Saving for your kids

chirpychick

My little boy is 11 months and he has an ISA - at the moment we are skint so I pay in £5 per month. His Christening money and "birth" money have gone in there. I will continue to pay in only £5 a month as at 18 that will be his account - his money to do with as he pleases, I figure he will get about 1,200 It will be expressed to him that it's to be used towards something "big" i.e car, uni etc

Also I have a separate account which his Birthday/Christmas money goes in and when our IVA is over I will put the £80 CB in there monthly. This money will be for a house deposit and he wont know anything about it until the time comes.

sassyblue

Mojisola wrote: »

Is it in his name?

No the nest egg isn't anymore, but the Halifax monthly saver is in his and mine as it needs an adult on it, we still pay into it for its good rate but move that when it rolls over after 12 months and add it to his nest egg (in mine and hubby's name kept separate)

His child trust fund we put into shares (and bonds?) But as that will go to him direct we stopped the extra payments. I couldn't bear the thought of him squandering any money.

Guinness-Cat

I'm considering a couple of buy to lets as a means of saving for our 1 and 2 year olds. Would probably be interest only until our main mortgage was paid off (~5 years) and then would get the paid back by the time they were 18.

They would be in our names - and either sold to pay for anything big they needed or they could live in them rent free when 18.

Has anyone considered this as an option?

moonbabe58

Being only very early on in my pregnancy I hadn't really thought about this until stumbling across this thread.

At the moment I am thinking of saving a nominal amount each month into a savings account in our name, then in later life when expenses occur like 1st house, wedding, car etc we will be able to gift our child money towards that.

Our parents have both done similar for us, which was lovely as it was something we didn't at all expect and the money went towards something worthwhile rather than wasted.

IHateDida

We are putting away £20 "pocket money" for our baby every month plus she's had some money given to her by her grandparents which is also in the account. Its in her name - a regular saver account - as its getting 4% interest (higher than my mortgage interest luckily!). Oh and she has a money box which we add the odd £1 coin to when we are feeling generous!!!!


We are "stashing" the family allowance into a separate ISA in our names incase we fall on hard times and need it, otherwise (and hopefully this will be the case) we are going to use it to take LO on a trip to Disneyworld when she is old enough to enjoy and remember it.

mysecretalias

When our baby is born in May my OH and I are going to open a savings account in our names, and the CB we get every month will go into there (and we will move around depending on interest rates etc). We aren't intending on telling the child about this until later on when they want to buy first car/house etc.

If we end up having more children, we will do the same for them with their CB's - but will make up the difference ourselves to match the first's CB amount (which will be manageable as only £10 a week ish difference I think?)

We are also separately going to open an account in our child's name for them to pay in their birthday and Christmas money if they want to. We might not do this until the child is a few years old though, as I quite like the idea of going to the bank with my child so that he/she can open their very first savings account 'by themself' (so to speak!)

GwylimT

We put child benefit straight into our childrens bank accounts, we don't have a set deposit each month, we simply divide our spare cash at the end of the move and put half in each of their accounts. I did this for my son when I adopted him, he used some to buy a cheapish car and he is using the rest as a deposit on a house/flat.