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Putting money aside for the kids

Even though life is tough up and down the country it seems that more and more people are now looking to put aside a small amount of money for their children on a regular basis. Many parents believe that the ability, where possible, to give their children a significant financial lift as and when they reach a certain age (normally 16, 18 or 21) is certainly a worthwhile cause. We are now seeing more and more savings accounts opened in the names of minors under the control of, for the time being, their parents.

While putting aside say £10 or £20 a month may not seem like a lot of money, can you imagine what that may have grown too in 10 years, 15 years or even 20 years?

Not only will the capital element have significantly increased over the years but there will also be an interest element to add to the mix. Where possible, it would also be sensible to increase the monthly contributions by the annual inflation rate at the end of each year which would further increase the pot and attract more and more interest. By the time your children leave school and venture into the big bad world the financial situation in the UK could be very different. State benefits would probably have fallen by then, pension payments will be minimal and taxation is highly likely to have risen substantially.

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