Do u save for your kids?

flyingmamma

Apart from several money boxes filled laying around the house only our eldest dd who had gov £250 has a saving acc. I hav been worrying about family lack of savings for a while.... What is the right amount to save if u hav 3 kids and aren't rich? Is anything better than nothing?my parents never saved for me and at times ... Uni and starting work I struggled to feed myself!we hav a comfortable lifestyle. .. We don't hav or want loads of belongings or luxury items cud afford £50 per child a month. Just wondered wht others do?

Kayalana99

I got 3k from my Mum and my sister got about the same.

I *plan* on savings 20k for my two kids...(10k each towards a house deposit etc) god knows if Ill achieve it but considering one of them isn't born yet going to try...so far I have £76 ...

My idea is that if I start now the interest will be over 20 years or so .. the more I save now for them the easier it will be...to bad we don't have the spare cash to put £50 away for them atm

J/w how old are the kids now?

fluffysox

I have a nearly two year old and at Christmas and birthdays I have put money from relatives and from us into Bonus bonds (Post Office). This is instead of spending lots on toys and clothes as family all buy him gifts and there is only so many toys you can fit in one house. Also we have bought secondhand toys and clothes and been given clothes by friends anxious neighbours. The savings I use to overpay on the mortgage. This way his birthday money is his when he's old enough to appreciate it for driving lessons or university or whatever but he doesn't get free rein over my hard earned cash to waste on beer and girls when he hits 18. By saving in our names / paying off the mortgage we will be more able to support him as needed when he is older.

sulkisu

I think something is definitely better than nothing (as long as your bills etc are being paid), and £50 per month is a good start.

I do save for my three - we manage £150 per month per child. They each have two accounts - one which is basically our money which we are saving for their long term future (e.g. deposit on a home, university etc) and then a second account which holds money which has been given to them for birthdays, Christmas, etc. I also save my 20p and 50p coins for them - current total £107. I grew up in care from the age of 10 years, so literally had nothing and no-one to fall back on in my teens and early twenties and I suppose that left me determined to ensure that my children have something.

flyingmamma

Kids are nearly 4 ,2 and 11 wks I would love to save 20000 for each by the time they 18. My husband is saving for college for them ... I really liked the driving lessons idea from birthday money! I struggled to pay for my lessons all 40 of them as I was rubbish!

notanewuser

flyingmamma wrote: »

Kids are nearly 4 ,2 and 11 wks I would love to save 20000 for each by the time they 18. My husband is saving for college for them ... I really liked the driving lessons idea from birthday money! I struggled to pay for my lessons all 40 of them as I was rubbish!

£20k in 18 years will cost you at least £100 per child per month.

janninew

Me and my husband have a direct debit straight to our daughters account for £100.00 per month. We also put any extra in that she gets, she is 16 months now and has around £3000 saved. She is and will stay an only so we can afford to do it, plus the way things are going with the economy she'll need plenty of help in the future. I've always saved whatever I can afford.

flyingmamma

Been doing the math... As they say and I would need to save £100 per month per child .... Not sure that's doable at the minute .... £50 wud equate to £10000 by the time they r 18.... Doesn't seem like much but it's many years of effort! I think this is why I hav never liked saving! Im gonna start with £50 and see how we go! Thanks for all the feedback !

Kayalana99

flyingmamma wrote: »

Been doing the math... As they say and I would need to save £100 per month per child .... Not sure that's doable at the minute .... £50 wud equate to £10000 by the time they r 18.... Doesn't seem like much but it's many years of effort! I think this is why I hav never liked saving! Im gonna start with £50 and see how we go! Thanks for all the feedback !

It doesn't seem like much after all that saving but belive me they will appreicate it..I also don't plan on giving mine to the children when they are 18 but more when they want to buy a house...I doubt (although is possible) they would be buying a house at 18 anyway so you would have longer to add as well if you did it that way.

FYI: I had 3k from Mum and a 2.5k inhertaince when I was 18...All gone by time I was 19 -.- And I said I was good with money..tbh I did buy a car out of it for 3k and insure it which I later sold to buy a cheaper car and insure that for a year...idk.

I like my way better tbh as they dont get the chance to dwindle it away like me and my sister did.

flyingmamma

That sounds like a good idea , does that mean I should save in my name? If I put it their names they will have access when they reach 18 automatically? I was thinking of a small isa in each name and I'm going to try and save my max tax free every year in my name.... Not sure if I will manage as I am a non saver .... Since having kids I hav really changed my spending ways!

notanewuser

flyingmamma wrote: »

That sounds like a good idea , does that mean I should save in my name? If I put it their names they will have access when they reach 18 automatically? I was thinking of a small isa in each name and I'm going to try and save my max tax free every year in my name.... Not sure if I will manage as I am a non saver .... Since having kids I hav really changed my spending ways!

No, if you do it in their names you won't pay tax on the interest, and they will get access when you give it to them.