Would you miss £5 a day?
It’s the 1st of July tomorrow, which leaves 6 months left of 2016. Have you kept to your new years resolution? Many people at the start of the year look to save a little over the coming year for their Child’s future, how are you getting on? Would you miss £5 a day?
Getting into the habit of saving isn’t easy, so why not set up a standing order for just £5 a day, that way it’s not down to you to put the money into a Piggy Bank for your little one. And once you are used to it, you probably won’t even notice that you are saving nearly £2,000 a year!
Would you miss £5 a day really? That’s a beer and a packet of Crisps or a coffee and a cake, a MacDonalds Value Meal! With 184 days left of 2016, if you save £5 a day every day until the end of the year, you would have saved £920!
Many people believe that to become a wealthy investor you need large sums of money to invest, but at the Children’s ISA we believe that almost anyone can build a sizeable pot by investing regularly and taking a long-term view. Using our savings calculator, based on 5% growth per annum, you would save*:
|Saved Monthly||Value after 5 years||Valued after 10 years||Value after 15 years|
|£150 (£5 a day)||£10,200.91||£23,292.34||£40,093.34|
|£300 (£10 a day)||£20,401.82||£46,584.68||£80,186.68|
The example shows how it is possible to build a significant savings pot for your Child’s future with a regular outlay. As you will see even if you don’t have 15 years time horizon it’s still possible to build a significant sum, which will help your Child in the future, whether it is to support them through University or towards a house deposit.
Use our Savings Calculator to work out how long you can save into a Junior ISA for your Child and also what pot of money they could have by the time they reach 18!
And the great thing about regular savings is that they are flexible, so you can stop and start them as you wish, and change the amount you save. If you get used to saving £5 a day and don’t really miss it, then you could up it to £10 a day, which would be a regular saving of £300 a month!
The Children’s ISA is a Stocks and Shares Junior ISA, which can be set up at any time before the age of 18. For tax year 2016/17 you can save £4,080 into a Junior ISA for your Child tax-free. For more information visit our website on www.thechildrensisa.com
*Please note past performance is not necessarily a guide to future performance and the amount received depends on the investment returns actually achieved. Remember all investments can fall in value as well as rise so you could get back less than you invest. If paying regular monthly contributions please bear in mind that if contributions are not maintained you will be less likely to achieve the investment amount that was originally projected.