By using your tax allowances wisely, and with a little financial planning, you can help your children become rich (maybe even millionaires!) by the time they are 30 whilst also cutting their inheritance tax burden. It will take a little time to sort out and administer the finances each year, however the rewards are well worth the time – and the best thing is that you don’t have to be rich in order to help your children out. Just a few pounds a month can really make a difference.  Read more... (784 words, estimated 3:08 mins reading time)

Think offshore savings accounts and the super-wealthy normally springs to mind. However, offshore savings accounts are not just for those with huge pots of money – accounts are available for many Britons who live or work abroad.

What are offshore accounts?
Offshore savings accounts are most commonly held in the Channel Islands, the Isle of Man or Ireland. Many high street banks and building societies have subsidiaries that offer offshore accounts so consumers are able to pick names that they are familiar with. There are many private banks that also offer offshore account however many of these stipulate minimum opening balances, normally in the region of £5,000 to £10,000.  Read more... (492 words, estimated 1:58 mins reading time)

It’s nearly the fifth anniversary of Child Trust Funds, having been introduced on 2nd September 2002. Child Trust Funds (CTFs) are started with a £250 or £500 deposit from the State, depending on the financial status of the parents. Parents, relatives and friends can then top the CTF account up with £1,200 a year. The money is either held in a cash savings account or in a stock market-linked fund. The money is tax-free until the child reaches the age of 18.  Read more... (286 words, estimated 1:09 mins reading time)

Teach them young and get them into good financial habits early, and it’s more likely that your children will grow up to be financially savvy. Starting their savings young can also be a big bonus for them when they reach adulthood – the money can go towards things which they need which they may not otherwise have been able to afford, such as a new car, university fees or a deposit for their first house.

Getting children involved at a low level is an excellent thing to do – school-leavers currently are not taught financial planning and know little about interest rates and credit and so often will not make the most of their finances.  Read more... (942 words, estimated 3:46 mins reading time)