Saving for our Daughter’s Future

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“I have a letter mum” T proudly held a white envelope up to us.  And she was right, it was addressed to her.  It was a summary of her ISA savings account which we started when she was barely a month old.

“How much have I saved?”  She excitedly asked.  Note the “I” and not the “we” as if it was her who deposited monthly in her account.  Ah bless.

We read the amount to her.  She gasped.  “I’m rich!”  Till we explained that this account was for her University fees.  My husband and I both actually sighed, with this rate, we’ll be nowhere near the £37,000+ it takes for a degree here in the UK according to this article.  To think, that’s only the cost of the Uni fees, they haven’t even included accommodation, food and clothing allowance.  Good grief.  And of course, by the time she’s old enough to go, it will probably be double that amount.  Thank goodness  T is only six, we still have time.  Do we really have time though to scrape and save enough to ensure that our daughter can go to Uni without a massive student debt to burden her?  And how are we doing this?

Scrape and Save

By scraping and saving of course.  I’m lucky I’m married to someone who is ever so careful with our finances.   We both are. We actually have an emergency fund we can dip into goodness knows, something unforeseen happens (knocks on wood, hopefully that will never happen).  It may not be a huge amount, but at least we have something to cushion us even for just a bit.

Have No Credit

My husband and I don’t own credit cards, no loans, no mortgage to think about.  Whatever we need goes out of our current account.  I don’t judge anyone and perfectly understand how for some people credit cards are a safety net just in case the numbers don’t add up at the end of the month.  And I know it can easily happen to anyone.

Buy only What You Need

Thank goodness my husband and I are both simply folks.  We don’t buy expensive stuff.  I don’t own signature brands and shun away from most things expensive.  If I see something I like, I wait till it goes on sale and if I find the price reasonable enough, that’s the only time I buy it.  We do like to splurge on each other during special occasions mostly on books though, especially Folio books.  As for other necessities, I usually wait for the sales before buying anything.

Small Joys and Simple Pleasures

Lastly, my husband and I are both homebodies.  We like the simple pleasures in life like a good home-cooked meal instead of eating out or watching movies at home instead of going to the cinema.  We both like to potter around in the house during the weekends.  We’re members of the National Trust and English Heritage which means, we don’t spend much most of our days out especially if we bring a picnic with us.

All these may just be little things, but when added up together can amount to something and surely we’re doing the right thing right?

What about you?

Do you also prepare for the future?

 

Filed under Little Reviews
Author

I’m a part-time writer, full-time mother and dog-walker living in a small English village by the sea with my husband, daughter and a dog named Doc.

33 Comments

  1. I have learned to be very careful with my money since I became disabled and on benefits. I will save too for anything I want or need, I hate being in debt so I do everything I can to not be!!

    • It’s always best to avoid being in debt isn’t it, although of course, I do understand sometimes, for others, it can’t be avoided.

  2. I also love the ‘how much have I saved?’ LOL. More important than ever to teach our kids about money

    • It’s always good to start saving early for them, isn’t it? As for the sales, yes! Also hate paying full price for anything 🙂

  3. Mary Leigh

    These are great tips! We also try to be diligent about savings. We use credit cards, but for the rewards and are sure to pay them off each month to avoid any fees or interest. So wonderful to teach your little one about personal finance early on!

    • It’s fine to use credit cards, precisely for the reasons you’ve mentioned 🙂

  4. Great tips! I think being a homebody helps so much. I can imagine how hard it would be to save if you always wanted to be going out.

  5. We have a savings account for both of our little ones and all of their money goes into it. We then use it if we want to take the boys for an experience somewhere. Once I’m back at work we will be saving a large chunk of money each month. We do have stipulations on their savings though, neither of them can touch it until they are 25. I worry that if they are allowed it before then then they will waste it.

    • Oh that is so true about the stipulations. We have the same for our daughter, only younger, because we’re hoping they would go to her Uni fees. That’s the understanding at least 😉

  6. So important to be financially aware! We go a different route and use ONLY credit cards (to build credit and get rewards points) but pay them off every month in full. Whatever plan works for you and keeps you financially secure 🙂

    • Same here. We hope we’ll be able to save enough for her. Don’t want her to start life with a big debt!

    • I so agree. T also has a piggy bank where she has her own little savings 🙂

    • Sigh. We do deposit monthly on her ISA account, like you’ve mentioned, in the hopes that it will be enough.

  7. I need to get better at saving, but I do stay away from credit cards as I don’t think I could trust myself to stop shopping!

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