Parents of 18 year olds...can I pick your brains please

ixwood

I'd save it for a house deposit for them when the time is right. And tell them youngish that I'll match whatever they save themselves for a house deposit.

Something like that should be for a long term asset imo. No cars, holidays etc.

LilacPixie

we have CTF'S for our oldest child at 22 months and are waiting for our youngests voucher. We pay £10 per month into the oldests ctf and will do the same with the youngests. As this is money they can spend on whatever I would rather keep it to a minimum and use a savings account that we control for the major savings. We also plan on getting them there own savings account when they are old enough and pay them a 'wage' for helping with household chores rather than giving them pocket money for nothing to teach them the value of money.

I was given 2k at 18 by my parents and it went on driving lessons (they were £8 an hour then) and a girly holiday in Malia. I don't regret it but maybe I could of been more responsible. That being said My parents did the 'wage' thing with me and I had a 25% deposit on my 1st home.

ooobedoo

We have DS 5 and DD 20 months, set up tax free savings account paying £25 a month each, this matures when they are 18.

We also pay £38 and the goverment pays £12 each month each for a pension for them.

When they are in full time employment they will take over the payment ofthe pension but we don't have any intention of telling them about the savings at 18, and seriously regret it maturing at 18, would like to change it to 21.

chopperharris

sectional trust fund , some matures at 17 only to pay for driving lessons , some matures to pay for uni costs assuming they go to uni , maturing mostly when moving out for deposit on home around 25.....more like 45 these days if at all.

BUT By far the best thing you can give them is further or private education , that will pay dividends for the rest of their life.... a doctorate , or degree that will pay well the rest of their life means you wont have to.

the latter is probably best....but not all kids are cut out to be fancy schmancy book lurners layk ur or me iz.