A mum has unveiled that her nine-month-old daughter owns more cash than her in an impressive savings account. The money-savvy parent, Aromi Afoladi, smartly stashed away a whopping £600 a month during her pregnancy to put towards expenses like clothing and toys for her baby.
What built up to be £4,000 in savings then ballooned to £7,000, after Aromi and her partner received countless cash and gift vouchers amidst a traditional naming ceremony. But her daughter’s riches come at a time her parents have absolutely no savings to their name.
Aromi, a product manager, from Tower Hamlets, London, explained: “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.”
(Image: © Aromi Afolabi© SWNS)
Among Aromi’s major motivations for saving this cash was knowing just how expensive parenting can be. According to the MoneyHelper, 64% of parents aren’t prepared for the costs of their child which may be around £11,498 in the first year.
Over four years, this can even add up to a staggering average of £63,224 in childcare fees – encompassing furniture, nappies, toys and various other necessities. Aromi, 30, continued: “When I found out I was pregnant we knew babies are super expensive. We decided to put savings away.”
She also added: “We kept it in my partner’s ISA account. It got a lot of interest – that money has gone up by 15%.” Just sometimes, Aromi does dip into the savings in her partner’s ISA, but this is always spent on her daughter.
“We acknowledge we’re extremely fortunate to have all the family gift us stuff to put her in this position. We encourage family instead of buying her toys if you feel inclined to gift her something to get her money for her junior ISA.”
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