It has been a busy 12 months for Sheffield Mutual and it’s staff and not just in the office! we are pleased to announce two new ‘Sheffield Mutual’ babies born within days of each other. Our Finance Director Jamie Bellamy and his wife Emma and Member Services Administrator Rosie Wells and her husband Josh have started a new generation of savers.
Jamie gives us an insight into his journey into parenthood and why hes starting to save early.
As with most parents, as soon as we realised we were having a baby we had to try and plan ahead – the clothes that only last a few months, stock up on healthy baby food (but was never eaten) and the cupboards full of nappies. One thing that was essential to us was to pay into a savings account for Oscar to help him out when he’s older. My wife and I pay into a Tax Exempt Savings Plan each month and grandparents pay monthly into a Junior ISA. The TESP allows us to save £25 each month and the Junior ISA offers the flexibility to invest larger amounts, both with no tax implications. Hopefully when Oscar’s fund matures he’ll decide to treat his parents!
Rosie tells us about how she is preparing for her little girl’s financial future.Me and my husband had been talking about opening a savings plan for Rosabella before she was even born. We probably wouldn’t have done it if we weren’t familiar with savings plans for children and it helps that I work for Sheffield Mutual to encourage us to open one. We just wanted to be able to build a lump sum up for her over time so that when she reaches 18 she will have something to help with either university or driving lessons etc. The Junior ISA (JISA) was perfect for us, as you don’t have to subscribe every month if you don’t want to. If she gets money for birthdays or Christmas we can simply top her JISA up over time. Even if we wanted to set a direct debit up we can, we like it because its flexible and if our financial circumstances change we won’t need to worry.
It’s never to early to start saving and putting the building blocks in place for their future.
This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk or www.vouchedfor.co.uk.Advisers may charge for providing such advice and should confirm any costs beforehand. Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.