Saving for my son - advice please

united66

Hi folks.

Me and my partner have had a son, who is 6 months old this month.
I am the only worker in the house unfortunately, but we get by with help from child tax credits and what we have left from my wages after all the bills are paid. I am desperate to get some money filed away for him for when he gets a bit older so that he doesn't have it as rough as I have had it in the past. I am reluctant to go down the CTF (child trust fund) thing as it is getting scrapped pretty soon so was going to save some myself.

I am only looking to save around 30-40 pounds a month maximum, maybe less for now due to the financial strain at times.

What would be the best way to put some money away for him, I know interest would be virtually non existent on such a little amount but I feel I must do it for his futures sake.

I current bank with the Halifax (only with an easycash account due to past credit problems). I can open an ISA with them online but just wondered if there were any better methods from you guys.

Many thanks in advance.

CLAPTON

probably the best you can do for your son is to ensure that you are debt free, to build up some savings to ensure you will say debt free in future and also so you will be able to enjoy family time together and only then save for your son.
also consider what you would do if you had a second or third offspring... could you afford to save for them also?

opinions4u

Halifax Kids Regular Saver account and review the posiiton annually by checking in here and asking the same questions.

Clapton's suggestion of providing a sound financial base for raising a family has a lot of sense in it as well. The father of my step children has all sorts of lapsed savings plans that have ended up costing him a fortune over the years - good intentions that were never quite delivered.

scorpian81

Hi. I am in exactly the same position as the first poster, my son is now 6 months and through resarch on this site, and as mentioned by a previous poster, I will be opening the halifax regular saver this week. But as mentioned it will need to be reviewed after a year to get the best rate. And I shall be depositing £20 per month, to allow for a future brother/sister and so he doesn't end up having more money than me!:rotfl:

united66

thanks for the suggestions folks, the child regular saver with halifax looks pretty good - think I may go down this route.