Martin's family-finance must-knows, 3% savings, Sky £19/month, free £200, Ryanair refund victory

Martin: 'Parent, guardian, grandparent?'
10 key family finance need-to-knows: top kids' savings, life insurance, save for uni, mobiles, children's pensions & more

It's likely the worst investment you'll ever make. They cost £100,000s, rarely give back or say thank you, and once you do it, you'll need to keep shelling out again and again (and again)... children!

Thanks heavens we love 'em though, and are desperate to do what's right. "What are the best kids' savings?" is one of the most common questions I'm ever asked, so I'll answer that for you, but I want to go further, with key things to think about that you may be unaware of...

Check if you're one of 800,000 missing out on £1,000s of help (even if you earn up to £100,000)...

This is about Ofsted-registered (or other UK nations' equivalent) childcare, including childminders, nurseries, after-school & holiday clubs, and more.

Everything you ever wanted to know about saving for children, but were afraid (or didn't know who) to ask...

Sadly, when saving for ickle ones, many accounts pay ickle interest. So if your children have savings, do check now what they pay (if they're older, get them to do it, it's a good lesson), then up the rate. Full help in Top childrens' savings, but at speed...

PS: Prioritise family financial security ahead of kids savings... I think of this like the aeroplane oxygen mask safety warning: "Put your own on before your child's", as if you're struggling to breath (financially) you can't help them. So while a nest-egg for kids is great, that comes after sorting expensive debt, and ensuring urgent living costs are met.

Up to 1m have £1,000ish in savings but don't know it

UK-born children aged 12 to 20ish had a Child Trust Fund (CTF) opened in their name with £250 (£500 for those from low-income families) automatically added by the state to it. This tax-free savings product, which up to £9,000 a year can be added to, can't be touched until you hit 18 (which is now quite a decent number of people).

Are your kids financially protected if the worst happens?

I worked this horrid stat out years ago, and haven't been able to face updating it since, but it's in the right ballpark. It means one in a class loses a parent. I was one of those.

It's why when friends who've had children ask me, as they always do, "where should I save for their future?", I check if they've got life insurance before answering. Families already struggling with dire grief can risk losing their income, standard of living or home if unprepared.

The simplest protection is explained in detail in our Level-term life insurance guide. This pays out a fixed sum if you die within a set term, but how you get it can make an enormous difference to cost.

For example, on Monday quotes for a £200,000 policy to last till children leave education (21 years) for a 45-year-old non-smoker were:

- Straight with a bank - £26/mth (£6,500 over the term).
- A comparison site searches for cheapest - £20/mth (£5k over term).
- Via an execution-only broker, which rebates its commission - £14/mth (£3,600 over the term). To get this, you usually pay a one-off £25 fee.

Yet that's for those who know what they're doing. Many should get advice due to complexities like 'writing in trust'. This can still be cheaper than comparison sites (but more than the execution-only). Full help in the guide.

There's a little-known credit that may be worth £1,000s

If grandparents (or other family members), unpaid or paid, look after their under-12-year-old grandchildren while parents / guardians work - the parents can apply for the "specified adult childcare credit", so the national insurance (NI) credits that normally go to an off-work childcaring parent go to the grandparent instead.

It won't impact the parent applying, as they'll be getting NI credits due to working. Extra NI credits can boost the state pension of those with gaps in their record by £1,000s.

- Applications can be backdated to 2011.
- You can't get it if you are already of state pension age unless...
- ...you don't get full pension & were doing childcare before state pension age, so you can backdate to increase state pension.

As Mick tweeted me: "@MartinSLewis I can't thank you enough. My wife retired 5 years early to help with our grandchildren. She was 4 years short of a full state pension. We'll now save £3,000 from not having to buy missing years." By the way, do check Are you short of pension years?

Cash isn't king online. What cards should they spend on?

Independent spending is an important way to learn financial responsibility - as is choosing the right product, so why not do it together?

It isn't for tuition fees, but the hidden maybe £10,000+ parental living cost contribution. Even if your kids are wee now, use our calc to find out

When most under-25s apply for university funding, there's a means test of family income for most that's effectively a proxy for parental income.

In Eng, Scot & N Ireland, this means test directly impacts how much your offspring gets to live off (loan & sometimes grant) while studying. The reduction is an implied parental contribution (in Wales, the means test just dictates the split between loan and grant).

Our How much will you need to save for your children's uni? calc works for all UK nations. The reduction starts at family income of around £20,000 in Scotland & NI, and £25,000 in England.

PS: I'm not saying uni is always the best route, there are many other options including apprenticeships / degree apprenticeships. Just it's worth being prepared. And of course, funding rules may change too.

Teens are data fiends. How to feed the habit for less

Obviously the right and cheapest route would be to get one of your old phones and put a cheap Sim in it - good luck getting teens to accept that. Our Cheap Mobile Finder tool finds the cheapest handsets for you too. Here I just want to jot down a couple of notes about kids' mobiles - do also see the NSPCC for some good help on parental controls.

Banks want younger people, hoping they can grab your custom for life... make 'em pay for it (& move once it's pants)

Student accounts allow those doing degrees, or in some cases level 4-7 apprenticeships, BTEC courses and more, to get them. Most banks launch their new offers in summer, so it's too early to tell you now what's coming. For those already at uni, check out the current top student accounts, as you can switch to get a free 4-year railcard and an up to £1,500 0% overdraft if it's better.

There are fewer 'special' offers for those not going to study, so you're looking at the normal top bank accounts. Most of the switching deals will require you to pass a credit check. If not, app accounts like Chase*, which don't credit check, give 1% cashback on most normal daily spending for a year. More in our Chase review.

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