If you do decide to add to a child's Child Trust Fund (CTF) account it is important to remember that any money in it is locked away until the child is 18, and that it will be up to the child to decide how to use the money once they turn 18.
Before you save any money, you should think about any debts you have and money for emergencies. If you have any debts that are stretching your budget, for instance if you've borrowed money to buy something and you are now making repayments, it would usually be better to pay that money first before thinking about saving.
If you don't have any money put aside for emergencies, it would be better to save some money where you can get at it quickly, or get some insurance, before you think about saving.
If you would like to save some money each month, the Consumer Financial Education Body have developed a useful personal budget calculator.
Use this link to view the personal budget calculator on the CFEB's website
If you need tips on how to save the link below will give you some ideas.
Top tips for saving
