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How £31 a week can give your child financial freedom

When I went to university, it was basically free; I did not have to pay tuition fees, living and accommodation costs were also significantly lower.

When my children go to university, which I hope they will, they will have to think about it financially.

It wont be a simple decision of:  “Shall I continue studying”? “Shall I go travelling first?”  “Should I look for work?” But more  a question of:  “Can I afford to go to university?”

And of course, even if they decide they don’t want to go university, whatever it is they want to do will no doubt come at a significant cost.

As a parent with two very young boys, I see it as my duty to save for their future and like any other parent, I don’t want them to grow up spending their first years as a young adult struggling with money. It’s a horrible way to start adulthood and it can put you in a spiral of never ending debt. I want better than that for them.

A junior ISA can really help you build that future for your children. Just putting away £31 a week into an investment junior ISA as soon as your child is born can give them £41,886.00 by the time they are 18.

And if you can increase it to £78.46 a week, you could provide your child with a savings pot worth £106,208.07, according to calculations by Fidelity International.

Now, it really is as simple as that. Ok, so I hear you when you say that you don’t necessarily have that much to put aside each week.

It doesn’t have to be as much as that, just £10 a week could still give your child a good headstart.

If you wanted to, you could find that extra £10 to stash away.

Here are some of my top tips to put extra cash in your pocket each week:

1)   Ditch the morning coffee. A visit to the barista on your way to work can set you back by around £2. That’s £10 a week!

2)   Take lunch from home. Buying lunch can set you back around £5 a day (or more), so time to get organised and take packed lunches. This can be sandwiches or left over dinner. You’ll be healthier for it too.

3)   Ditch the brands. I don’t just mean just for groceries, but also for things like medicines. Own brands are significantly cheaper and do the same job. Take for example, Calpol Six Plus is £3.65 in Boots, but its own brand is just £2.89. Anadin paracetamol ay £1.25, but Boots’ own brand is just 49p  – and it can be found for as little as 26p for the same amount at supermarkets.

4)   Walk more. Sometimes it is too easy to take the car, but try and walk more if you can. You’ll be surprised at just how much your petrol costs will drop by.

5)   Switch your energy provider!! This could save you £200 a year.

6)   Do not renew insurance policies. If your car or home insurance is up for renewal, then shop around for a new one or haggle for a price match. Insurance providers do not care about loyalty, so when your policy is up for renewal, you can be sure the price is significantly higher, so move on. 

7)    De-clutter your life. Get rid of what you don’t need. Sell it on Facebook (see your local selling group page), ebay or go along to a car boot sale and flog your stuff. Find your nearest boot sale at Car Boot Junction

These are just some ways to put the extra cash in your pocket! Saving doesn’t have to be difficult, but it does mean being strict with spending and taking time out to put your finances in order.

It may just take an hour or so to get everything in order, but it could make a big difference to your child’s financial future.

If you want to know more about junior ISAs, what are the different types of ISAs, which junior ISAs are the best and how junior ISAs work, then visit my junior ISA page here where I also list the latest rates and my pick of the top providers. Scroll for video.

 Keep up-to-date with me on Facebook and Twitter @KalpanaFitz and @MumMoneyMatters

Visit my Junior ISA page here



Kalpana Fitzpatrick

2 Responses

  1. Roopa Joshi says:

    Great advice Kalpana, love the idea of saving £31 a week. Gonna give it a go xx

  2. Sarah M says:

    Finally, someone making sense about Isas. Going to give it a go for my girl. I can only afford £20 a week but you’ve inspired me.

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Reduce your grocery bill by 70% this summer!

The kids are off school and they are going to be hungry – inevitably, the next few weeks will see the cost of your weekly shop shoot up.

To help families keep the costs of food shopping down, MMM put Approved Food to the test, which can help slash the cost of shopping by as much as 70%.

There is of course one catch – the food is past or close to its sell-by date, but perfectly safe.

With a £30 budget, MMM managed to bag a fair amount – cereals, tinned food, sweets and treats, drinks and even laundry detergent and dishwasher tablets – the sort of things where you can generally ignore the date stamped on the product.

If you’ve tried reducing the cost of the grub by switching brands or shopping at discount stores but think you can do better, then try Approved Food  – you’ll be surprised at just how much you could save on some store cupboard essentials.

New products are available everyday and there are some real bargains. For example, Sprite Zero 330ml for just 29p or a 2kg Reeses Peanut jar for just £2.99. There’s even stuff for pets, at more than 50% off.

MMM was really pleased with service and surprised at just how at just how much £30 would buy (see pic above/ instagram).

Although we would like to see Approved Food cut down on the cardboard packaging, the items arrived well packed and in excellent condition.

So, if you’re looking to save a few more pounds on your groceries, take a look at Approved food – you’ll be surprised at just how good the bargains are.


Keep up with MMM on Twitter @MumMoneyMatters and Facebook !


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