Opening presents in front of the fire, cooking a big breakfast for everyone or already making a start on the Christmas dinner; we all have our Christmas morning routines.
If we looked 10 years into the future, do you think our routines would stay the same? Our children will be older, presents might be more hi-tech and you might not even be in the same house. Christmas 10 years from now may be a mystery, but you can begin a journey now to ensure one thing- that you give a child you love a financial helping hand at the beginning of their adult life.
The Gift of Saving
If a child or children in your life are young now, you might be panicking and fretting about what to buy them for Christmas. Did you know that over a third of parents’ claim that their children get bored of the presents they are bought within two weeks? As well as this, the average amount of money already spent on toys for children hits an average of £743 per household!
There is a great alternative to buying children presents for Christmas. You can be the person in their life to offer them the gift of saving, by opening a child savings account. This way, you will be able to pay money into their account each month, from as little as £10.
The future is hard to predict. With the current UK housing crisis, the uncertainty over UK interest rates and the rising cost of university fees, a sum of money given to a child you love on Christmas morning 10 years from now could be invaluable.
The money you save for them could be used for a whole variety of things to help them get a head start in their adult life, such as a house deposit, a contribution to a wedding, their first car or to help cover university costs.
Shepherds Friendly Junior ISA
You can choose to open a Shepherds Friendly Junior ISA as a long term savings gift for a child you love if you are their legal parent or guardian and they are under the age of 18 and does not already have a Child Trust Fund in their name. One of the great things about a Junior ISA is that it also accepts contributions from anyone who wishes to give money, making it a great option for gifts at Christmas.
Grandparents, uncles, aunties and godparents
Do you have a grandchild, niece, nephew or godchild that you would like to offer the Gift of Saving? As mentioned above, if the child in your life has a Shepherds Friendly Junior ISA, you will be able to pay any amount into it whenever you wish. If you would like to do something a little more personal, you will be able to open a Shepherds Friendly Young Saver Plan and arrange to pay a monthly payment for any child in your life.
So, when you are watching your children opening their presents on Christmas morning, imagine how great it would be 10 years from now if you could give them a gift that would be invaluable to them at the beginning of their adult life. Starting saving with Shepherds Friendly now, and make one thing easier to predict 10 years from now!