Are you saving for your child?

James_B.

Mimi_Arc_en_ciel wrote: »

Sorry to be "nosey" - I just wondered how much you intended to save for your children?

My aim was to give each of my girls £10k (not in a lump sum!!!) when they became adults to do what they want with - I'd hope for a car / travel / something sensible but I also appreciate it's theirs to do with as they please.

How much do you plan on giving your child(ren) ?

No. I don't think that I'd be doing my children any favours by handing them money as an adult, so they'll get a lift to their first job, or university, be waved off, and then have to find their own way.

Instead of money, I'll do my best to make sure that they have the very best start that they can have in every other respect, but money, if they want it, will have to come by their own efforts.

In_For_A_Penny_2

James_B. wrote: »

No. I don't think that I'd be doing my children any favours by handing them money as an adult, so they'll get a lift to their first job, or university, be waved off, and then have to find their own way.

I agree, I think a lot is to be said for having to learn the value of money - I did my fair share of "less desirable" jobs when I was young. A summer flipping burgers does no one any harm. . .

quidsy

Where's the eye roll smilie!

I'll be giving mine all the favours I can. The world is hard enough and the options are getting smaller. Saving for your kids future doesn’t equate to them not getting part time or holiday jobs or means they wont understand the value of money.

Mimi_Arc_en_ciel

Sorry I haven't replied sooner - haven't been about


I wasn't given money but I have been given so much (House, car) - I'm not going to be in the situation that I can do that for my kids so they are having some savings.


And although I was "spoilt" - I still had some horrid jobs at college!

James_B.

quidsy wrote: »

Where's the eye roll smilie!

I'll be giving mine all the favours I can. The world is hard enough and the options are getting smaller. Saving for your kids future doesn’t equate to them not getting part time or holiday jobs or means they wont understand the value of money.

Which is fair enough, but I genuinely don't think I'd be doing the right thing (for them) by handing them a pot of money. I think it distorts priorities, values, and work ethic, and would not wish that on them.

To some extent, I think it is as corrosive to them as we see that carelessly taken debt can be. Not earning money before spending it gives you a strange relationship with the stuff, and I want them to go from (hopefully) feeling that elation at the first pay packet through a Saturday job or a paper round to the satisfaction of stepping into a home that they've saved up a hefty deposit for, or buying a car with savings.

boglehead

Goal to max the Junior isa every year until my 1y/o reaches 18.
Hoping she will be sensible enough to use it to pay for uni or use it for a deposit for a house/flat

artparcell

I am saving for the education of my kids and not on any material things. Because I believe that their education is a treasure than cars, gadgets, etc. That's what my parents do when I was a kid, and I am doing same for my children. :money:

racing_blue

Keeping a light digital footprint...

This post is quite old, and as it contained personal info, I have deleted it for security.

PM me if you would like to know what it said or discuss any aspect.

DigForVictory

I'd love to have enough to save for a lump sum for the lads, but doing the maths, not only am I dripping the money for their Christmas into their accounts but also when they need to apply for bursaries etc, it'll be blinking obvious there is no lump sum.

As for a car, the eldest's epilepsy has become much less well managed so hopes of driving are receding.
Crummy jobs make you appreciate the interesting ones.

lippy1923

I'm saving in my name for the majority of my sons money as I don't want him to spend it all on holidays and girls when he turns 18.

He does have a JISA though which hopefully will have a few thousand in and he can do what he likes with it then.

The money I'm saving in my name will be use for his house deposit most likely.