Change Jar Challenge for Kids' Savings?

neneromanova

PurpleMunchkin wrote: »

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

Moment I turned 18 I had access to over £4k. I spent £2k in i think it was 3-4 months then mum took the rest off me before I spent that. They bought me up well and to spend money wisely, but being 18, you think this money will last forever. How Nieve I was. :rotfl:

As for the spare change, it's a really good idea. We've done it for ages now. Really should check how much they have to put in their accounts. I think any spare change that my parents have they will give to my kids for their accounts which is really nice of them.

Redouble

So it's quarter to 4 in the morning, I haven't been to bed yet, bloody insomnia! So I decided to empty the kids coin jar... I thought there was about £6 in coppers, turns out there was a tenner, a fiver, a fair few £2s £1s 50s etc
Over £70!

Am very chuffed with that,
I am going to figure out how best to deposit some of it as I am in town on Monday so might as well get some of it in there!

:T

Right, someone pass the sleeping pills?

victory

There is a thread somewhere about saving the coins in the jars challenge, I do that but rarely put the £1 coins in just copper and silver and it all adds up, we do raid it also for this and that so could be more but every penny counts:D

thunderbird

That's a good start Redouble - good luck!

daviecol

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.

Never a truer/wiser word spoken.

As the father of a 20yr son & 18yr daughter I can tell you that if you save for the next 10 years for them then hand it over they will almost certainly not understand how long you have saved for, and the amount of effort it has taken. And they will simply go straight to the shops and 'waste' it.

Do yourself a favour, save your coins for yourself. When your kids are old enough to earn their own money or get regular pocket money give them their own jars and suggest they save for themselves, they either will or won't but it'll be up to them.

By the way I admire your commitment to your kids, what your suggesting is very admirable, but speaking from experience all you'll be teaching your kids is that mam and dad are good at saving.

Redouble

I do take your point, however their 18th birthday present will be this nice lump sum of money, to hopefully use some wisely, but also some to treat themselves.
Then we have the 2nd accounts so that we can help them buy first car/driving lessons/towards uni, whatever. It will just go towards it and will help ease that rather expensive time of their lives

Xx

vesper

To tell the truth I would save it for yourself, I'm not saying being selfish. It's just that £10 now, even with the minimal interest of todays banks will be worth hardly a thing in comparrison to today (ie will hardly buy a thing).
My family put some money in a bank account when I was young (about £100- which was a decent amount then), I was given it when I reached 18 and to tell the truth it doesn't go very far. Not that I wasn't grateful, but perhaps it would be nicer to buy something of an heirloom if you want to buy them something that hopefully will increase in value with time.

Redouble

I may well do that with the 2nd account, (will have to discuss with the other half obviously) the problem lies with the trust fund accounts, where my eldest already has over £700 so I have to bump the others up to equal amounts (and I want too as well obviously )

Why did I have 3? :rotfl:

Redouble

*is aware she is talking to herself*

but it is helping me to type things out


I have figured out that if I put the child benefit we receive away from Feb until Oct then I can get the kids account onto an equal footing.
Obviously with the difference in ages I will have to rejigger it slightly but that means that I can forget about their accounts come October and concentrate on overpaying the mortgage.

I know many of you think I'm bonkers but I am pleased I have found a way that I can make sure my kiddies have money put aside. I don't mind that some may be used for frivolities, but I am hoping that they will gather enough sense as they grow to use some of it wisely :rotfl:

Redouble
Xx