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The Essential Steps to Planning for Your Children’s Future

15th February 2017

As a parent or guardian, we all want what’s best for our children. Other than our partners, we treasure them like nobody – or nothing – else, and this means that being able to support them in their ambitions and explorations as they grow and mature, is of the upmost importance.

While money is not, perhaps obviously, the only way to give your children a good life, the right financial planning and investment strategy can give your children a good foundation from which to grow.

1. Childcare and tutoring costs
Your children’s development as they grow up from infancy will require pause for thought. When speaking with your financial advisor, it is worth considering the long-term impact of daily childcare. According to a survey by HSBC, 13% of parents of children at primary school age have paid for additional tutoring. Ensure you’ve taken this consideration into account.

While not unaffordable, these “early-years” childcare and educational costs can take a toll on cashflow, and an investment strategy that provides a monthly income, such as a Buy to Let property, may be worth consideration.

2. A healthy lifestyle
Nobody wants to give their children second best. Food services such as Farm Drop deliver organic, locally farmed groceries to your door whenever is convenient, perfect for families with busy lifestyles. Again, however, providing the best means developing a financial strategy that delivers a level of income befitting this lifestyle.

It also means thinking about your own health. Raising a child can be thrilling and rewarding, but nobody knows what’s around the corner. That’s why at IMC, we provide a wide range of life insurance services designed to give you and your family peace of mind, regardless of what’s on the horizon.

3. Schooling and university costs
When considering educating your children privately there are a number of options available and the costs will vary depending on the age of your child and whether they are boarding at the school or living at home. The average cost for a prep school is £4,500 per term as a day pupil and £7,500 per term if boarding. With three terms per year this equates to £13,500 and £22,500 per year. At senior school which is likely to include sixth form the fees are typically £5,000 per term as a day pupil and £10,000 for a boarder.

University is a time of self-discovery and exploration for young adults, and when your children grow up, we’re confident you will want to give them the best possible opportunities in life – some of which a basic university education affords. That said, according to the HSBC survey, 14% of parents globally considered a postgraduate degree essential to their children’s future success. Undergraduate fees are currently £9,250 per year, and Master’s fees vary, with the average being roughly £6,000 in total.

Considering these costs, many opt to take sizable loans or other investments such as remortgaging their homes, or selling one of their investment properties to help finance their children’s higher and further education.

As you can see, there is a lot to consider when thinking about providing the best life for your children. Speak with one of our financial services advisors to see how we can help you plan your family’s financial future today.

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