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Child Tax-Exempt Savings Plans

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Did you know that Children's Tax-Exempt Savings Plans (TESPs) also provide a long-term, tax-free way to save for your children's future?

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Holiday Budget Tips


Summer holidays can be an expensive time for parents. Kids can take a lot of entertaining – and that usually means quite a drain on the wallet or purse!

Starting to prepare for the long vacation is best done as early as possible. Below are just a few ideas on how to save money in entertaining your kids for less, this summer.

Look for vouchers
Times are tough for everyone at the moment and just about all the major entertainment venues (castles, zoos, adventure parks) are offering some form of discounted entry promotion. Check the internet regularly to see what attractions near you have special promotions. If they are doing family tickets, look to see if your son/daughter wants to take a friend to get the maximum value from the ticket. That way, you child could have a day out with their friends too!

Take a packed lunch
This can be a bit of a chore – but use the experience to get your little one involved in making the sandwiches or drinks so that they get a sense of what it is like to plan for a day out. It also helps to fill an afternoon when you do the planning and shopping. You will save a small fortune by not having to buy food and drinks whilst you are out and about.

Plan
There is no point going into the summer without some idea of what you want to do. Be flexible – the weather doesn't always play ball. But having a list of things you can do over the summer helps you to spread them out at sensible intervals so that there is always something to look forward to. If your child is old enough, get them involved in the planning too. With a plan, you can select and target the free (e.g. museums, parks and galleries) or lower cost venues, or those periods when promotions are running. If you have a National Trust or English Heritage membership, then you can plan on many low cost days out to make the most of your annual subscription.

Share
You are not alone. Arrange swap days with your kid's friends so that they spend a day with one or more during the summer. Of course, you'll have to have a day hosting for several kids too but they do tend to self amuse in a group. Picnic or barbeque food can be a cheap day's entertainment.

Start saving early
No matter where you go on days out, there will be some cost incurred so you need to have a little egg nest to fall back on. Start by saving a little each month – up to £50 if you can – starting in October and by the next summer holidays, you'll have a kids' entertaining fund of £500. If you can't afford £50, put aside what you can. Every little helps.


And finally.....
Finally, the summer holiday is a good time to get your little one doing some chores around the house in return for a few pennies or the promise of a day out. Set up a credit system with points or money for each chore. This helps set a spending limit when out and about.

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Greasypalm.co.uk
Boost your children and grandchildren's Child Trust Fund and Children's Savings.  MyEggNest has teamed up with Greasypalm - the UK's first online rewards programme to pay you in cash, to save for your children's future. It is a free savings club which earns cashback on your shopping from hundreds of different shops.  

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Radcliffe & Newlands
Lump Sum Investments

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Interesting Fact
Rather than use your savings account to build your children's "egg nest", think about investing in the numerous savings products available through banks, building societies and the government. All offer better interest rates and tax advantages that your savings account won't be able to match.

Tax Exempt Saving Plans (TESPs)

One of the best ways to save for your children's future is the Tax-Exempt Savings Plans (TESPs) from friendly societies. TESPs offer parents a simple way to save up to £25 for each family member per month in addition to, or instead of, a CTF.

TESPs can help you build up a lump sum for any child through small regular payments. You choose when the money is available for them, but the policy must run until they’re at least 16 and run for a minimum of 10 years.

TESPs are available for every member of the household so a family of four could save up to £100 a month tax-free and, provided the TESPs have been set up in the parent's names, the money remains firmly under their control. In addition, the flexibility of TESPs mean that they can be set up to mature at different points in a child's life.

Providers with TESPs
Engage Mutual Assurance

Scottish Friendly