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Saving for your child’s future…how much is enough?

*this is a collaborative post 

As parents we are natural worriers – it comes with the territory. Worrying if the kids are safe, if they are happy, doing well in school, and the list goes on. Added on the worry list is, of course, is money. Kids are expensive! There’s back to school, holidays, new clothes, haircuts and so on throughout the year.

My kids are still young, my oldest is 11. So we are in the middle of little kid expenses. But I hear that the real costs come in when they get older. When it comes time for them to buy a car and or go to college.

I’m a positive thinker and know that the future will be a great place. There really is no point in worrying, as it doesn’t get us anywhere. Be happy now and happiness will follow!

That being said, we have to also be practical and do what’s best for our kids to look after them now and help them set up for their futures. And finances is part of that.

So it makes sense to start saving now, so we have money to help them when they get older. The question is how much should we have saved for each of them?

Shepherds Friendly has an informative and eye-opening infographic put together that helps you to answer the question: are you saving enough? They surveyed 2,000 parents and share the results. And they also give a formula for you to determine how much is a good amount for you to be saving.

Have a look and see for yourself…

What do you think of these figures? Did they surprise you at all?? I am always shocked by the cost of car insurance for young people. Let me know your thoughts in the comments!

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