Monthly savings for a newborn?

Kendall80

Therein lies the problem with such defined age limits. Not much changes between the age of 17 yrs 364 days to 18 years. Yet all of a sudden this individual can do all these things you mention.


There is also the issue of the difference between what the country/government/law deems suitable for your 18 year old and what responsibilities you as the parent deem suitable for your 18 year old.


Also - not all 18 year olds are equal in level of maturity.


Regarding mistakes - yes I agree we all continue to make and hopefully learn from our mistakes. However, those mistakes as we get older should not be related to our level of emotional maturity - as they often are when we are younger.

Eco_Miser

Archi_Bald wrote: »

What I don't understand is that people think/say their youngsters aren't ready to deal with money at age 18, whilst at the same time these youngsters are deemed ready to e.g. die for their country.

I think they are saying their children may not be ready to deal with the sudden large amount of money that will result from 18 years of savings.

That's after 18 years of their influence.

When I was 18, I was deemed old enough to die for my country, but not old enough to vote. Was I capable of handling money - well I left Uni with more than I entered, but I didn't have significant cash - just a term's worth of living expenses.

atush

my 3 boys were vastly different with money at 18 with one spending a lot, one spending very little, and one in between. They were all parented/taught the same.

They are all better now though, with all 3 scrimping either to save or at university to make their money go further.

Kendall80

atush wrote: »

my 3 boys were vastly different with money at 18 with one spending a lot, one spending very little, and one in between. They were all parented/taught the same.

They are all better now though, with all 3 scrimping either to save or at university to make their money go further.

My 2 boys are still in single figures but already they are displaying marked differences in character, maturity and ability despite having a stable, identical upbringing (disregarding genotype for simplicity ). Of course the younger has had the older to play with/learn from.


Its because of such uncertainties that I reversed my plan to invest fully in their JISAs instead opting to use the wifes ISA allowance. I'm happy for them to have 4-5k in their own name when they are 18 (first car fund maybe) but they'll be washing my car and painting my fence if they want any more

kangoora

Well, my 2 boys both seem to be reasonably sensible but when I think back to when I was 18......

Every penny of my wages (after living costs which were minimal) went on booze, women, parties, fags and holidays with a bit spent on clothes - I think the only common vice I missed out was drugs . I had a motorbike for transport and splashed out on a TV, video player and home computer - my total assets.

Small wonder I'm keeping my kids nest-egg firmly under mine and my wife's control until they can prove to me they are responsible - it took me until my late 20's when I met the current Mrs. Kangoora

Whilst I may have missed out on investment opportunities, I had a whale of a time, from what I remember of it

AnnieMags

This thread seems to have been 'hijacked', dealing more with what age maturity kicks in rather than the advice the poster asked for - what account to save for their child in. Anyone? I am not in this situation myself, so cannot offer advice - just thought it might be an idea to get this post back on track.

Kendall80

kangoora wrote: »

Well, my 2 boys both seem to be reasonably sensible but when I think back to when I was 18......

Every penny of my wages (after living costs which were minimal) went on booze, women, parties, fags and holidays with a bit spent on clothes - I think the only common vice I missed out was drugs . I had a motorbike for transport and splashed out on a TV, video player and home computer - my total assets.

Small wonder I'm keeping my kids nest-egg firmly under mine and my wife's control until they can prove to me they are responsible - it took me until my late 20's when I met the current Mrs. Kangoora

Whilst I may have missed out on investment opportunities, I had a whale of a time, from what I remember of it

Before and during Uni was indeed a whale of a time


I don't want to stand in my boys way when it comes to enjoying their youth (they'll only have it once). In fact i'll try to encourage a little bit of youthful abandon. However, that doesn't mean I should fund such revelry.


I got old so fast - where'd my 20s go?

Kendall80

AnnieMags wrote: »

This thread seems to have been 'hijacked', dealing more with what age maturity kicks in rather than the advice the poster asked for - what account to save for their child in. Anyone? I am not in this situation myself, so cannot offer advice - just thought it might be an idea to get this post back on track.

My apologies. You are of course correct. I think in this case the OP got a pretty good response to his query. Some opposing viewpoints and a healthy debate right up 'til the last few posts.

xylophone

https://www.gov.uk/junior-individual-savings-accounts/overview

http://www.moneysavingexpert.com/savings/junior-isa

For the OP's information - might like to hedge bets by opting for both a cash and a stocks and shares JISA.

Best rate on cash is still the Halifax JISA (4% if the responsible parent also has an ISA with them).

http://www.halifax.co.uk/isas/cash-isas/junior-cash-isa/

The OP should be aware of the £100 rule relating to interest on money given to their child by parents outside tax privileged accounts like JISA.

https://www.gov.uk/savings-for-children

atush

Kendall80 wrote: »

My 2 boys are still in single figures but already they are displaying marked differences in character, maturity and ability despite having a stable, identical upbringing (disregarding genotype for simplicity ). Of course the younger has had the older to play with/learn from.


Its because of such uncertainties that I reversed my plan to invest fully in their JISAs instead opting to use the wifes ISA allowance. I'm happy for them to have 4-5k in their own name when they are 18 (first car fund maybe) but they'll be washing my car and painting my fence if they want any more

To be fair the one twin who spent the most at 18 was the one who ran his own micro business at School selling student US sweets so he felt he had earned it so he spent it. Now he is skint so he shops carefully, ccooks from scratch etc so he can affor d afew pints now and again lol. So they do learn.

The other twin earned almost 3K this summer and spent a few hundred on setting up his room at uni. But now agonizes over each spending decision as he watches his balance fall.

the eldest has a good graduate job, lived at home for 18 months or so, now has moved out, He saves every penny he can and is over the 20K mark and doesn't want to come on t he fam holiday to the US this year as he is expected to pay for his ticket. Basically he can't stand spending much either lol.