As the years go by, our priorities in life can begin to change. While you may have once not considered preparing for the future in terms of your finances, that future can arrive quickly. And when your family begins to grow, so do your responsibilities and the need to ensure they’re safe, looked after, and financially secure in their own futures.
The majority of people have financial concerns that extend beyond their own wants and needs. And when it comes to providing financial stability for your children, setting up a Junior ISA with Wealthify is an effective way to give your kids the ultimate combination of support and future financial independence. Setting up a will is also an important part of setting up a future for your children, so there are infighting when you’ve passed away and left a decent sum of money. You definitely want to get legal advice when setting up a will, so everyone gets their fair share.
But are you wasting money where you don’t need to be? And is this hindering your ability to provide the best possible start in life for your children?
Below are some of the most common (and easily avoidable) reasons people don’t save as much money as they could.
Unnecessary expenditures
We all spend unnecessarily over the course of the day. And it’s usually not a great deal of money. This could be anything from that morning coffee you buy before work to the places you go to eat during your lunch break.
But those expenditures can be deceptive, and take their toll over time. That coffee and lunch, when tallied up over the course of your month, can have a shocking bottom line on your outgoings.
Complacency with bills and other outgoings
Complacency with bills can come in many forms. Everyone is a little guilty of staying with the same broadband and mobile phone providers, or not considering alternative options.
Businesses are counting on you to shrug off that small increase in your bills. But 5 years later, you’ll be shocked at just how much your expenditures have increased from that first deal you initially agreed upon.
With a few simple changes to your general household bills, you’ll be shocked at how much money you save.
Not investing as wisely as you could be
There are ways of investing your money that can provide substantial support to your loved ones. Making a monthly contribution to a Junior ISA from your savings gives your children some future financial support when they turn 18 years old.
This support can lead to help with university fees, a deposit on a house, or just some money to gift them.
A Junior ISA, much like an adult ISA, allows you to gain long-term savings without having to pay any due tax on the interest it gains.
Living within your means
People work hard for their money, and life isn’t about going without comfort in order to pinch every last penny. However, learning to live comfortably within your means and budgeting can quickly save you an impressive amount of money.
Once you’ve found that happy medium of saving your target amount while still enjoying your life, you’ll find it easier than ever to prepare for the future of your children without feeling as if you’re sacrificing much.
