saving for grandchildre

donteatthat

marywooyeah wrote: »

oh I didnt realise they weren't I'm sorry, I have a three year old and he has a child trust fund so didnt know they had changed.

Yeah they have been phased out by the new government - we got £50 for our baby born in August 2010 but it used to be £250. They cut down the voucher and either its finished now or shortly will be.

Lil_Me_2

My grandparents decided that £1000 per grandchild was the way to go given on the 18th Birthday. Something worth considering as it gives you 18 years to figure out roughly how many grandchildren you have and how much you can afford for each of them. By the time the eldest got to 18 the youngest was 3 and we all knew she would be the last one. So I think I'd say just start putting money away into a generic "grandkids" fund. Once the eldest gets to 18 you can see how much you have and make an informed decision.

In our case the eldest 3 were given £1000 cash. The next 3 had NS&I children's bonds taken out when the youngest was 6. Not exactly equal as I got more than my sister, and my younger sister will get more then us again but I don't think any of us mind. I was certainly grateful for anything I got.

jackyann

Thanks all. Only 4 children - not a huge family, but enough to think that we might get a fair no of grandchildren (or might not...)
I appreciate all the advice, and will mull it over.
We might be able to put a small amount in for each child as mary says, and then also a "generic gks pot" possibly with NS&I, which would atract the problems that Sue points out - but doing both would spread it a bit.
It has also occurred to me that it would be in our control - if say, we thought anyone at 18 wasn't mature enough to use the money wisely.
I already thought that if any arrive after our deaths, there really is nothing we can do! I do intend to live long enough for it to be unlikely, but as my kids are male, who knows?

*Louise*

Hubby's gran gave all our kids £500 when they were born and it was put into their trust funds so they can have it at 18, with any interest added on.

I did like the previous posters suggestion about saving in one account and it being shared out after your death - but you probably want to see them enjoy the money when they get to a certain age?

I would probably sugest £10 per month, and after x amount (depending on your finances)of children are born, cut the oldest ones down to £5 a month and the younger ones get the £10p/m for a while.

*Louise*

jackyann wrote: »

Thanks all. Only 4 children - not a huge family, but enough to think that we might get a fair no of grandchildren (or might not...)

It's a fair assumtion I'm one of 4 and my mum had 6 grandkids so far, and 2 of her kids still planning on more :rotfl:

jackyann

Thanks all! I feel better able to plan

*Louise*

Let us know what approach you decide on

jackyann

OK: I am going to "mix" to begin with.

A full Junior ISA (if they get money from others it can start a savings account) in the first year.

NS&I 5 year certificate "to be divided among grandchildren": this in a letter to executor which gives some lee-way eg: if one was on the way, or some "evening-up" was necessary.

I reckon I can afford a Junior ISA a year at the moment, and will have to give #1 a "holiday" whilst I pay in to #2. If it all gets a bit ragged, the 5 year bond can be used to even things up when it matures.

I shall also aim to get an ISA a year for myself, for "family emergencies".
Should add that I am grateful to my canny mother for saving a bit to leave me in this position.