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Introducing the Watts Family

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Nikki and Richard are raising their 3 children Henry, Alice and Grace. They have never set any savings goals before, however with a growing family, finding spare cash to save each month is becoming more important.

Tell us a little bit about your family

I met my husband, Richard, at university when I was 18 and he was 21. I had a student loan by 6 weeks in and 3 years into Rich's degree he hadn't got one yet. We got married 10 years later, and now 21 years later still going strong.

We have 3 children - Henry 8, 9 in May - he is football mad and wants to buy everything he sees. Alice just 7 last week, loves Lego and is undemanding financially - happy to play in her room. Grace is 15 months - cute and easy for now but still costly!!

I work as a store manager but am currently on a career break after maternity leave. I am due back to work in September.

We have lived in the same house in Wilmslow for 15 years - an Edwardian 3 bed semi. The arrival of Grace saw us complete a double side extension - 100k later and it's now a 4 bed semi.

Do you save or invest as a family at the moment?

I have never set a savings goal. My husband saved money for Henry and Alice monthly but we had to use it for the extension.

What would you like to save towards?

I would love to save for: university funds for the kids, a yearly holiday, Christmas, birthdays, and security of having some money behind us for our future.

Where do you see yourself financially in 5 years time?

We don't have any credit card debt. We have paid back the £6K we owe the children from their savings. We save every month - I change my outlook so that I don't see spare money as a reason to spend - we of course need spare money first!!!

Read our blog posts to see how they got on with their challenges

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