Are You Saving Enough for Your Child’s Future?
**This article is written in partnership with Shepards Friendly. Thank you for supporting the brands that make Miss Millennia Magazine possible!**
Parents regularly make plans for the future of their children. But what about when it comes to finances? Providing for children can be expensive and it doesn’t look like its going to be any different, any time soon. By putting away a bit of money each month, parents can save for the future of their children and having a clear goal can help them work out how much they need to save.
Saving for the future whilst living for the moment can be difficult. Saving over the long-term can have greater benefits as it allows you to build up a bigger lump sum. But the real question is how much do you need to save?
Some parents wish to give children a head start in life by helping them to acquire their first car, assisting them with university fees, contributing towards their wedding or towards a housing deposit. However, for most people it is not affordable, unless we have a strategic plan in place to save for the future of our children with a clear goal in mind.
This infographic from Shepherds Friendly titled ‘are you saving enough for your child ‘shows how parents would like their children to spend their savings and how much savings our children might need in order to fund these goals.
Did you know that the at the very top-tier US universities fees and living costs are likely to add up to around US $60,000 per year, but it’s also possible to study in the US at a much lower outlay. See more here.
Also, were you aware that the average wedding cost in the United States is $26,645. Couples typically spend between $19,984 and $33,306 but, most couples spend less than $10,000? (source)
That’s an awful lot of money for parents to save, especially if they have more than one child. The infographic includes a calculation below to help you to discover if you are saving enough for your child’s future and how much more you might need to save in order to meet your savings goal for your child.