet through the borrowers to make sure they are able to repay the money and you gain 4.8% over 3 years or 6.3% over 5. The money is completely protected with a reserve for missed payments and you skip out on paying fees to the bank.

The one thing that I really like about this is the money won’t be in my bank for me to ‘just dip into’ when I want an ASOS splurge or when our car breaks down. If you really need the money back you can have it back but I think it’s fab to know it’s harder to just tap into, especially for a shopaholic like me!

Do you save for your child? What other ways do you protect their future?

 

Thanks for reading!
Jess x

 

2 Comments

  • Life & Love of Lolly (@LaurenAVarley)
    19th August 2015 at 2:28 pm Reply

    It’s good that you’re thinking of the future, especially with having both Jasper and Reese. Joey has his own bank account that he’s had since he was a few weeks old, money that he gets given goes in it and we try and contribute as best we can but with me not having a job at the moment it’s a bit difficult. My parents died when I was young and they made sure I was provided for after they went. I was able to buy 2 houses mortgage free about 4 years ago, one is our family home and the other we rent out. Eventually when Joey is grown up we’ll sell the other house and he’ll inherit the proceeds. I’d never thought about life insurance though, we need to look into that. I constantly worry about what happens when me and chris are no longer here and we want to makesure that Joey has a great future ahead of him x

    • Jessica
      8th September 2015 at 10:49 am Reply

      I’m so sorry for your loss lovely, how fab that you have sense of security for Joey when he’s older. We mainly add money that the boys are gifted but we want to make more of a conscious effort to put our own money in there too, they’ll certainly be better off at 18 than I was! haha

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Hi I’m Jess, Single Mum, Accredited Life Coach, NLP Practitioner and Beauty Business owner.

I chat about all thing female empowerment, spirituality and positivity

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