In today’s tough economic climate, the financial challenges of raising a child can be overwhelming. According to recent estimates from the Yorkshire Building Society, the cost of raising a child in the UK until the age of 18 is around £150,000—roughly £938 per month. Amidst this, many parents are finding it harder than ever to save, with inflation and a cost-of-living crisis bearing down on families. told by Ladbible.
For London-based mum, Aromi Afoladi, the reality of these financial strains hit home when she discovered she was pregnant. Well aware of the expenses that would come with having a baby, the 30-year-old and her partner decided early on to take proactive steps to secure their child’s financial future.
Throughout her pregnancy, Aromi began setting aside £600 per month to cover the expected costs of baby necessities like clothing, toys, and other essentials. However, thanks to the generosity of family members who gifted many of these items, the couple was able to repurpose their savings. By the time their daughter was born in December 2023, they had saved a total of £4,000, which they put directly into a savings account for their newborn daughter. Before she even took her first breath, their baby already had a healthy sum in her name.
“When I found out I was pregnant, we knew babies were super expensive. We decided to put savings away,” Aromi shared. report from Daily Star.
The couple’s prudent financial planning didn’t stop there. After the birth of their daughter, they held a traditional naming ceremony, a significant event in their culture. This celebration brought in an additional £2,000 in cash gifts and gift cards from family and friends, further boosting their daughter’s savings.
Aromi placed this money into a Junior ISA account, which her daughter will only be able to access once she turns 18. Due to the accumulation of interest, the amount in the ISA has already grown to £3,000. Today, at just nine months old, the baby has more savings to her name than either of her parents.
“She has more money than me because all our money is going into the house, and I’m currently on maternity leave,” Aromi, who works as a project manager, explained. “We’re very fortunate. She has £7,000, and she’s not even ten months old.”
Despite their daughter’s burgeoning savings, Aromi and her partner have made sacrifices to make this happen. They currently have little in personal savings, as much of their income has gone into purchasing a home and covering maternity expenses. Nevertheless, Aromi expresses gratitude for their situation, recognizing how fortunate they are to receive support from their family.
“We encourage our family, instead of buying her toys, if they feel inclined to gift her something, to contribute to her Junior ISA,” Aromi said, urging other parents to consider similar financial planning for their children’s future.
Aromi believes that her daughter’s savings will give her a head start in life, something many parents hope to offer but struggle to achieve. She acknowledges that not every family can follow the same financial path, but emphasizes that even small contributions can help build a child’s financial future over time.
