Do u save for your kids?

Lola888

My LO is 13 mths old and she has almost £2k. My parents wanted to help her in the future so they gave me £1k to put in a bank account for her. The other money was gifts from family when she was born, her first birthday and Christmas, plus Chinese New Year money (I'm Chinese so it's traditional).

She now has more money than me!!!

Now I am saving £100 per month for her in a regular saver. £81.20 Child Benefit which I top up to £100.

We are lucky as I don't have to pay childcare and both my husband and I work and bring in a good wage.

That might be an option to save your CHB or even just put away £5 a month per child?

Lola888

I forgot to say I also pay £25 per month into a Virgin Child pension for my LO. Hopefully when she is older she won't have to worry too much about her future as I expect by the time I retire I won't get anything.

Sally_A

Offspring had approx. £2000 mainly through grandparents, and a £10k inheritance when my dad died and she was 13.

We've never been rolling in cash, but since she got a Saturday job around age 16, I've never had to pay for her clothes etc, I paid for sports trainers (which could be £80-£100 a pair, as I don't want her to have ankle and knee damage, as I have), and also driving lessons, first car (£2k) and first years insurance (£1200), other than that, her money is hers to spend, I don't take housekeeping, as I managed to feed/home us all before she was earning. However, I am aware that she is not pi$$ing her wages against a wall, and in the 4 years she has been working has managed to stash away approx. £20k, after buying a new car (OK not brand new, an 06 plate, costing £5500 ish)and paying for it's upkeep ever since.

Like me, she loves a bargain - and never turns her nose up at a yellow stickered trial concoction for tea.

Bottom line - don't panic too much about saving whilst they are young, make them appreciate the value of money and don't pander to the latest costly gadgets that are a 5 minute wonder. If you can see you child saving once they start earning - let them, but don't charge housekeeping, as realistically they are no dearer to keep. If you think they are squandering their money, take housekeeping, but put it into a "secret" savings account for them.

redmel1621

We don't have much money, but I currently save £30pm for my eldest. He missed out on the government trust fund so I am trying to make up a reasonable amount for him, for when he turns 18. My aim is around £3000-£4000 to get him driving lessons/test and hopefully have a bit left over for a car/insurance etc.

Once he has turned 18 I will have a couple of years to top-up child number two's trust fund if need be, to get it around a similar figure (it may well be more already by then).

A friend has started pension accounts for her kids. I'm not entirely sure if that is a good idea or not but am planning to research it a bit.

wildswans

I plan to do so, yes, hopefully £100 p/m.

Lindy_-_Loo

I wish that we could afford to save each month. We used to put money into my sons CTF each month but have had to stop due to financial commitments.

The boys however do understand about saving their money for when they want things or wait until christmas or birthdays.

They probably have around £750 - £1000 each in their trust funds and a £100 premium bond each.

Really doesnt sound much when you write it!

tra_2

I save for my two boys. We set up accounts that they can only access when we give permission. We only did this as the money saved will hopefully be for university or a house deposit not a sports car! lol

I have always put the child allowance away for them on the basis that if things change then we can stop the payment. Luckily we have been able to continue using it for savings and I am really happy with what we have acheived so far. The boys are 8 and 5 and have £10,000 and £7,000 respectivley.

Spendless

I thought about this thread the other day when the statment arrived from my son's bank account. If we don't increase what we already put in, he'll have around £2k at age 18. Not a fortune, but something towards driving lessons or helping him when he's a student. I mentioned it to DD as she's younger and hers is spread amongst 2 accounts as she qualified for the CTF and added 'but it's to go on something sensible'

'huh' she replied 'that's what you think. I'm buying myself a pony'

Nice try, but she won't get the chance.:D

pukkamum

Nope, we live on a very tight budget and saving for the kids is just not doable, my mum didn't save for any of us, we got jobs as soon as we could and learned very early on that if you wanted something you earned money and saved it for youself.
I truly think this served me better than getting a lump sum for driving lessons etc.
We have 3 kids and to save a decent amount for them we would have to put a ludicrous amount of money aside.
My dh was given money saved for him when he was 23, he spent it on a car and a holiday it was gone in a month.

Spendless

I won't be giving out any money in a lump sum, but there is money available that's been saved that will meet costs that they come across when they move from child at home to completely independent adult. Niece had to borrow money from us for example last year as she started her PGCE as student finances hadn't come in in time for her accommodation.