Bringing up baby – a right royal struggle
For weeks now, diehard fans of the Royal Family have been encamped outside the Lindo Wing at St Mary’s Hospital in London, awaiting tidings of the latest Royal Baby. You’ve got to admire their tenacity – spending night after night in indifferent spring weather, and all for a new baby they might not even get a chance to see. We’re relieved to hear that the Duchess of Sussex has safely delivered her first baby.
Only the most churlish of Royal Family naysayers will be unmoved by the joy of a new baby. And yes, the Duke and Duchess of Sussex are in a more privileged position than most. But whatever your financial circumstances, having a tiny new person in your family is a huge commitment.
It’s natural to want the best for your child – to offer them the best education and life experiences that you can afford. The key to providing these things is good financial planning which, let’s face it, is far from a priority when you’re a new parent battling sleep deprivation.
However, the reality is, the sooner you start saving, the better the outcome may be. By putting money aside now, you’re giving yourself – and your children – more choices in the future. Those choices might include private schools, extra-curricular lessons, travel, access to culture and art, or university expenses.
Many people think the secret to successful investing is timing. But while a lucky few have the skill (and fortune!) to invest at just the right time, that’s not the reality for most people. The golden rule to successful investing is a long-term savings habit.
Investing each month in equities over a period of several years may smooth the impact of any market movements, an effect known as pound cost averaging. Regular, long-term investors can also benefit from compounding. Essentially, the income earned on your investment can then attract further returns if it’s reinvested, meaning that your investment can grow faster than you might think.
It goes without saying that if you invest in shares, you are risking your money – you might not get all of it back. However, these techniques can help your money work for you and can help to grow your investments over the long-term.
It’s a sad truth that the investment world is often seen as inaccessible for ‘everyday’ investors. Many people are, understandably, perplexed by investment jargon and discouraged from pursuing their investment goals. Here at The Scottish, we believe that investing can be for everyone, and it doesn’t need to be complicated. Subscribe below to receive our regular updates.
Please remember that past performance may not be repeated and is not a guide for future performance. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not get back the amount you invest.
Please note that SIT Savings Ltd is not authorised to provide advice to individual investors and nothing in this blog should be considered to be or relied upon as constituting investment advice. If you are unsure about the suitability of an investment, you should contact your financial advisor.