MSE Parents Club Part 4

money_maker_3

right, everyone is different with this, and I think it depends on your household income. For me personally, we struggle with Chris not working, and the money is paid to me to help bring up my children, so it goes into the bills account and used to pay for everything - ie mortgage, food etc ...
I do however have a standing order of £15 a month that goes into a separate account that has been used to buy school uniforms and things like that, and also my mum has an account for them that all birthday money etc... goes into and that is theirs for holidays and the like.

As I say it depends on income as there was a thread on this very subject at one point and I put that answer and got told I was stealing my childs money, by a person who was able to put over £1000 a month into a savings account !!!

tiamai_d

Elle, I'm with Lloyds and have a second account with debit card and direct debits etc, no monthly minimum. But it just all gets added to the pot, even the DLA, which goes toward making up what I'm not earning from working.

Tax credits, child benefit, DLA, CA all go into teh second account which is where ALL the bills come out (except fuel and groceries). Then out of DH's weekly wage any 'top up' needed is sent over by standing order as soon as his wage goes in. Leaving in account 1 whatever we have that week for fuel, groceries, day to day cash and whats left over I transfere to the savings account.

Sounds complicated but it works for us.

Becles

wi3adora wrote: »

I am Charlotte (or everyone calls me Charlie), 27 and mum to Daniel Paul born on 21/04/09 weighing a mighty 6lb 12,5 oz (was told he would be huge due to my gestational diabetes). He now weighs a whopping 14lb 2oz :rotfl:

Hi - you've got a fab choice of names in your family. I'm Mam to Joshua Paul, James Daniel and Charlotte Jane

Oh and hi Skinty too - loved reading your birth story. I wanted a home birth with Charlotte but it didn't go to plan due to health problems with me and she arrived at 36 weeks so was classed as premature.

Krystaltips wrote: »

Looking at child trust fund thingies... Can't decide.... Might go with Nectar... You get 2000 points for opening the account and 2000 if you set up a direct debit... I'm assuming you can cancel the DD once you have the points... Anyone else got any better ideas?

If you're thinking about equity investments, I can highly recommend Foreign and Colonial. Their customer service has been spot on and they are always so nice on the telephone. I'm so impressed I've moved some of the boys money from Skandia (pants customer services and new high charges!) to them. This is their general website http://www.fandc.com and I've got Charlotte's child trust fund and the boys money in this investment trust:
http://www.fandc.com/new/it/Default.aspx?id=78400
This isn't financial advice and shares can go down as well as up, so research it and make your own mind up on if it's the right thing for you to do.

Exciting times here. We were just seconds off getting a poo in the potty. She managed to get her knickers round her ankles but it ploped out into her knickers before she sat down

money_maker_3

oh and a bank account that does not need £1k a month with a debit card, this is the one and only time you will see me recommend my place of work !! Their basic account requires no specific funding, there is no overdraft facility, no Q book, but it is a visa debit and will accept bank credits, standing orders and direct debits.

Mrs_Moc

elle_gee wrote: »

While we're talking about money, I'm going to be nebby and ask.. What does everyone else do with money they get for/because of their LOs, like the child benefit and child tax credits?

Because I'm running out of time, I've filled all the forms in to have it paid into my current account, but ideally I wanted it in a separate account with a debit card so I can use the card to pay for anything Rhys related, like clothes or things bought online, or transfer some over to the household account every so often to "refund" it for anything we buy in with the usual shopping. But I can't find a current account which doesn't look it has a minimum monthly funding of £1k and offers a debit card

ETA: I want it separate because I don't want to use Rhys' money just to "top up" our account and get us out of our overdraft - not because I'm being tight and not spending my own money on Rhys! Want his money to build up so we can see it and it doesn't just disappear with everything else.

Too complicated? Is there an easier/different way of doing it? Does everyone else just mix it all together with SMP/wages etc?

I personally find the money from CB and CTC would never cover whats actually spent on the child so there would never be an opportunity to see it grow, if anything we add to it.

money_maker_3

see this is my point, child benefit and tax credit IS NOT the childs money !!! It is the parents money to bring up the child

elle_gee

money_maker wrote: »

oh and a bank account that does not need £1k a month with a debit card, this is the one and only time you will see me recommend my place of work !! Their basic account requires no specific funding, there is no overdraft facility, no Q book, but it is a visa debit and will accept bank credits, standing orders and direct debits.

Hurrah, thankyou

My current account is with Halifax because I got £100 and other benefits when I switched a while ago. I was going to change it to one of those that gives you £5 a month if you put in £1k, but then I remembered I wouldn't be putting that much in whilst on SMP! :rolleyes:

Would set up a SO over to our household account.. Call it his rent!

Becles

money_maker wrote: »

see this is my point, child benefit and tax credit IS NOT the childs money !!! It is the parents money to bring up the child

That's what I think, so it just goes into my current account and gets used along with wages to cover the bills, mortgage, food, clothes etc.

Joshua did ask for his child benefit once as it's "rightly his to spend on himself." He soon changed his mind when I showed him a list of charges he'd have to pay for meals, laundry, clothes, toiletries etc :rotfl:

cazscoob

elle_gee wrote: »

Am I the only one who thought Sami was suggesting Caz got new pants then?

i read it as knickers too lol!!!!!!!!!!

the tax credits and CB are the in households budget, it buys their clothes food snacks and days out. the kids always get first and us second with whatever is left after rent and DDs

elle_gee

Becles wrote: »

That's what I think, so it just goes into my current account and gets used along with wages to cover the bills, mortgage, food, clothes etc.

Joshua did ask for his child benefit once as it's "rightly his to spend on himself." He soon changed his mind when I showed him a list of charges he'd have to pay for meals, laundry, clothes, toiletries etc :rotfl:

I got £50 a month of my CB from being 15.. maybe I was spoilt