How Much Do You Save For Your Kids Each Month?

black-saturn

I save £150 per month and put it in an ISA.

CharleneUK

All my girls have their own accounts, which their child benefits go into.

When I was working, me and OH would top it up by £20 per child.

It goes into an abbey kids savings account...

baldbloke_2

CharleneUK wrote:

All my girls have their own accounts, which their child benefits go into.

When I was working, me and OH would top it up by £20 per child.

It goes into an abbey kids savings account...

The Abbey account looks really good in that your child(ren) can involve themselves online etc and watch how an account grows and changes. The Ts&Cs are very impressive. And a Caschard at 10 ...wow!!!

Mikeyorks

Whatever you save - and however you save it .... go back and read this :-

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1108986373,87407,

In particular the piece headed 'Is it worth adding to the CTF' as below:

The money goes direct to your child. Babes in arms now, can grow to be rebellious 18 year olds. The CTF goes straight to them. Your savings for their college fund may be spent in a day on a Playstation, world trip or some darker purpose. It is their money, you can’t stop them. Do consider whether you want your child at 18 to have complete autonomy over all this.

It's a very sensible piece of advice - potentially emotive - but very sensible, and equally applicable to all non-CTF saving on behalf of your child (ren).

Ours managed to blow £12k in his first few months at Uni - despite he appeared to be hugely sensible up to a couple of months before going there. And by which time it was too late to 'persuade' the money back into our care. He has been fortunate that we were able to bale him out, after much soul searching, with a monthly allowance since then. But the cost in both cash and diminished trust, as a consequence, has been significant.

mintymoneysaver

I save £25 a month in a friendly society.Husband puts £125 a month into a share scheme at work which his employers match.We are hoping this will be their university fund.
They also both have about £3000 coming to them at the age of 21 through post office children's bonds, bought out of my grandad's will, so hopefully that is their first car!

Chell

I save £10 per month for each of the kids but have also saved money we got when they were born and money from gifts. My Dad also gives them money on a regular basis so they have quite healthy bank accounts. I wish I could save more but we can't.

tightfella

100 pounds a month for my two kids, all goes into the Halifax 10% saver account :T

cheggers

Save as much as you can afford to save for your kids.

You can not compare what someone else saves for their kids as their income and finances will be different to yours.

missile

baldbloke wrote:

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..

You recon? My kid spent it on a holiday in Thailand, but he had a great time:beer:

Conrad

£50.00 each child into Unit Trusts.

1 into the Framlington health fund, the other into New Star Technology.

Birthday and other cash goes into high interest accounts.

Working for ourselves has given us a freedom we didnt know existed and a real sence of control over our daily lives.

We will jump at the chance of helping our children set - up thier own business's should they so wish.