Do u save for your kids?

wiggywoo9

I've got 2 sisters and my mum split from my dad (not married) when I was around 6. I've got a savings account with £1500 in it now that she saved up for me, with roughly the same for my sisters (and I'm nearly 21 now).

I've never touched it and to me that seems a lot of money, with you all saying you'd save £20,000, that kid would be very lucky indeed!!
I never had expensive clothes (ASDA or market for clothes) or expensive food (Smartprice) nor had even driving lessons or anything and I only realise now what a low income we were on compared to others! I seriously thought we were middle-class at school cos we had a caravan (2nd hand) and a very nice 3-bed new build home (HA).

My 2 year old and I have a HA maisonette, we eat well as it's just us two and I just finished uni. I only have £300 in savings in total, thats including emergencies and for my son! So I'd say sure, save what you can, but bear in mind the hundreds of people who can only put away £5 a week- it feels very degrading to realise I've got little to nothing towards a mortgage in the future and only a tiny amount for my baby!

Spendless

Both my children's accounts have a parent as trustee. I'm on daughters, husband on sons. On a couple of occassions we have allowed son access to the money in order to buy a big item. The only person who has signed for the money to be withdrawn has been hubby. If we wished to we could close the accounts and move the money into another one in our own names, though as mentioned earlier we'd be questioned if there was enough in and it was thought we'd been avoiding tax. Whether you can ask the same bank to move the money from account x to account y I've no idea.

cabbage

Hi

I bought savings policies for both my kids using around half of the child benefit. Tbh I would have been better off putting it a savings account and earned the same in interest.

It allowed them both to buy a safe and reliable car and pay for some/ all the insurance with help from all their birthday and Christmas money they received.

Using insurance was a phapff as the mature at a set date and you have to wait for the money to come through.

Having them out on the road driving on their own is scary enough but at least they are protected by the safest car they can afford.

lowlitmemory

angeltreats wrote: »

This doesn't sound right at all, I agree. Pretty sure someone has their wires crossed here, possibly the Lloyds employee, but there is no way you can take money from an account in a child's name (or an investment designated to the child, like a unit trust) and move it into the parents' name.

I did think it sounded a little wrong but it was written (although not very clearly) on the website and verbally confirmed at the bank. We are not going to steal that money, it WILL go to my son when he needs it, although the bank only has our word for that!

Well, either way, there won't be a lot in it even if he does have access from 16/18, and then if at a later date we are able to give him money from our own savings then that will be entirely up to us.

lowlitmemory

Oh, also, from that same link I posted earlier it says: "You can withdraw money from the account whenever you like without losing interest." I wonder if there is anything to stop a parent withdrawing the money and then re-banking it into their own account?

Bluemeanie_2

I'm hoping to save £5 a week to start with for my baby, plus top it up with any money given from family. I also intend to do things like, come this Christmas my baby will be only 3.5 months old and won't remember. So will be leaving all the present buying to family and friends. Will just add the money I would have spend to the account. Might ever do that up to third Christmas as they'll just get so much off others.

Spendless

lowlitmemory wrote: »

Oh, also, from that same link I posted earlier it says: "You can withdraw money from the account whenever you like without losing interest." I wonder if there is anything to stop a parent withdrawing the money and then re-banking it into their own account?

No there isn't. As I said above we have allowed our son to withdraw money on a couple of occassions to buy or put towards a large ticket item. Husband who is son's trustee signs for the money out. Son hasn't even been present. There's nothing to stop us then physically taking the money and paying into a savings account that's in our name.

flyingmamma

So many good saving ideas... I really liked the thought of paying mortgage off early then hav more cash for kids savings etc. I have decided to save a small monthly amount in kids isa to help with driving costs and uni! I am also determined to save for myself in an isa as this will help the whole family.

nat21luv

I am one of 3 children and none of us received a penny from our parents. We didn't expect it but my parents were quite well off, we always had the latest gadgets, new car but no savings put by.

Now 27, I have a 9yr old and a 3yr old. My best friend is also 27 with no children but her parents gave her £20k towards a deposit and then went halves on her mortgage! I would love to be able to give my two something like this, I wouldn't go halves on a mortgage, thats spoiling them, but I would love to give them the help I never had. I'm currently saving for a deposit on our first home, just the three of us, £30k needed!

I have been saving £50pm for my eldest since he was 3 and my youngest gets £20pm and I've been saving since she was born. I won't give them the money until they are 21, or possibly later depending on their maturity and stage of life. Wouldn't want to hand over £20k to a 21 yr old who will waste it drinking and on clothes! I really want to give them the best start to adult life and feel im making good tracks as a single parent.

My children have different fathers and my sons family are quite wealthy and I know they are putting a substantial amount away for him. Whilst I should be happy, I can't help feel that they will out do me.

lambanana

I am putting away what I can when I can plus birthday and Christmas money. She has a standards savings account and a junior ISA, my mum always puts away a few pounds a month into the savings for her as well. I'd not really thought about the possibility that she could just blow it all when she turns 18, I hope that she will be more sensible than that and we'll bring her up valuing money but who knows. The money in there is hers, not mine.

We can't put away loads at the moment though as her monthly nursery fees are only slightly less than our mortgage! As soon as she's at school and we aren't paying that we will use the money to overpay our mortgage in the hope we will come close to having it cleared by the time she goes to uni (if she does) so we can help her financially then and possibly help with a house deposit. I do want to be able to help her, both mine and my husband's parents helped us with our deposit to buy her house for which I am immensely grateful and I would love to be able to do the same. Husband and I are both only children and she's likely to be the same as she was an IVF baby so as the only child and only grandchild she is likely to get a lot of help.