Featured Image Credit: SWNS
Topics: Parenting
Brenna Cooper
A money-savvy mum has revealed the reason her nine-month-old baby daughter currently has more savings than she does.
The decision to have a child is not a cheap one. According to figures from the Yorkshire Building Society, it's estimated that it costs around £150,000 - or £938 per month - to raise a child till the age of 18 in the UK.
This means that parents often face financial strains as their little ones grow older - especially with the ongoing cost of living crisis.
The cost of having a baby was something which mum Aromi Afoladi was all too aware of after becoming pregnant, which is why she and her partner decided to build a savings account for their baby.
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Throughout her pregnancy the 30-year-old mum began to put £600 a month aside for expenses such as clothing and toys for their newborn. However the couple were later able to put the money into a savings account after generous family members surprised them with gifts of baby essentials.
This meant they were able to use the £4,000 saved to put in an account for their daughter, meaning she already had money to her name before even taking her first breaths.
"When I found out I was pregnant we knew babies are super expensive. We decided to put savings away," Aromi, from Tower Hamlets in London, said.
After welcoming their daughter in December 2023, the couple were able to further build on their savings after holding a naming ceremony - something which is traditional in their culture - which saw them receive £2,000 in cash and gift cards.
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Aromi then put the amount into a junior ISA for their daughter, which she can only access after turning 18, with the total sum sitting at around £3,000 due to interest.
The girl's strong finances have come at a huge sacrifice from their parents, who currently have no savings after purchasing a house.
"She has more money than me because our money is going into the house and I'm on maternity. We're very fortunate. She has £7,000 and she's nearly 10 months old," the project manager continued.
As for the money saved during pregnancy, Aromi explains that it is kept in her partner's ISA account and occasionally used to cover the cost of things for her daughter.
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Aromi acknowledges that she and her partner are extremely fortunate to be in this situation and has urged other parents to make similar financial decisions for their children.
"We acknowledge we're extremely fortunate to have all the family gift us stuff to put her in this position," she said.
"We encourage family instead of buying her toys if you feel inclined to gift her something to get her money for her junior ISA.