Many people don’t realise how expensive it is to raise a child. And if you think it’s expensive when they are little, wait and see how expensive it is when they are older.
Obviously, we all know the stages of a child: newborn/ baby, toddler, early childhood, teen/young adult. Well, when they are little until their teenage years, it is quite easy- they dress in the clothes you buy for them, eat the food you cook, and they are always beside you.
The really expensive part starts from secondary school age, when they don’t want the packed lunches from home anymore, the clothes you buy for them are not good enough, and the food you cook is not fancy enough.
We are lucky that our kids have to wear a uniform for school, which I know is quite expensive to buy at the beginning of the year, but they wear it all year round and sometimes even throughout the next year.
Honestly, I am not complaining here because we count ourselves as lucky in this area. Not when it comes to their footwear, though. Credit to my husband and me for being tall.
Anyway, from what I have experienced, the really expensive part of looking after your child is from the teenage years and above.
Why should you save for their future?
Saving for your child’s future is one of the most important steps that you can take in your parenthood.
With day-to-day rising costs, all the parental responsibilities, and daily busy schedules, it is hard to think about the future. But taking the step to put money aside from an early age for your child is very important.
It’s not just about finances—it’s about giving them security, opportunities, and a strong foundation to build on.
Besides my job as a blogger, I work with young adults. I have always been curious to ask them if their parents have saved money for them and what they spent that money on.
The answers are almost always yes, they have had money saved for them, and the most popular answer to what they spent the money on is driving lessons, their first car, and insurance.
While we think a driving licence and owning a car are things that come naturally when you become an adult, it is also very expensive to get a driver’s licence and buy a first car. Also, let’s not forget all the expenses that come with having a car.
For these young adults, it is important to have a good start in life, because a car can help them get to work, where they can earn their own money for their own spending.
By saving for them, that first amount of money will help them and reduce a lot of stress for you. Having savings ready to help them with that first part of their life is one of the most thoughtful and impactful decisions you can make as a parent.
Children also learn by watching their parents. When they see you consistently saving and planning, they are more likely to adopt those habits themselves. It is also important to teach children about money. We all know they don’t educate us enough about this in school, and children learn it mainly from their parents at home.
This kind of modelling is powerful. It teaches discipline, patience, and the importance of thinking long-term.
Reason 1: Education
One of the biggest expenses in your child’s life will be their education. Whether they decide to go to university or college, the tuition fees, accommodation, books, and daily expenses quickly add up.
Saving for your child’s education from an early age will ease these expenses.
Reason 2: Reduce Financial Stress
Not every person is going to university or college, and that is absolutely fine. If your child doesn’t want to go, they don’t have to.
Financial uncertainty can be overwhelming, especially when a major life change is happening in your child’s life. Knowing that you have a financial cushion to help and support them will allow you to support your child more confidently in their future decisions.
Reason 3: Supports Their Dreams and Goals
Nothing is more important than your child’s happiness. Every child has dreams, whether it is going to university, travelling, or starting their own business. However, many of these goals come with financial barriers, and setting aside some money is necessary to pursue their dreams.
By saving money for your child, you’re giving them options. You’re allowing them the freedom to explore their interests without being held back by immediate financial pressure. This doesn’t mean funding every decision, but rather providing a safety net that gives them confidence to try, learn, and grow.
Reason 4: Helps Avoid Student Debt
We all know that education is not free. If you want to continue studying after you finish school, you need to pay, and many young adults decide to continue their studies and take out a loan. Therefore, even before they start their adulthood, they already have debt.
While some level of borrowing may be unavoidable, having savings in place can significantly lessen the amount your child needs to rely on loans. This can give them greater financial freedom and flexibility as they grow older, allowing them to make decisions based on their goals rather than their debts.
Reason 5: Unexpected Surprises
Life is full of unexpected twists and turns, and having savings can act as a safety net during uncertain times. Have you considered how saving for your child’s future could help give them a stronger financial start in life? This guide will show you how to build savings for your child and make the most of the options available to help secure their future.
Emergencies, sudden opportunities, or changes in direction can happen at any moment. Having money set aside ensures your child is better prepared. Instead of feeling overwhelmed or limited, they can approach these situations with confidence and stability.
Saving also allows you to support your child’s dreams and ambitions. Every child is different, and their goals may not always follow a traditional path.