You, or someone important to you is:

11-17 years of age


You always knew that children were expensive, but you are now starting to appreciate that the financial cost gets greater every year. Thankfully, parents usually hit their peak earning power at the same time as the children find new ways of hitting peak spending power!


Whatever happens, don't worry if you find you are spending more than your current net income provides. By now your home may be worth much more than the amount of your mortgage and so the cheapest way to get more money if you need it is simply to increase the size of your mortgage.

John and Lauren were surprised to be given that advice when they had carefully avoided running up credit card debt in favour of personal loans that were much cheaper. The point they had missed is that their children are long term family commitments and therefore it is perfectly reasonable to consider long term financial responsibilities too.

By moving their borrowings on to their mortgage it reduced monthly repayments by more than 50%, albeit over a much longer period, and this improved their quality of life at a time when their family needed it most.


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Margaret and Ron had opened a range of saving schemes for their children over the years, including tax-free children's bonds with the Post Office and tax-free savings accounts with their local building society. Now that Stephen had decided to stay at school they wanted him to start his own savings account to help him build his own experience of handling money before going to university in the years ahead.

An ideal tool for this was a cash ISA because these are open to UK citizens as soon as they reach the age of 16. After some natural resistance to the notion of saving rather than spending the money though Stephen improved upon the idea his parents had brought to him. He suggested looking at internet-based solutions and was able to show his parents that a better rate of interest could be found with on-line banking - something that they had yet to gain confidence in.

Whilst the returns are necessarily modest because there is almost no risk attached to these accounts, both Stephen and his parents gained a great deal from the discussions that led up to opening the account and the savings experience for a little over 2 years.

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Like most parents, Phil and Mary knew that their son Luke would want to start driving at the earliest possible opportunity. Thankfully they rang Corrigans for advice to plan for this day rather than simply wait for it to come around.

It had always been their intention to buy an older, small car for Luke to use but Corrigans suggested doing this sooner rather than later.

When the second car was purchased Phil and Mary were the only possible drivers and so the cheap car was put on the original policy and a brand new policy was taken out for the original car instead. The full no claims discount could be obtained as an introductory offer on the second policy provided that the only people driving the car was going to be Mary and Phil and this was no problem at all for them. When Luke passed his test a few months later he was added on to the original policy and noted as the main driver at the age of 17.

Obviously this put the premium right up, but the policy was entitled to 60% no claims discount and so the cost was much less than it would have been if they had simply taken out a separate policy for the older small car with Luke being shown as the main driver.


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