Three life events you'll need a notice savings account for

The answer is 31 for the average person. At this age, you are most likely to hit one or more of life's major milestones, whether it's getting married, becoming a parent or saving for a first home.  While 31 won't be everyone's magic number, you've probably already set clear financial goals to secure your family's future - and we want to help. 

That's why Investec has launched a new notice savings account to supplement our existing fixed-term savings and easy access products.

Let's take a closer look at how a notice savings account can provide the extra support you need for three of life's most momentous occasions.    

1. Getting married   

Fewer people are tying the knot in the UK, but don't let that dampen your enthusiasm for making your big day an event to remember.   The average wedding spend was £17,913 in 2017 a rise of 6% - or £1,071 - from 2016. However, if you want to say your vows in London, you can expect to pay £31,837 for the privilege. Saving for a wedding is often a guessing game, with nearly four in 10 couples admitting they go over budget. The most common areas of overspending are:

1. Food and drink (33%) 
2. The honeymoon (29%) 
3. Additional guests (29%) 
4. Flowers (27%)  
5. The bride's dress (27%)  

2. Having a child  

Weddings may be expensive, but they pale in comparison to the costs associated with the joys of parenthood. The good news for mums and dads is raising a child was less expensive in 2018 than it was in 2017. The bad news is you'll still need to set aside £150,753 as a couple or £183,335 if you're a single parent.   

Not to add fuel to the fire, but these figures only cover the costs up until a child is 18 years old. High-income parents can expect to pay a further £5,372 a year towards university expenses, which is more than £16,000 for a three-year course.  

So why is it so expensive to raise a child? Figures from the Centre for Economics and Business Research show where most of your spending will go:   Education (32%) Childcare and babysitting (29%) Food (8%) Holidays (7%) Clothing (5%)  Parenthood is also full of surprises, which is why the best notice savings accounts help you prepare for every eventuality. 

3. Buying a first home  

Your first home is more than just a place to sleep. This is where you will start and grow your family, while building a mental scrapbook of cherished memories and experiences along the way. However, saving for that initial deposit takes time and careful planning.    

Unsurprisingly, London buyers have the biggest mountain to climb. Government statistics show the average property in the capital costs £485,830, while south-east homes are a slightly more palatable £323,435. Either way, buying your first home could cost you the equivalent of raising twins - or triplets - to adulthood. Various first-time homebuyer schemes are available to help you onto the property ladder, but you'll still need sizeable savings to purchase your dream home.