Change Jar Challenge for Kids' Savings?

Redouble

We have 3 children. 5 1/2, 3 1/2 and 2.
Each has 2 bank accounts (The Trust Fund one and a separate one that we will have some control over)
With our first, we regularly put money into her accounts, so she has £713(ish) and £450 respectively, then we became a bit lax and our second has £354(ish) and £60 and our third has £250(ish - basically just the voucher from the government and whatever interest that has accrued) and £30 :o:eek::o

So, we don't have much money spare, but I have decided that every 5p, 2p and 1p I have/find etc, goes into my big pot. Then when I get the chance I'll bag some up and deposit it (I need to work out the best way to get them all roughly equal)
I have guesstimated that I will need about £1500 to do this and that so far I have about £6 in my change jar, plus the 32p I just took out of my purse! It's going to be a long road but anything's better than nothing right?

You are welcome to join me, or just laugh at me talking to myself :rotfl:

Redouble

*max*

I don't get why you need £1500 to do this? Sorry, not picking on you, maybe I'm being thick...:p

building_with_lego

I've set up a SO from my bank to the children's each month after the Child Benefit goes in. There are 3 1/2 years between them and we were given a lot of money when the oldest was born but not the youngest so she has about £2000 more than her brother. The way I see it is the amounts don't have to be equal now but should be about equal when each child reaches 18, so DS has a few years extra on DD.
Good luck with your saving!

Redouble

*max* wrote: »

I don't get why you need £1500 to do this? Sorry, not picking on you, maybe I'm being thick...:p

Not immediately, but I'm guessing that I will need around that to get them to an approximately equal amount (taking into account age differences) I'm certain that amount will change once I sit down with my calculator like the nerd I am

It just gives me a target to aim for which is how I work best

BWL - at the moment the money from CB helps pay for food, but in 2 years time I will have a large debt paid off and then my aim is to SO money straight into their accounts

Xx

thunderbird

We set up accounts for our children when they were born and paid a small amount in each month for several years (too old to have trust fund). We then realised that once they get their hands on it it will most likely not be spent wisely!
Now keep savings in our names only.

Redouble

That's why we opened a 2nd that we'll have control of!

Discovered that in total I will need to get £2,500 put into their accounts (not each, between them!) it just feels good to have total to aim for :A

PurpleMunchkin

thunderbird wrote: »

We set up accounts for our children when they were born and paid a small amount in each month for several years (too old to have trust fund). We then realised that once they get their hands on it it will most likely not be spent wisely!
Now keep savings in our names only.

Surely that just suggests you have not given your children a good grounding on how to spend money wisely ??

Sorry, should also add - Well done Redouble ! Good way to start saving for the kids !!

jokeyjo

i actually thing this is a great idea i have a jar for 5ps,2ps and 1ps and when its full we split it between the kids last year the youngest used it for spends for their holiday to butlins and oldest for his day out with school and for a game he wanted they had about £25 each so not bad for bits that would normally be put in the charity boxes

thunderbird

PurpleMunchkin wrote: »

Surely that just suggests you have not given your children a good grounding on how to spend money wisely ??

QUOTE]

To be honest, I would not expect an 18 year old to spend money wisely - how boring!
I would rather have some savings that we could use to help them with if need be.

meritaten

good plan hun - my silver jar netted me £89 last month (tho i do admit that if I hadnt raided it several times when short of bus fare it would have been over 100). I tend to empty my purse once a week and ALL silver goes into the jar - even any pound coins if I am lucky enough to have any. All found money goes in the copper jar - and I had about £18 in there - but that was only a few months worth as I gave it to two of the grandkids for holiday money (they had about £14).

building_with_lego

thunderbird wrote: »

PurpleMunchkin wrote: »

Surely that just suggests you have not given your children a good grounding on how to spend money wisely ??

QUOTE]

To be honest, I would not expect an 18 year old to spend money wisely - how boring!
I would rather have some savings that we could use to help them with if need be.

At 18 my then boyfriend spent his whole student grant (£1800) in 11 days... though he had some lovely jumpers and playstation games to show for it. (:rotfl:) Guess who had to sell it all at a massive loss to pay his October rent, then get his credit card out to pay in November and December... It was a steeeeep learning curve for him!