We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Locking money away until child is 25?
Comments
-
Thanks to all who have contributed - in particular the last several posters who have pointed me in the right direction - its a whole new area that I hadn't looked at in any detail prior to this somewhat unexpected, but very welcome arrival.
I've a few months yet to do my research. . . just want to get them off on a sound financial footing.
Just need to figure out how to be a parent now!0 -
Set up a pension - that way your kid can't touch it till they are 55 at least
Also if you save say £1k/yr for say ten years they will have a fantastic pension pot and may not need to ever put any more money into it themselves -compound interest is great in it!
fj0 -
junglejame911 wrote: »That's the other option - I just thought for tax reasons I would explore the options of saving/investing in my childs name.
Do you use all of your ISA allowance every year? If not then investing the balance remaining would give you full flexibility.Remember the saying: if it looks too good to be true it almost certainly is.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.6K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards