Family Financing

Setting Financial Goals

1. Identify Meaningful Goals: Choose goals that truly matter to you and your family. This might include saving for an annual holiday, a house extension, or future needs. Customise these goals to suit your unique circumstances and create a plan to achieve them.

2. Consider Your Children’s Future: Think about the things you would like to save for to support them as they grow up, such as:

• Paying for higher education
• Contributing to their first home purchase
• Covering wedding expenses
• Buying them their first car

Opening a savings account dedicated to your child’s future could help you support their finances. Our Junior Account can help kickstart their savings journey. To encourage savings habits, we will deposit £5 into the account upon opening.

3. Plan for Unexpected Events: Life is unpredictable, so it’s important to have a financial cushion for emergencies. This might include creating an emergency fund or getting appropriate insurance to cover unexpected costs.

For further information on possible financial support, click here.

Achievable Budgeting

Creating an achievable and realistic budget is essential to successfully manage your finances. Here are some tips to help you develop a budget that works for your family:

1. Be Realistic: Your budget should be both achievable and realistic. If it’s too strict, you may struggle to stick to it and end up back at square one.

2. Track Monthly Income and Expenses: Start by noting down all your monthly income and expenditure. Include major expenses like rent or mortgage and bills, as well as smaller costs such as travel expenses and subscriptions. This detailed approach will give you a clearer picture of where your money goes.

3. Use a Budget Planner: Our Budget Planner can help you review your finances comprehensively. By entering your monthly income and expenses, you can gain a more in-depth assessment of your overall financial situation.

4. Identify and Reduce Unnecessary Spending: Look for areas where you can cut back. Once you’ve identified these areas, set a goal to reduce spending and redirect the amount you wish to save savings into an a savings account on a monthly basis.

By following these tips and regularly reviewing your budget, you can create a financial plan that is both practical and sustainable for your family.