What do you do with your child benefit?

Mrs_Sparkle

As the title says really- I'm interested to hear what other people do with theirs. I've always said I'll pay it into a trust fund for the baby but at £69 a month (I think) it could be an extra £828 a year off my loan.

Our baby is due in 6 weeks and we're not planning on spending a lot more than we do now. We've got "real" nappies and have stockpiled clothes and baby toiletries.

So, is it wrong not to use child benefit directly for the child?

millionaire_in_training

nothing wrong with that. I have never used the child benefit for my kids as I use it as part of my income and I more than spend that on them. I would use it if I were you as your child will benefit from a debt free mummy.

lil_me

No, because you will be paying for the child out of your other money, not as if the childs doing without.. good idea actually, then you know what is going where and it's there if you do need it.

Also good luck with the new arrival, sounds like you have everything sorted

skylight

As far as I am concerned, its income - it goes in the general pot and all bills and everything the kids need come out of that pot. I donot "reserve" it just specifically for the kids!

aussielovell

I use it at the moment as part of my normal income but the plan towards the end of the year is to give it to my daughter as pocket money. This will be for her to learn how to budget etc and she will be responsible for paying all her own clothes, trips, gifts, make up etc and she will be responsible for subsidising it with extra work. She will be 12 on her next birthday....does that sound like anything that other people do?

Ivrytwr3

i pay half into their child saving account and the rest goes in "the pot".

There will always be a bill to pay no matter how much you pay off something, so putting half into their account is at least something to give them in time to come (worked out they will get approx £9k when they turn 18 and that does not include extra money, birtdday, xmas etc).

lil_me

I used to get mione from when I was 13 onwards, but that was for everything from clothes I wanted to school meals, making me decide what was cheaper and stopped me askin for handouts all the time. After running out within 24 hours for a few weeks I soon learned how to budget and make extra money

Bunnyinthelights

Mine goes in the pot so to speak but then, between nappies, good shoes (sorry, will scrimp on a lot but not shoes-something my mom made me a bit funny about!) and food, they get it back. When they are old enough to do chores, then they'll get some pocket money ONCE they're done...My husband will teach them about money as I wasn't a very good example (in the past, pre-MSE, lol)
Bunny

Gemmzie

Per month it actually works out to £75.12 as the £69.80 payment is four weekly

My parents used to use mine to get by but my brother and I were both given control of it when we reached 11. School uniform and essential items had to be bought first, then the rest was our clothing allowance to be spent freely but sensibly.
Once we were 14, there was no sensibly foreshadowing. I think it gave me a lot of financial responsibility. But before teens, I think it's more use to the family.

Now, I'm getting it until September but my parents need it more, so I'm handing control back to them

immoral_angeluk

Our child benefit goes towards paying off debt at the moment. When we're in a better position financially it'll probably be put into their CTF accounts.

astonsmummy

Half of it pays the phone bill and i'm planning on putting the other half in savings.