so you save kid's child benefit money?

plzhelpmesave!

I know of so many people who have done this, either putting the money away for their children in their savings accounts or even saving the money to pay off mortgages etc.

I have 3 little ones and get £175 a month which is £2100 a year, tax free. WOW, first time i have every added that up!

This currently pays for my petrol, mobile phone and car insurance each month - bless my babies! I have been meaning to open up kids accounts (they are 6, 4, and 2) and split the money, £58 each, into their accounts but cannot afford to do this. I am applying for jobs at the moment, and will hopefully try to do this, or save even a small amount for each of them every month as soon as i get a job

So come on, 'fess up, How Do You Spend Yours???!

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vik6525

On him.... Its his money......

webitha

on them, for things like clothes, food, school trips, gas electric, all them cost money, and it benfits them in the long run to have said items,
if i was well off then maybe i would put it into accounts for them, (atm i put £1 week eachinto an acconbt for them), but until then i will use it for their everyday things

galvanizersbaby

I've got 2 children and the child benefit is paid in to my account along with my salary but among the debits that come out each month I have a debit for 100 pounds which transfers to my savings account so I guess in answer to the question I save the money indirectly.

I too have been thinking of setting up an account for each of them but does anyone know of a bank account that gives away freebies for young savers?
I remember collecting the Natwest piggies when I was a youngster but not sure if any of the banks/building societys do this sort of thing anymore?!

stef240377

The child benefit debate has started many arguments with my 13yo dd. From her point of view she isnt seeing any money that comes into the house for her. After a heated discussion on heating, water, electricity, food, clothes and then luxuries like her army cadets and any other sport related club she has joined she still cant comprehend where the money has gone. This is because she sees her friends at school gloating they get their CB as pocket money leaving her feeling hard done by. Many of her friends parents are living on benefits and i really cant see how they can afford to do it.

I also had to buy a pc (this came out of some inheritance money left to me) so that all three of them can complete their homework as the majority of set homework now is computer based and my son has to do his weekly maths homework on a pc and submit it to the school other wise he gets marked as failed.

There are so many things kids are taking for granted today and just assume the money magicaly appears in the bank and there is and endless supply of it.

Threebabes

I use my 3 kids family allowance on them.

Ive saved £100 month from Jan - Aug for christmas and used the rest towards clothes, from now until christmas i will save it all up for christmas for them and we will buy their clothes.

doelani

mine alwasy just went into bank with salary etc and used for everything, althought anything they needed came from this until...............

daughter went to do her A levels in school and was not entitled to EMA so then for her last 2 years I gave her extra £20 a week which was basically a few £ more than her child benefit.

claire1234

this is a great topic, ive always been curious on the subject of child benefit.
some people say this some people say that so i guess its down to the individual & what there outgoings are etc.

i dont have kids myself but have 2 step children,
we pay csa for these 2 children and also give them pocket money of £20 (£5pw) per month each which goes into there accounts, will put this up as when were more stable with money,
we also buy the kids any treats & things like clothes or school trip money etc,
obiously the mother claims the child benefit but none of this goes on the kids as they do not get pocket money from her nor treats etc, at christmas they get £100 each.

i think when/if i have children i will possibly save half use half for essentials.

SuziQ

I used to save all of it whan I only had one child and had a really good job. I can no longer save long term but I do make sure that school shoes etc come out of that money before it goes on other things. At the end of the day I don't think it was ever meant to be a benefit which would be saved long term for the child-it was paid to help with the costs of having a child and that's probably what most people do these days. I am aware that when I was able to save it,I didn't really need it! I have just lost CB and CTC for my daughter at Uni and yet am still having to help her as she has had no chance to get a job yet and the grant and loan only covered her fees and accomodation,so the CB I get for the younger 2 is being stretched mercilessly at the moment!

Welshlassie

Ou CB, all goes into the same account with my salary and is used in the same way as any other money in there.

We are always buying things for DS, food, clothes, toys etc inaddition to paying electric, gas, water, mortgage. It doesn't make sense to split it out and say that is for him, this is for something else. We probably spend alot more than the CB on him a month so don't think we are being unfair.

Kitikat

I am fortunate enough to have been able to put our cb away in the hope that it will see them through university without having to spend too much time trying to make ends meet by working.