Fashion and Lifestyle Blogger for the over Fifties - What real women wear!

Monday 4 March 2024

Saving for the Future with a UGMA account.

Hello and thanks for joining me today. 
Apologies for the late posting & hope you are well. 

It’s been a lovely weekend and I’m really enjoying the warmer weather and feel Spring is just around the corner.  
Now it’s all very nice to see sunny days, hear the birds chirping and the Spring flowers popping up but I’ve also seen the new hedge shoots sprouting up at a rate of knots (and we all know I’ve a love hate relationship with my hedge). I vowed to get it trimmed before the new leaves appeared but they’ve arrived with speed and with the surrounding lawn sodden I’ve not been able to trim them! It’s on my urgent to do list and I’ll let you know when it happens! I’m sure you’ll hear me moaning about it! Lol!

Anyway I’ll refrain from any more whining and want to ask you a question. Do you remember earning pocket money when you were younger?

Today’s post is sponsored, unless quoted all comments are my own.

From a young age I remember doing odd jobs in the house, you know folding the washing, ironing, washing up and grass cutting and loved watching the pennies (yep they were a lot of money at one time) mount up!  I recall saving money for clothes - my love of fashion started at a young age. I’d go off shopping with my sister with my hard earned savings, along with birthday and Christmas money for a big spend up. Of course that’s when the shops were brimming with fabulous fashions and the choices were endless! I’m sure times are still the same for lots of people so saving pennies pounds now is just as important.  I always tried to get the best value for my money, which to be fair hasn’t changed. However now I prefer to spend a little bit more on an item that’s better quality so it’ll last longer - nothing worse than buying something that lets me down after a couple of wears. 

With cash becoming less and less prominent now and I know lots of young people don’t understand the process of using cash. I recall shopping just before Christmas for a pair of boots for David that cost £52.50 (odd amount I know but they were greatly reduced in the outlet centre). So I gave the young assistant £62.50 and explained he could give me back a £10 note which he just didn’t understand. He gave me the correct change for £60 plus the £2.50 I’d given him! I shrugged my shoulders, laughed and departed. 

Savings and saving are so important aren’t they? Whether it’s actually saving cash or, more likely in this day and age, directly saved into a bank account like Go Henry,  it’s important to teach children the value of money and how having money in the future is essential for a better lifestyle. 

Finding the perfect saving vehicle for your kids can be a daunting process. Luckily UGMA & UTMA accounts are two great savings options. 
When it comes to helping children learn about finances and long term savings there are so many different ways to approach it. The accounts listed make saving for the future extremely easy, plus they can help your kids learn about investing and the stock market, which is a big bonus!

What is an UGMA account?

UGMA stands for Uniform Gifts to Minors Act, and it’s a type of custodial account (meaning it’s managed by an adult on behalf of a minor).  Minors aren’t legally allowed to enter into contracts. Generally, this means they can’t own stocks and bonds and mutual accounts. In most states, the minimum age to invest in and trade stocks is 21, and in 10 states, the minimum age is 18. A custodial account or trust can hold investments until children come of age. 
With a typical trust fund, parents would have to work with an attorney or go through court to prepare documents and appoint a trustee. An UGMA account follows a state statute’s terms, so it can be simpler to set up. 

Do let me know what your younger family members do to save money & how you help them. You can find out some interesting information here on the Halifax website. 
Thanks so much for stopping by. It’s been great to have you here. 
See you again on Thursday for the February Review and the Chicandstylish Linkup. 🌸
Bye for now. X


  1. Two of my kids are great at saving money. My youngest is not, but he's been socking the money away in a retirement account so he can retire early...hahaha!!! I think using money, both wisely and unwisely, helps kids learn how to manage it. If they've no experience, then failure is probably just around the corner.

  2. Indeed it is important to save, it is amazing that so many people do not realize this.

    Allie of


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