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Childrens savings
6 Answers
Mr Prim and I have 2 grandchildren and we were talking about investing some money for them that they can't access until they reach 18yrs old.
We cannot invest a lump sum, but perhaps £50 each for them that could perhaps go from our bank account every month into an investment for them.
Any ideas?
We cannot invest a lump sum, but perhaps £50 each for them that could perhaps go from our bank account every month into an investment for them.
Any ideas?
Answers
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Why not invest in an Investment trust...there are hundreds to choose from.
You could select one or more that you are happy with...as with any investment there is a level of risk involved. But as you are investing over the longer term it would be unwise to not expose the money to the growth available in the stockmarket.
Also you are saving on a regular monthly basis and therefore lessen the risk associated with lump sum investment.
You will gain the benfit of pound cost averaging...Have a look here as it is better explained than I ever could http://tinyurl.com/yfwuwye
Whatever you decide do not put it in a ...Safe ... Bank savings account...inflation will just eat away at it.
Get some proffesional advice from an... Independant Financial Advisor ...
You dont have to deal with them...just take the advice...and do it yourself.
You could select one or more that you are happy with...as with any investment there is a level of risk involved. But as you are investing over the longer term it would be unwise to not expose the money to the growth available in the stockmarket.
Also you are saving on a regular monthly basis and therefore lessen the risk associated with lump sum investment.
You will gain the benfit of pound cost averaging...Have a look here as it is better explained than I ever could http://tinyurl.com/yfwuwye
Whatever you decide do not put it in a ...Safe ... Bank savings account...inflation will just eat away at it.
Get some proffesional advice from an... Independant Financial Advisor ...
You dont have to deal with them...just take the advice...and do it yourself.
My grandson will also be 4 in July. He was given, along with all other children born after a certain year £250 to be put into a bank account or savings account etc. and could only be accessed by the child when they reach 18. Perhaps you could add to this account like we do, just ask the parents for the bank and account number, unless they invested in a shares account for them.
Thanks for your answers.have discussed options with one of my daughters and she is happy for money to go into the account where the £250 went for our grandson as flyingpig suggested.
Will see if my other daughter is happy for us to do the same with the money for our granddaughter.
alavahalf, would prefer the money to be safe but thanks for your suggestions.
Will see if my other daughter is happy for us to do the same with the money for our granddaughter.
alavahalf, would prefer the money to be safe but thanks for your suggestions.
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