Saving For A Rainy Day, or seven universities!!

June 18, 2014Mandi Morrison

 

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Image courtesy of Grant Cochrane / FreeDigitalPhotos.net

Yesterday Xene completed her last GCSE exam, and is definitely looking forward to a nice long summer break! In September she will begin her A Levels, and before we know it, university will be looming.

With that in mind, I began thinking about the years ahead and which of the children will go to university and how the education system will change by the time Viggo gets to 18!!

That then lead me onto the nightmare of money and affording to pay for it all!!

The Chancellor has just announced that from 1 July 2014 ISAs will be reformed into a much simpler product, the New ISA (NISA), all existing ISAs will automatically convert to a New ISA, meaning those already saving and investing into an ISA will benefit from the changes a foot.

We have set up a savings account for each of the children, but that is for each of them when they become adults, so I started researching the NISAs, here is what I found out :

~ From 1st July, there will be two types, a new cash ISA and a new investment ISA.

~ You can choose to invest in one or both of these, up to the governments limit of £15,000 per year from 1st July.

~ They are extremely flexible, meaning that if you needed the money desperately, it can be used.

The new ISAs certainly look like a great place to save for those important things in life, but with the added knowledge that if something terrible happened which required you to access the money, it can be done easily.

I guess that I had better get saving!! I hope one of the seven children becomes a famous celebrity or a  well known author, then they can say thanks to mum and dad in their later years!!

 

This post is in collaboration with Scottish Friendly.

 

 

 

 

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