Saving for the things that matter: Child savings for a bright future
Monday, May 23, 2016
Laura, 33 from Southampton, had never been a saver, but when she had her
daughter Ruby she decided that needed to change. Today, she is happy knowing she is putting aside a little money each month in a children’s savings account to prepare for Ruby’s future. She tells us more…
I hadn’t heard about Foresters Friendly Society until I started working for the company in 2012. In fact, I hadn’t really even considered regular saving, always being more of a splurger then a spender! I was the sort of person who found that money burnt a hole in my pocket.
“I took out the Child Tax Exempt Savings Plan when Ruby was around three or four and I will continue to put away £25 a month until she turns 21. I wanted to be able to help her out financially if she decides to go to college or university and I’m so glad I did as, aged only seven, Ruby already knows what she wants to do and plans to open her own beauty therapy shop! And if her ideas change, she will still have some savings ready to go towards her first car, first home, or whatever else is a priority when the plan matures.
A child savings account that’s affordable
“What drew me to this tax free children’s savings plan is that the contributions are so manageable; £25 might sound like a lot, but in reality it’s only the occasional takeaway at the weekend, so it’s easy enough to put by.
“I also like that the plan is guaranteed, so I know Ruby will get back at least what I pay in. Plus as it is a with profits plan, my money has the potential to grow through the addition of bonuses.
“We also take advantage of the member benefits available. Ruby loves the annual book voucher offered by her Foresters branch and is currently working her way through the Roald Dahl collection.”
A family of savers
“Now that I’m in the habit, I’m also considering taking out a Tax Exempt Savings Plan for myself. The Foresters plans are so simple and easy to get your head around that they’re a great way to start saving, plus as a family it gives us the peace of mind that we have plans in place to help with our financial future.
“That’s the key, I think, when it comes to savings; start with something simple with affordable contributions and you won’t really miss the money, but it will make all the difference in the long run.”
Find out how you could save for your children's future with the Foresters Child Tax Exempt Savings Plan >
- This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice. If you want financial advice you should contact a financial adviser, who may charge a fee.
- Tax rules may change in the future and depend on individual circumstances.
- The addition of bonuses is not guaranteed.
- The membership benefits we provide aren't regulated and are regularly reviewed by us to ensure they are relevant to our members.
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