As the world continues to gush and celebrate the new royal baby Archie, there’s no doubt couples across the UK will be sharing a similar joy as they welcome home their own new born prince (or princess) for the first time.
And although attention in the early days and weeks of a new parent is largely focused on sleeping and feeding, it’s never too early to start thinking about your child’s financial future.
There is little doubt that little Archie will ever have to worry about financing a university education or buying his first home.
He will probably never need an overdraft, a loan or a credit card to see him through a lean period.
But for other children, starting a savings plan on their behalf as soon as they’re born can make all the difference for their financial future.
Our advice would be to start early, save regularly and by the time your youngster is old enough to head off to university or start out in the world of work, you’ll have built up a substantial pot of savings.
Putting aside £100 a month with average interest rates at 3%, would be worth more than £28,800 by the time they celebrate their 18th birthday – enough for a deposit on a house or a new car!
Where and how you to decide to save for your son and daughter is another decision to make. Junior ISAs are a safe home for their money until they turn 18 or you may decide to invest on their behalf in a more rewarding scheme.
Whatever route you take, start as soon as possible!