Childrens Savings for twins!

jonnyb

If you are keeping it in your names, have you both used your full isa allowances ? If not then use them for tax free savings / investments.

For example, my wife would not use her full isa allowance, so we use hers to save for the boys - £100 per month between 2 of them, into a stocks and shares isa.

rpc

I have twin baby girls (and their toddler brother) and we don't currently have anything specifically saved for them.

At the moment, all our savings are going into our own ISAs and most of the rest of the money is either recovering from the expense of twins (we bought a new car to fit them in) or going on home improvements. We also have our other car to replace in the next 6-18 months. We also have my wife's mat leave to pay for!

Once all that is out of the way, I plan to save into some investment trust savings plans as others here have done. For long term investments, don't use cash. These will be held in my wife's name so that we have control and the only additional tax liability will be CGT as she will be a basic rate taxpayer until we give the children the money (I won't be). I will probably also start a small pension for each of them.