Saving for your kids

Claree__x

What does everyone do with regards to saving for their kids?

I have a 12 week old daughter and we have a savings account for her. I pay in £5 per week and £20 at the end of the month and we've put her christening money and money people gave us when she was born into it also.

My husband thinks this is quite a lot but we don't notice it going out of the account and I'm keen to have money put away for her 'cause no one did for me.

chelseablue

I think what your doing is lovely

My first baby is due in May, I quite like the idea of saving the Child Benefit we receive into an account for them

If we can afford too of course.

Any Christmas/Birthday money will be put in their account (with Mummy keeping the book/card for the account of course )

Metranil_Vavin

We have childrens ISA's for both my son and daughter.
All birthday/christmas/christening etc money goes in and once I go back to work and we are a bit less financially strapped, we will start making regular monthly payments into both again.

Mojisola

Claree__x wrote: »

My husband thinks this is quite a lot but we don't notice it going out of the account and I'm keen to have money put away for her 'cause no one did for me.

Is the money in her name or yours?

If it's in her name, she will be able to do what she wants with the money when she gets to 18.

If you're envisioning it all being spent wisely, how will you feel if it all gets spent on wild parties, drink or drugs?

Claree__x

Mojisola wrote: »

Is the money in her name or yours?

If it's in her name, she will be able to do what she wants with the money when she gets to 18.

If you're envisioning it all being spent wisely, how will you feel if it all gets spent on wild parties, drink or drugs?

Her name.

Once she gets to 18 she's an adult and can do what she wishes. I hope she'll make the right decision but if she doesn't there's not a hell of a lot I can do about it

Metranil_Vavin

I guess if she does decide to spend it all on wild parties and men..the least she can do is invite you along!

Kayalana99

Claree__x wrote: »

Her name.

Once she gets to 18 she's an adult and can do what she wishes. I hope she'll make the right decision but if she doesn't there's not a hell of a lot I can do about it

I wish my mum had waited until I was 21 tbh. At 18 you can go out drinking and partying and money goes fast...by time I was 21 I was moved out and pregnant with my first.

18 might be a 'grown adult' but I will be keeping my savings for my kids for their first house rather then just giving them a cash sum to waste like I did,

Mojisola

Claree__x wrote: »

Once she gets to 18 she's an adult and can do what she wishes. I hope she'll make the right decision but if she doesn't there's not a hell of a lot I can do about it

What does her Dad think about the possibility of all that money being wasted?

Metranil_Vavin

I got given some savings to manage when I turned 18, and I used them for a deposit on my first flat when I was 26.
It wouldn't have made any difference to me if I'd been given them at 21..I'm far too sensible for my own good.

building_with_lego

We save every month for our two, moving it around in order to maximise interest earned (this is hard work these days :rotfl:). I'm aware of the potential risk of them getting thousands of pounds at 18 so I anticipate that we'll give them one thousand then and see what they do! If they plss it up the wall we can hang onto the rest for a while until it'll get used for something that we consider worthwhile: driving lessons/ car, house deposit, gap year around the world etc.

ETA: I was 23 when I was given my several thousand pounds and I still plssed more than half of it up the wall.... The rest did make a good kickstart to my now almost obsessive saving habit though.

Claree__x

Mojisola wrote: »

What does her Dad think about the possibility of all that money being wasted?

She's 12 weeks old, I doubt he's even considered it!