Three Ways A Savings Account Could Save Your Baby A World Of Stress

 

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There’s a lot to think about when preparing for a new baby, and things like baby proofing and getting the nursery ready will likely take up most of your brainpower. These obvious preparation pointers aside, many parents are also finding it increasingly worthwhile to get their accounts and affairs in order before baby brain sets in, most commonly with regards to their wills and finances, but also by setting up a savings account for the new baby itself.

While it may seem premature, parents are increasingly finding that getting a head start on savings is the best way to give their kids a good start in life. Ever-rising house and education costs especially highlight the need to get going as soon as possible in order to spread the costs of support. If you don’t believe us, or think that savings could at least wait a few years, then keep on reading to find out why a newborn saving account is guaranteed to go down a treat.

A chance to surprise them later on

Setting up a savings account with older kids is essential for encouraging them towards positive financial habits, but is unlikely to be very lucrative. By comparison, a savings account for a newborn will most often be in your name, allowing you to keep this money hidden, and growing, until an age where you deem fit. Kids saver accounts that prevent withdrawals can be especially useful, meaning that you’ll never be able to slip into the bad habit of taking money out, but will instead be able to keep that fund topped up to the brim at all times.

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An early start on a good future

Logically, the earlier you start a savings pot for your child, the better the future they’ll face. This is especially the case as lifestyle costs escalate, and even education becomes a financial goal that many struggle to achieve. No matter whether your child is facing fees at Oxbridge, or the added cost of travel and immigration lawyers to make studying abroad a reality, you can therefore rest easy that they’ll be able to cover every expense. Even as house prices rise and deposits become frustratingly out of reach, your forward-thinking could help your child become the first homeowner in their friendship group before you know it.

An easy outlet for loved ones

People can be incredibly generous when you have a baby and, as well as cards, gift baskets, and clothes galore, friends and family will most likely want to give your youngster money. Savings accounts are great for this as they allow an accessible, easy place for loved ones who wish to do so to deposit little cash treats that, over time, are guaranteed to add up to a sizable surprise fund for any little one.

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Finances can feel like the last thing on your mind when you're basking in newborn glory, but there’s never been a better time to start a brand new savings account to enjoy these benefits, and more, as your little one grows. 



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