Here's to a prosperous new financial year! Balance your budgets and root out your tax returns for the end of the tax year.

So get off to a profitable start with these new year's resolutions...

Start planning for university
According to the Association of Investment Trust Companies [AITC], you need to put away away about £150 a month per child for ten years in order to save enough to pay for their university fees and living expenses of between £8 and £9,000 a year*.

Get some protection
Apart from the obvious emotional trauma, the death or incapacity of a parent can turn a child's financial and educational world upside down. Check that you have adequate life and health insurance, plus critical illness cover.

In these days of short contracts, self-employment and the never-ending scrabble for the best mortgage deal, you may find yourself under-insured. It's especially important if you're self-employed as many employers provide insurance as part of a job package. Now is not the time to bury your head in the sand.

Bank on it
Make the most of your children's savings. Tradition dictates you open a Post Office savings account, but that may not provide the best interest rate around.

If you want to put money away for the future, rather than just next month's trainers or next year's scooter, think about putting it into a savings account linked to the Stock Market.

Disclaimer While every effort has been taken to ensure accuracy at time of publication, this information may be subject to change. Always consult your financial advisor.

*Source: AITC using Fundamental Data - all figures are investment trust share price mid market with a 3.5% reduction for stamp duty and charges to end of May 2006.

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