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Family finance

Whether it's maternity pay, child trust funds, nursery vouchers or settling a divorce, family finances can be a mine field. But don't let it baffle you! Supernanny is compiling expert advice and case studies from parents, so you can learn the easy way.

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Top tips for parents buying a mobile phone for their child

Mobile phones are likely to be on a lot of children’s wish lists this year, but after negotiating which handset to buy what else do parents need to be thinking about?

PhonepayPlus — PhonepayPlus (Supernanny Expert) 09 November 2009 5/5 stars (rated 3 times)

Supernanny.co.uk terms and conditions for competitions

Supernanny.co.uk terms and conditions for competition entries.

Supernanny Team 24 June 2009 (Not rated)

Christmas, children and the credit crunch

“If you want something expensive, you should ask your grandparents.” Matthew, aged 12

Sue Atkins — Positive Parents (Supernanny Expert) 18 December 2008 (Not rated)

Parents at risk of fraud after the government loses personal details

Parents may be at risk of fraud after the government lost two computer discs containing the entire child benefit database. Names, addresses, birthdates, National Insurance numbers and bank account details are all included on the discs. So what should worried parents do?

Supernanny Team 21 November 2007 (Not rated)

Teaching your teen to manage money...

Your teenager’s first job is an exciting step on the road to financial independence – but only if you teach him to manage his money!

Phil Clavel (Supernanny Expert) 26 June 2007 (Not rated)

Teenage life - managing their mobile...

Sooner or later your teen will announce she feels it’s time she had a mobile phone. It’s a good security measure – but is she old enough to use it responsibly?

Phil Clavel (Supernanny Expert) 13 June 2007 (Not rated)

How to deal with post-Christmas debt

The Christmas period can be challenging for even the most determined saver. If you've over-spent this year, the Citizens Advice Bureau has this advice for climbing out of debt and organising your finances in the new year.

Citizens Advice Bureau (Supernanny Expert) 29 December 2006 (Not rated)

Make Your Child Wealthy...

Your guide to making modest financial plans for your children without compromising your current standard of living...

The Motley Fool (Supernanny Expert) 28 November 2006 5/5 stars (rated 1 time)

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By  The Motley Fool Supernanny Expert 28/11/2006

My daughter turned three this week, so I've been giving some thought to her future needs and finances, as well of those of her big brother.

Sadly, my own parents divorced when I was a baby (I've always been a troublemaker!), leaving my mother to raise two young children on her own until she remarried several years later. I remember two things from my early life: my mother worked long hours in low-paid jobs, and she balanced her budget very carefully so as to make ends meet without getting into debt. Thus, there wasn't much left over for treats or luxuries.

Cue Monty Python's Four Yorkshiremen sketch: "Well, of course, we had it tough."(!) Fortunately, my wife and I have decent incomes and assets, which enable us to make modest financial plans for our children without compromising our current standard of living. Without further ado, here are five ideas to give a child a financial leg-up in life: 

1. Child-branded investments (yuk!)

First off, I'm going to warn you against getting suckered into buying investment products aimed specifically at children. In particular, I'd be very wary of any financial products which use cartoon characters or celebrities to encourage parents and grandparents to part with their cash. Many of these products (especially so-called 'tax-free savings plans') have horribly high charges which gobble up a large slice of your investment returns. Avoid like the proverbial plague!

2. Child Trust Fund (CTF)

A Child Trust Fund is a tax-free shelter for kids into which parents, grandparents and other relatives and friends can deposit up to £1,200 a year.

Each child born after 31 August 2002 is given a CTF voucher by HM Revenue & Customs worth at least £250, which can be put into cash, investment funds or directly into shares. You can learn more about CTFs here .

On my daughter's birthday, I put more money into her shares-based CTF. Each year, I use her cash pot to buy some shares in a single transaction, in order to keep dealing costs to an absolute minimum. So far, she's done very well: the shares which I bought her in September 2005 are up roughly a third (33%) in thirteen months. This is a super start and one which I'm unlikely to repeat!

However, if Miss D'Arcy makes, say, 9% a year after charges on her £268 voucher plus my £1,200 a year, she would have over £55,000 coming her way on her eighteenth birthday. This should be enough to see her though university or whatever she decides to do in her early adulthood. If she takes after her mother, she'll be sensible and won't splurge her windfall, but if she takes after me, who knows what might happen!

3. Pensions

Some parents are surprised to learn that they can open a personal pension for a child and pay in up to £2,808 per tax year. As a bonus, the government adds 22% tax relief to these contributions, which turns 78p into £1. A contribution of £2,808 is boosted by £792 of tax relief and becomes £...

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