How to maximise savings and where to start

Elmo1987

Hello I could really do with some help... I'm about to have my 3rd child... 2 are 8 already... I would really like to knuckle down and save for their futures, so when they are all 18 they all have a lump sum of cash to help them start... There is so many different ISA and saving and rates etc... I don't know where to start... And heard of the savings ladder too...  All I know is I can put back 100 away each month maybe more, and would like to know how I can maximise this over the next 10 - 18 years

if anyone has an insight I would be very appreciative thankyou 

Alexland

It's worth reading the MSE Children's Savings Guide

https://www.moneysavingexpert.com/savings/child-savings-tax-free/

It's also worth considering a Stocks & Shares based investment for the children (either in your name eg. using an adult S&S ISA or in the children's names eg. using a S&S Junior ISA if you don't mind them getting control at 18) although it's more complicated as you need to make investment choices, consider investment costs and determine a level of initial risk (for potential reward) that you are comfortable with and manage that risk profile as the withdrawal date approaches. Children's cash accounts usually have preferential interest rates so you may decide it's not worth the extra risk and effort given current market valuations. However the outlook for future interest rates isn't great either..

Good luck, Alex

Flowerinjannah

Hello,
I would say if you are eligible for tax credits look into 'help to save' accounts.