How Much Do You Save For Your Kids Each Month?

nadnad

Just wondering if most people save money for their kids each month.

If so

how much?
what do you put the money into?
what do you intend it to be for? eg university, house etc

chevalier

I save their child benefit in an isa.

dapoodee

We save £100 a month for each child, this may sound excessive but having come into more money via a new job, this is money that I never new and thus won't miss.

ffacoffipawb

dapoodee wrote:

We save £100 a month for each child, this may sound excessive but having come into more money via a new job, this is money that I never new and thus won't miss.

Is this a large percentage of take home pay?

I save nowhere near that!

mirandab

I save £25 for each of my girls - this is going into the Halifax 10% savings account.

HTH
Miranda

Need_More_Money_2

A long time ago I saw an article which showed how much you need to save to pay for University. The amount obviously depended on how old the child was when you start saving (and I guess is now complicated by which University). Can't find the article now or anything similar. Anyone know of any such advice anywhere?

dapoodee

ffacoffipawb wrote:

Is this a large percentage of take home pay?

I save nowhere near that!

Yes it is, I have invested in the Halifax 10% saver too

savingpennies

Since our two were born we have saved the maximum into a friendly society savings plan. This is now £25 per month. Though we are thinking of taking this out as they don't seem to have done very well. As we earned more we saved more for them and we now save the child benefit. It's divided between them each and transferred by DD to savings accounts. In the early days we just wanted to start saving something for them to get into the habit of doing it and the amounts were small but over the years these small amounts have turned into a sizeable sum. I regularly review the savings accounts to make sure I get the best rates for them.

Prudent

I save £25 per month for my daughter into a friendly society plan, though I think if I started now I would go for the Halifax deal.

Longhelly

Very new - registered about 3 minutes ago.

We have two young children, they were too old for the child trust fund - bah! We currently save just £10 per child, per month into a ladybird account with the Saffron Walden Building Society. Is this the best we can do with our meagre savings? We are not the best organised with our finances and at least this goes in by SO each month, meaning we can't forget it.

Any simple help would be appreciated.

baldbloke_2

Can I just say that whatever you manage to put by - be it a little be it lots - it will be a tremendous help to your children when they are 16 or 18 or 21 ... whenever it becomes their money - I am so impressed by parents who understand that the prime purpose of their time as parents is to provide for the future of their children. If you have that attitude and approach through their years as children you can be assured that your children will understand the value of savings as opposed to debt - and have their financial balancing act right in adult life.
The notion of sharing your 'wealth' with them during your life rather than after it(!) is fantastic. Whatever account you choose all credit to you.

PS Choose the best interest year by year. Keep it simple. They will just love you for it .