Only freedom will do

Luckyinlife

edinburgher wrote: »

I have a slightly more convoluted system, but the net effect should be similar. DD gets £2/year of age/week + any presents, random £1s from strangers (happens quite often in Glasgow!) + a share in any matched betting windfalls. Hopeful that it will be around £20k by the time she reaches majority, although most of it remains in our names for the reason that you stated.

I think that we do 'need' CB, as we have averaged c. £170/m on DD since she was born.

Ed i love that you always thinking about saving for DD :]

Once im all done i do need to up the savings on DS im doing around 1k a year for him currently which is more than he will need but as you say iv put it in an account in his name at 3% tax free they also told me i can take it out when ever i want before hes 16

edinburgher

Luckyinlife wrote: »

Ed i love that you always thinking about saving for DD :]

Once im all done i do need to up the savings on DS im doing around 1k a year for him currently which is more than he will need but as you say iv put it in an account in his name at 3% tax free they also told me i can take it out when ever i want before hes 16

We put some of DD's savings in a Junior ISA in her name with H@lifax. She gets 4% because I also have a cash ISA with them... with all of £1 in it :rotfl:

£1,000/year is very generous, but give some thought to investments if this money is for the long term

Debsnewbudget

Ed, when you get the part loans from FC do you go for the length of loan or the interest rate or bit of both ?

lulabelle1

Gosh reading this reminds me that i will need to move money around once DS1 reaches 16 and 18 as it's not in my plans whatsoever to let him get his hands on it at that age - quite simply, he would just buy xboxes and fizzy pop for all of his friends (and any strangers for that matter) until the funds have gone! (Reminds me...... he's even been a generous soul by helping strangers out with their bus fares on the school bus, although he promises me that they've each paid him back!!).

edinburgher

Debsnewbudget wrote: »

Ed, when you get the part loans from FC do you go for the length of loan or the interest rate or bit of both ?

The interest rate is my main consideration. My thinking is 'if I can get a loan for xx% now, it's reasonable to assume that I'll be able to get similiar when it finishes'. In addition to that, borrowers can pay off their loans early, so there's no security in terms of duration. If, of course, I could get identical rates for two loans, I'd take the longer duration one.

quite simply, he would just buy xboxes and fizzy pop for all of his friends (and any strangers for that matter) until the funds have gone!

That made me smile. DD will get her hands on the money gifted by family members and friends at 18, but her 'nest egg' will remain off books in case she develops a pony habit or similar

lulabelle1

edinburgher wrote: »

That made me smile. DD will get her hands on the money gifted by family members and friends at 18, but her 'nest egg' will remain off books in case she develops a pony habit or similar

Makes perfect sense.... with a normal savings account, I guess you can just withdraw the whole lot before their 16th birthday and transfer to somewhere "safe"..... How would it work with the JISA? I'm presuming parental access is different with this one?
It's becoming a little like askEd.com - sorry!

edinburgher

There is *no* parental access with a JISA.

Not quite sure about askEd.com, sounds a bit like a government website aiming to keep kids off drugs :rotfl:

lulabelle1

edinburgher wrote: »

There is *no* parental access with a JISA.

Not quite sure about askEd.com, sounds a bit like a government website aiming to keep kids off drugs :rotfl:

Hmmmm, that's food for thought, will have to mull that one over.
:rotfl::rotfl::rotfl: Re website...

Goldiegirl

edinburgher wrote: »

Not quite sure about askEd.com, sounds a bit like a government website aiming to keep kids off drugs :rotfl:

:rotfl:Or a site for people to ask about their embarrassing medical complaints! :rotfl:

Luckyinlife

edinburgher wrote: »

We put some of DD's savings in a Junior ISA in her name with H@lifax. She gets 4% because I also have a cash ISA with them... with all of £1 in it :rotfl:

£1,000/year is very generous, but give some thought to investments if this money is for the long term

Ya DS is 5 in jan so the plan was to get 5k earning 3% ish and then invest the 1k every year after that
You know when the times comes ill PM you haha