Budgetting for family "milestones"

Queenie

Do you incorporate in your basic budget a plan for family milestones?

For example, we all know that our "babies" will go to school at (approx) 5yo and in this day and age, often you have to make the choice of school a couple of years beforehand and will have some idea of the cost of sending your child to school (ie uniform if applicable)

Likewise, we know they will change schools around the 11yo mark and, again, have some ideas which school we hope they will progress onto.

So, do you incorporate these milestones into your basic budget or does it come around and you suddenly find yourself :eek: ??

RVK2

I didn't even start thinking about a budget for my DD secondary school until the January of Year 6. I can't imagine why anyone would budget years in advance for it. Or am I missing something?

Edinburghlass_2

I remember Martin's starting a thread about this once especially about school trips but I haven't got the time to look at the moment.

My recent extra expenditure was a "have to have new clothes" for work experience that I didn't bargain for :rotfl:

holstar

I guess it depends on what your budget is, and how much money you have 'spare' each month as to how much budgeting you need to do.

My parents started a wedding/university fund for myself and my older sister before she was even a twinkle in the parental eye...because they knew everything was so tight that they would have to start saving early.

When we were born, I think that was the fund that was used for some school trips etc, but none of the trips I went on were anywhere near as expensive as some of the MSE kids seem to be going on (and I'm only 19!).
The most expensive one I had was a week-long residential trip to Yorkshire for fieldwork, where we had 5 days, 8am till 10pm, transport, 5 fieldwork days etc for less than £100, which my parents paid for...all the other trips were day-long trips...to a farm, into Manchester for urban geography etc and they were all less than £10. And by the time we were doing these, there was enough lee-way in the budget for my parents to be able to get the money within the 2-3 weeks notice we were given.

So, budget-dependent I think

Hol x

Spendless

Sort of but with mine it's more the other way round. My DDs nursery fees will stop in the summer when she leaves and goes on to the free school nursery in the Autumn. I always save the child benefit, tax credit and a part of DH wages into a seperate account and that money is seen as 'extra'. I then use this money for anything 'big, extra or unusual' that may come along. At the mo it goes on nursery fess whilst I'm at college. When that finishes it would pay for school uniform/christmas presents/birthday presents/parties anything like that. Sometimes it goes on a family holiday.

Queenie

Redvelvetkiss2 wrote:

I didn't even start thinking about a budget for my DD secondary school until the January of Year 6. I can't imagine why anyone would budget years in advance for it. Or am I missing something?

Well, people save College/University funds - even pension funds (takes even further advance planning! :rotfl: )

No, what I mean is, we all need clothes, but children more frequently, so I calculate a set amount to be put away as a standard "expense" into the savings account. I know that they need summer clothes, winter clothes, pj's and uniforms etc. So, to calculate how much to put aside to cater for those expenses, I need to have a rough idea how much it will cost me. Obviously at milestone times, the outlay is going to be greater than usual.

Just like Christmas, it's common sense to save through the year rather than pay for it all in one month.

But, I'm learning that not every does this. Hence the question

Edinburghlass_2

Found Martin's thread about funding school trips

http://forums.moneysavingexpert.com/showthread.html?t=12882

Penny-Pincher!!

I havent budgeted and like you say it can be quite shocking when kitting out the kids, especially for secondary school:eek:

Im normally quite a logical and methodical person, but this hadnt even crossed my mind-until I received "the letter" stating that DD had passed 11+ and her uniform was going to be £500+......ouch!!.....and...Derrr!!!!

May I ask anyone how much (if they do budget) do they put away monthly etc towards schooling bits and bobs?

Ta

PP
xxx

Glad

I have always had the child benefit and lately the child tax credit paid into a seperate account and this is my money for extras the kids will need

Prudent

I have always put a small set amount aside for my daughter. I have one fund that I pay £25 a month into and will run until she is 18 ( been going since she is 7). I know I can't afford to give her much towards uni/ college if she goes. But I will give her this money, which will be about £3,000, for her 18th and let her make her own choices with it. I also keep some money in a savings account which is there if she needs it for something like a school trip/ holiday. In a couple of years she will be elible for an EMA, so I will then put aside the money I currently give her as pocket money and she can have that towards uni or college.

doddsy

:mad: One milestone I hadn't considered was the '17 and want to drive one'! Tried a broker last week who said a lot of companies won't insure under the age of 21. He found one company who would for £1564. Told me that boys can be as much as £2500. Am still looking for an alternative, but as we live in a very rural area she can't exactly hop on a bus! :mad: