My daughter isn’t even three yet but she’ll be a millionaire – I’m not bragging, but here’s how she’s got £10k saved

A SAVVY mum has revealed exactly how she plans on making her two-year-old daughter a millionaire.

Megan Micklewright, who regularly shares her top money-saving tips to social media, has told how her little girl has already got a whopping £10k saved in the bank.

But that’s nothing compared to the amount of money she’ll have to play with if her mother has anything to do with it.

Taking to TikTok (@thesavvyspenderofficial), the money-saving whizz begins: “Mark my words, my daughter will be a millionaire from what we’re doing as parents for her finances right now.

“Because as the child, the biggest thing you have on your side and your greatest asset is time.”

She goes on to say that parents in their 20’s, 30’s, 40’s don’t have a big time horizon on their side when it comes to finances and investing.

“My daughter is almost three years old and she has almost £10k saved already,” Megan continues.

“This is not a humble brag, this is to educate and make more parents aware of what they could be doing now to secure a good financial future for their children.

“I love a little calculation, so if you save £50 a month every year for 18 years, your child will have over £10k saved by the time they’re 18 – and that doesn’t include any interest.”

My daughter is almost three years old and she has almost £10k saved already

Megan Micklewright

The money-saving guru notes points out that a lot of child bank accounts have some really good interest rates.

“Also, if you;’e holding their money in a Junior Isa, it could have a really really good yearly return so that figure doesn’t even include any interest and they could still be turning 18 with over £10k,” she says.

Megan then helpfully offered a little bit of an insight into what she and her partner are doing – noting that it might not be for everybody because everyone’s financial situation is different.

“We don’t need to use our child benefits that we get from the government for anything, so we save that for our daughter and we also out in a certain amount per parent into her Junior Isa,” she explains.

“Providing the average return that we have in our heads and have calculated, by the time she’s 18, she should have around £60k in her Junior Isa.

“Now, if she doesn’t touch this money and doesn’t add any money to it, she will have over a million pound by retirement age.”

The savvy spender goes on to say that of course they don’t want her to not touch the money and not to add to it.

“We plan on investing it further when she turns 18 and the money becomes hers but this is just an example of something you could do and this is how we could turn all of our children into millionaires,” she says.

“When it comes to saving, honestly, big amounts don’t matter.

“Start small – if you can only save £10 a month just do that because saving is all that matters.”

She captioned the post: “Making my child a millionaire and building generational wealth.”