One of the biggest, and most common investments, that a family will have will be their home. If you own your property, or are buying it, then somewhere down the line you will have equity available for you or your family. Many of us need basic life insurance so that we will not worry about the financial strain our loved ones could feel, if we are suddenly ill and die. Some of these policies will have a savings element which if looked at over the long term will be a good investment.

If you are lucky enough to have disposable income you will probably find that many of your investments will end up been taxed. Putting some of these investments or savings, legally, in accounts for your children is sensible. You must first check what you are legally allowed to do though, as regulations are often changed.

Getting the whole family on board with investment plans may include more than your immediate family. It may be a viable option to have a family savings group which includes uncles, aunts, brothers, sisters and others. The advantage with this is that you know these people well and should be able to trust them. Of course the disadvantage could also be that if any problems occur it could damage the family unit. A family savings group could invest on a regular basis in stocks and shares, and or investment plans.

Contributing to a child's bank account on a regular basis can build up a nice little nest egg in no time. If a small contribution is made each week from birth, imagine what the total would be when the child is 18. The account could be one with only limited access, barring dire emergencies, before the age of 18. The money could be used for the young adults first car or as a deposit on a first home.

Starting as a family to save something such as a toy can be a good investment and fun. I have known people who have begun saving something such as Mickey Mouse memorabilia which has grown over the years into a valuable collection. It is often possible to hunt down bargains at car boot and garage sales, which are actually worth money. Of course it is often hard deciding what are the antiques, or collectors items, of the future.

Premium Bonds in England could be invested in on a yearly basis and kept as a family investment. Bought on a regular basis this would give you more chance of winning a monetary prize also and be a doubly good investment.

Jewelery and items around the home are often forgotten in assessing our wealth. Wedding rings for example can be worth a lot either financially or sentimentally and are a family investment which will be handed down through the generations. War medals and family memorabilia are similar. A family may choose to invest in a second or holiday home and actually make a little money leasing it to holidaymakers. They may also invest in such things as works of art which over the years increase in value.

It is easy to think that if you do not have a lot of money you have nothing of value. How wrong you are. Even in the monetary sense most people will have more than they realise, albeit in possessions. As such it is wise to make a will as, if nothing else, it could cost a fortune in the long term if you have not.

Learn more about this author, Ethel Smith.
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