As a parent, your main want, more than anything in the world, is to provide the best start in life for your children. That start doesn’t just refer to the moment they enter the world – it refers to the entire time period between them being placed into your arms, and going out into the world to make their own way. Even then, it is more common than not that they will still need a little help once in a while.
Of course, you can prepare them for the world in a number of ways: Teach them right from wrong, teach them how to handle their money and pay bills, teach them how to gain respect in the workplace and climb the ladder etc. However, you can also prepare for those days when they are packing up to go off to college, or passing their driving test, or getting down on one knee for their significant other. Here are some investments you can make that are going to benefit your children’s future – and your own.
Pay Monthly Into A Cash ISA
If you are just about to become a parent, or have a few toddlers running around by your feet, you may want to consider opening a cash ISA. It is a secure and tax-free option of saving a large sum of money. You can set up a direct debit for cash to go in monthly, and if you are signed up to multiple banks, you can open one for each of your children, and pay in a similar amount to each. This saving will help offer some of the bigger purchases you might want to make for them – fees for their new found favourite hobby, their first car, their security deposit for their first rented apartment etc. If you save up quite a hefty amount, it could even go towards their college fees if they decide to go, or towards their magical white wedding when they embark on creating a family of their own. Either way, that money will come into good use one day, and nothing will compare to the feeling of gratitude and the smile on your child’s face when you surprise them.
This may seem like an odd one, but as you get older, your children will naturally start to worry about you, just like you have worried about them their entire life. They will question whether you are comfortable living where you are and have enough money for weekly food shops. Although their concerns are always comforting, no one wants to feel like a burden to their children. Investing in your own pension and setting yourself up for a comfortable retirement will allow you and your children – and potentially your grandchildren – to enjoy the time you have together, without the stresses and worries of financial constraint.
Potentially the word on every investor’s lips at the moment, Bitcoin has blown up in popularity recently due to its earning potential and relative ease of involvement. Just researching some Bitcoin facts will help you to figure out if this is the right path for you and is likely to be a cost-effective and worthwhile investment for you.
At the end of the day, everyone dreads the day that their children fly the nest, and as much as they annoy you, and cause you to go grey early from stress, the house is never the same without them. Being able to continue providing for them, even when they have started their own families, eases the heartache that accompanies their growing up, and helps to put a smile back on your face.