{"id":17703,"date":"2022-08-09T10:58:38","date_gmt":"2022-08-09T09:58:38","guid":{"rendered":"https:\/\/www.kidstart.co.uk\/blog\/?p=17703"},"modified":"2022-08-09T10:58:39","modified_gmt":"2022-08-09T09:58:39","slug":"how-to-save-money-for-children-as-a-divorced-parent","status":"publish","type":"post","link":"https:\/\/www.kidstart.co.uk\/blog\/how-to-save-money-for-children-as-a-divorced-parent\/","title":{"rendered":"How to Save Money for Children as a Divorced Parent"},"content":{"rendered":"\n

Saving money for your children can be pretty difficult at the\nbest of times. But, throwing a divorce into the mix can make it all that much\nharder. <\/p>\n\n\n\n

Plus, when coupled with the ongoing cost of living crisis, the\nfallout from the pandemic and the recent energy bill hikes, it\u2019s no wonder so\nmany divorced parents are now looking for advice on the best ways to save money\n\u2013 and not just for their kids. <\/p>\n\n\n\n

Recent statistics show that 42% of UK adults<\/a> \u2013 both divorced and\nnon-divorced \u2013 have either significantly reduced or stopped any kind of regular\nsavings, while research from 2021<\/a> also found that almost a\nfifth of UK adults had less than \u00a3100 in savings. <\/p>\n\n\n\n

These are particularly worrying trends when you consider the\nimpact they could have on your children; without saving for their future, this\ncould seriously hinder the school, jobs and career prospects they\u2019ll have in\nlater life. <\/p>\n\n\n\n

But, what exactly can you do to buck these trends and ensure\nyour children have a financially-secure future? <\/p>\n\n\n\n

Well, whether you\u2019re newly divorced, in the process of divorce,\nor have been separated for a long time, we\u2019ve got you covered. <\/p>\n\n\n\n

While you may think you\u2019ll struggle to save anything on your own, join us as we prove you otherwise, running through some of the best ways to save even just a little bit each month. <\/p>\n\n\n\n

Communicate Openly with Your Ex-Partner<\/h2>\n\n\n\n

While it may sound obvious, the more you can maintain effective communication<\/a> with your\nex-partner, the easier it will be for you to both agree on the best way to save\nfor their future. But, we know this isn\u2019t always easy. <\/p>\n\n\n\n

Whether it be disputes over schooling, changes to the child’s\nsurname or dealing with grandparent contact, there are a\nnumber of legalities<\/a> and tricky issues to consider when going\nthrough a divorce with a child involved, all of which can cause communication\nto break down. <\/p>\n\n\n\n

It\u2019s important to remember though that the child comes first.\nJust because you and your partner have agreed to separate doesn\u2019t mean that\nthey should be caught up in the crossfire. <\/p>\n\n\n\n

Instead, you should make life as easy as possible for them, by\nacting amicably with one another and communicating effectively to agree on the\nbest financial arrangement. <\/p>\n\n\n\n

Create a Budget <\/h2>\n\n\n\n

While on the topic of reaching a financial arrangement with\nyour ex-partner, it’s important to create a budget so you can keep on top of\nwhat you can and can’t afford. Then, once you\u2019ve got this in place, stick to\nit. <\/p>\n\n\n\n

While the cost of utilities may be sky-high at the moment<\/a>, having an overview of\nyour monthly ingoings and outgoings will give you a much better idea of how\nmuch you can realistically afford to save on behalf of your children. <\/p>\n\n\n\n

Plus, in doing so, you will be able to more easily identify any\ndirect debits or fixed cost payments that you can potentially get rid of,\nhelping you prioritise putting a bit of extra money towards what matters most:\nyour children\u2019s future. <\/p>\n\n\n\n

Utilise Round-Up Services<\/h2>\n\n\n\n

Another quick and easy way to save money for your children\ncomes through using the round-up services that many major banks now offer,\nincluding our app Beanstalk. <\/p>\n\n\n\n

Say, for instance, you purchase a cup of coffee daily for\n\u00a32.50. By rounding this up to \u00a33, the extra 50p will be instantly added to a\nsavings pot for either you or your children. <\/p>\n\n\n\n

While it may take some time to save anything meaningful, these\nextra little bits of money can really add up over time, creating a handsome pot\nof money for your children to have available to them when they reach adulthood.\n<\/p>\n\n\n\n

Going back to our coffee example, for instance, over the course\nof a year, those extra 50ps will add up to \u00a3182.50 from coffee purchases alone!\n<\/p>\n\n\n\n

Open an account for your child\u2019s savings<\/h2>\n\n\n\n

There are many different\ntypes of accounts to save for your children from Junior ISAs, to bank and\nbuilding society accounts to Premium Bonds, then mix in cash or stocks and\nshares and the options can be confusing.<\/p>\n\n\n\n

This is part of the reason we launched Beanstalk<\/a>*, which is our easy to use Junior ISA and adult ISA app that makes it simple for all parents to save for themselves and their kids. Beanstalk is a handy app for divorced parents as one parent is the primary name on the account but they can invite the other parent who is then able to have access to all the tools on Beanstalk and contribute to their child\u2019s savings directly from their own app, making the saving process smoother than some traditional methods that may require trips to the bank.<\/p>\n\n\n\n

Junior ISAs are popular as they are tax free and \u2018locked\u2019 until\nthe child turns 18 giving you full control until up until this point, before\nthey turn into an adult ISA when your child reaches adulthood. If you would\nlike to learn more about Junior ISAs you can download our free Introduction to JISA Guide<\/a>.<\/p>\n\n\n\n

Sign up to KidStart <\/h2>\n\n\n\n

KidStart is a loyalty programme for parents designed by\nparents, that enables you and other family members to earn money back on their\nonline purchases for their children\u2019s savings.<\/p>\n\n\n\n

Thanks to our relationships with more than 2,000 well-known\nretailers, including Boots, eBay, Argos and John Lewis, our platform enables\nyou to get something back when shopping online, delivering a specific\npercentage of savings from the purchases you make. <\/p>\n\n\n\n

Say, for instance, you decide to book a holiday for you and\nyour family through Expedia. Booking this via the KidStart platform will give\nyou back up to 8% in savings into your child’s savings account, seamlessly\nallowing you to save without affecting your bank balance. <\/p>\n\n\n\n

For further information about how the process works, simply click here<\/a>. <\/p>\n\n\n\n

Please note: *Capital at risk. With any investment the value\nmay go up as well as down.<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"Saving money for your children can be pretty difficult at the best of times. But, throwing a divorce into the mix can make it all that much harder. Plus, when coupled with the ongoing cost of living crisis, the fallout from the pandemic and the recent energy bill hikes, it\u2019s no wonder so many divorced","protected":false},"author":1,"featured_media":17706,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3507,3349],"tags":[],"class_list":["post-17703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-save-for-your-child-with-help","category-household-savings-advice"],"yoast_head":"\r\nHow to Save Money for Children as a Divorced Parent<\/title>\r\n<meta name=\"description\" content=\"Saving money for your children can be pretty difficult at the best of times. 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