Helping your children get on the property ladder
Struggling in the current economic climate means that many millennia switch to the ‘Bank of Mum and Dad’ to help them get a foot on the property ladder. A major barrier for the young of today is saving enough funds for the ever-increasing deposits that are required. Parents want to assist their children in realising their dream of home ownership, so what is the best way to help your child save for a deposit?
- Give some practical advice and positive
One of the most effective ways to help is to stay positive and create an encouraging environment with a ‘can-do’ mindset.
Foster a mindset of seeking sensible advice, being financially savvy and understanding effective budgeting. Convince them of the benefits of reviewing their spending regularly to find places where savings could happen. When it’s time, find a trusted Removal companies at a site like Arrowpak, one of the Removal companies that can life much easier for you.
- Navigate them to helpful services
Introduce them to useful sources of information online, as well as independent money advice to help them make the best decisions.
On choosing to lend your child the deposit money or give them a helping hand financially, be sure to have open and honest chats about it beforehand with all involved. It might be a good idea to have something in writing so there is no confusion later about the numbers involved, the amount to be paid and the timetable. To prevent awkward future scenarios, have thorough talks with your child and agree on a regular repayment timetable.