When you first open a savings account for your child you probably won’t know what they will eventually use it for. Even if you have an idea in mind for the money there is every chance that something else crops up in the intervening years. The following are just a few examples of what they could do with the money.
Buy Their First Property
It is a wonderful feeling to know that you have helped your child buy their first property. We don’t know how many children’s saving accounts end up being used for this purpose but it could be a fairly high percentage of them. It isn’t a lot of fun to see your little one struggle to get a property and if you can give them a head start then it can help set them up for life. Even if the cash you have put away for them doesn’t cover everything it can still be a great starting point for them to build from.
Study with Less Debts
Another big worry for most parents is how their kids are going to be able to afford to study. In the UK it is believed that the average student’s debt level now run to around the £50,000 mark. This is a huge figure and while you might not be able to help them study in a completely debt free way you can still make student life easier for them. Of course, with it being so expensive to study these days it is easy for potential students to opt out. Having this money set aside for this purpose can help them make the right decision and study without worrying too much about money issues.
Travel the World
How would you feel about seeing your child head off for a stunning adventure around the world? Taking a gap year before or after university is an increasingly popular idea these days but it costs a lot of money to do it well. Even if they plan to travel on a shoestring they will need a decent amount of money to back them up. This kind of trip can help them to mature and see life in a different way, so it is definitely a smart idea to spend the cash in child savings accounts in this way.
Make the Right Career Choice
One of the things you will want to see your little one avoid is the mistake of rushing into the wrong career for purely financial reasons. If they don’t have any sort of savings to fall back on then they might panic and make the wrong move. There would still be time for them to sort things out in most cases but some youngsters who make the wrong career choice never get back on track after it. It is far better to see them in a position in which they can take their time and do the job they really want to do.
