Am I able to fund an independent education for my child? Will there be enough money set aside to pay university fees? Is there any way we can help the children to buy their first home? Can we afford to pay for a wedding?
Many parents will have asked themselves similar questions.
Claire Wise, one of our financial planners, comments “I work with families to understand their current financial situation, aspirations and risk profile before creating a tailored
financial strategy that will help them plan for the future”.
Here, Claire outlines some key things to consider:
Start early if you can, but don’t worry if for whatever reason you haven’t. We help many people who come to us at a later stage.
Prioritise. Think about what is really important to you and your family: what your hopes and aspirations are, any potential scenarios you’d like to prepare for and whether you
need an income from your investments.
Explore the options – Consider different ways to invest, including taking advantage of tax wrappers, where possible.
Research child specific products – For example, did you know that you can now start a pension for a child or that children can have a JISA (Junior ISA)?
A tax efficient approach – Thankfully there are many ways to protect hard earned growth when it comes to children.
Consider change when you’re planning. The world will be a different place by the time your children are young adults. Are there opportunities this offers in terms of financial planning? Are there any risks to consider?
Regularly review your strategies to ensure they continue to remain appropriate for your objectives.
This article was written by Culverhouse Financial Planning Ltd.
The article outlines just some of the things you could consider in relation to planning your family’s financial future.
It does not represent financial advice. If you would like personalised financial advice please contact a financial adviser.
Remember that the value of investments can fall as well as rise and past performance is not a guide to future performance.