SAving Up for Kids When They Go to Uni

PinkLady

Hi
Not sure if this is the right place to post this..... I am looking to save up for when my child goes to uni - but am not sure of the best way to do it - and how much I should be looking to save?
I would be grateful for any help.
Thanks

melancholly

well if you want to save for them, save as much as you can without making life difficult for yourself!.... you could open a savings account in their name and put regular money in it for them, maybe get an ISA going so that you can get money in them before the amount you can put in each year is restricted?

the savings and investments board will probably have people who could give the best recommendations on specific accounts

Voyager2002

However, I think it more important to 1. ensure that they get the best possible education while at school (so don't hesitate to use savings to get them extra tuition if they need it, equipment, or whatever to support their school work); 2. teach them good habits of budgeting and money management so that they will be able to manage on whatever finance is available to them when at university.

tr3mor

How old is your child at the moment?

The best thing you can do for them before going to uni is teaching them to be independent and making sure they know the value of money.

I wouldn't specifically save then give them a lump sum when they start uni. Some kids would see this as money to spend on beer in the first term, my girlfriend on the other hand hasn't used any of her savings in funding uni, in fact she has got a job and saved more while here.

Obviously having some money set aside for a rainy day is always a good idea, maybe it would be wiser spent helping them when they want to start up a home though - you don't get cheap government loans for that!