PROVIDING a sound start for children is a financial aspiration that many people have.

It generally means meeting the costs of further education or training as well as helping young adults to buy their first home.

Meeting this objective can be an uphill struggle for many in their 40s and 50s, competing with the need to maintain a current lifestyle in uncertain times along with making provision towards financial security in retirement.

The recent announcement about the future increased cost of a university education was, therefore, a serious blow for many people.

Students will likely have to borrow greater sums themselves.

The fundamental aim is to obtain qualifications that will lead to higher paid jobs, but this move up the career ladder has implications for getting onto the property ladder.

Lenders must carefully consider the affordability of a mortgage and many take student loans into account.

Those on higher incomes will be making bigger loan repayments and the amount that such graduates can borrow will be reduced by some lenders. At this point, the already stretched Bank of Mum and Dad may need to provide further unexpected resources to support their children.

The numbers are starting to look daunting, so how can we prepare for this scenario?

The key element in financial planning as always is time, which means that to work towards this objective, you need to take action sooner rather than later.

The starting point is to carefully examine your budget.

Recording expenditure is almost universally disliked as an exercise, but it is essential for anyone determined to make the best use of their resources.

Mortgages have been out of the headlines for some time, but it is still the case that a lot of people could reduce their monthly payment.

As a first step, ask your existing lender if they can offer you any lower rates. Be sure to understand any disadvantages as well as how you will gain in the short and longer term.

Have you compared your energy suppliers’ costs against other providers, or reviewed your mobile phone contract recently?

If you regularly make withdrawals from a cash machine, do you know where all the cash goes?

Consider buying everything on a credit card so you can look at the statements and monitor your spending.

(Make sure you set up a direct debit from your current account to clear the card balance each month).

Are you getting a competitive rate on your savings?

When did you last look at the rate on your cash ISA? Most rate offers only last for a set amount of time, then the rate falls dramatically.

The onus is on you to move your cash around to increase returns.

The saying “look after the pennies and the pounds will look after themselves” is valid in a budgeting exercise and a few small changes here and there can make a collective difference.

Resolve to put aside any savings that you identify and you will make a start towards your objectives without increasing today’s outgoings.

Joss Harwood, chartered financial planner eldonfinancial.co.uk