Looking After Your Family

Your baby is growing up – but you still want to do everything you can to provide for and protect your family. You may want to consider school fees and or university fees.

The Child Poverty Action Group [Jul 2018] says the basic cost of raising a child up to 18 is £75,436 for a couple to raise a child to 18 and £102,627 for a single parent/guardian.This rises to £155,100 and £187,100 if you include childcare.  But of course in the South of England that may be too low.  University Tuition fees are up to £9,000pa in England

Some of the things you may need to think about:

  • Saving – Can you afford to put the Child benefit aside – it could grow to a useful sum to help your child with university costs or towards a deposit for a home or wedding. Are your children using their Junior ISA allowances to the full- max £3600 pa.  If you save £200 a month over 18 years it could grow to £58,943 which will go a long way to helping your child into the adult world. [Fidelity – with growth rate 5% initial charge 1% amc 1.5%]. Can the grandparents help by gifting money to the children – so that they can use their tax benefits without impacting on the parents.
  • Make a willthis allows you to leave your assets to those you choose on your death and appoints guardians for your children – if you should die.  Do be awareyour estate will not go automatically to your husband or children…
  • Education – University costs – There is help to pay for this – you may be able to get a Bursary – you need to apply to each college to see if you are eligible.
  • You can get a Tuition Fee loan – which needs to be paid back , with interest, after you have finished your course. You can also apply for a Maintenance Grant and other help depending on your finances and household income.
  • Employment – Once you start work – then it’s time to start thinking about retiring! Nowadays you should become a member of your company’s pension plan through auto-enrolment – but this will not provide enough for a comfortable retirement. So as soon as you can – you should increase your savings into a pension.
  • And of course you may want to buy your own home – so you will need to save for a deposit.
    There’s some help here too.. Shared Ownership/Help to Buy ISA

How do you know what to use and where to save?

For more information, please email me on vm@talisifa.com, or call me on  02085810088 [direct] or 01233 722999

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