Hope is not an Effective Financial Strategy

shangaijimmy

Right new month and new focus! After previously threatening to I'm definitely going to send my TT pot across to the mortgage every Sunday morning! No matter how big or small!

There I've said it, so I'm now accountable! This week it'll be about £3!

I've also attempted a mini forecast for the month, remembering my goal is £600 OP so I want to see how achievable it really is! My figures look pretty good and I think for normal monthly stuff I'll hit £580. But then it's a month with no council tax so that'll get thrown at mortgage to give a huge £757!

So exciting, shame there's 24 days to go...!

shangaijimmy

Oh I do have some financials to report. Long story but I'll try to be brief.

DS1 was born during a labour government and so got the £250 cheque to invest in a trust fund, which we did. Now as that money goes directly to DS1 I don't add to that just to safeguard him blowing it on tattoo's. Instead I save into a separate account intended for University etc...

Now DS2 was born in a coalition government so didn't;t get the £250, but to be fair to him we put the same amount into an account when he was born.

Well I've just done the same for DD. I stress that I won't add to these accounts and what they get when it matures is purely for them to spend as an 18th present!

I now just need to nip into the bank and open DD's savings account. I can't use Halifax as my parents take the 8% accounts for all their grandchildren (lucky our 3 and sisters 2 I say) as they save more than we do! The other savings accounts are very much of a muchness so I'll open in the same place as the boys so they're all together and I can see them when logging into the same account!

diamondsonly

Hi SJ we have done similar with our kids and kept the amount we save for them the same. Preventing then blowing the cash at 18 is why we no longer pay into a junior Isa for them too.
I've not heard of a 8% halifax account, is that open to all?
I hope baby SJ is less snotty poor thing. Although as you say it's inevitable with 2 older brothers in school x

shangaijimmy

It may well be less than 8% now to be honest. Halifax kids reg saver, generally at the top of best buy lists.

debtfreeoneday

Mine got the £50 and I'm adding nothing to it, as you say, it'll buy them a few drinks when they are 181

Moneyfordreams

We didn't get the £250 with our girls.. but we saved £10 per month for each of them. When DD1 was 18 she had an apprenticeship there was around £3000 for her, so she got a cheaper car and insurance.. she still has that now 4 years later. DD2 has £3500 for her uni fund. Her uncle gave her £1000 to add to it and we will add to it this year. By the time she (hopefully) goes to uni in September she will have about 5K to support accommodation or cost of living..

ourcornercottage

We have saved minioccs child benefit since the day he was born in an account topped up to £100 per month. We though only have one child so its a whole lot easier as we have a lot less expenditure. All I would say though is even if you could afford £10 per month in total it really adds up over time with compounding.

He knows nothing of this and I plan to put into at least a 2 year bond or similar just before he is 16 so that he cant blow it in the silly 16-18 years!

Also I have a mini confession that I am in the process of opening him up a stakeholder pension paying in £20 per month. I know that this might seem a little sad but with the compounding it will be a decent amount by the time he's retirement age and he shouldn't need to be working into his 60's like we will be.

My parents did nothing for me at all and I am determined to give him a bit of a safety net whilst not spoiling. I know some of you will think I am crazy, well that's your opinion!

diamondsonly

Hi OCC I don't think that's sad at all..in fact it's inspired me to look into similar for the little diamonds. We save a set amount for them each month but until a couple of weeks ago didn't have a regular saver acc for them.
Thanks SJ yep halifax reg saver is still best buy at 6%.

shangaijimmy

We put away £30 per month for each of them, plus any surplus from birthday envelopes when we think the can't possibly need anymore polo shirts! I'd think that by the time they hit 18 we'd have about £5k for them, and the plan is for uni type stuff.

I also put £15 per month for each into a miscellaneous pot for school trips, decorating, new bed, new batch of clothes when they've grown 4 inches in 2 weeks etc... That way any expenditure can be part found at least.

Our kids are extremely lucky as nanny and grandad also pay into an account for them, but as yet we've never been to cod what the intention is for. I presume uni, or school holidays, or laptops for schooling etc... But dare not ask!

ourcornercottage

That sounds fab, lucky kids. Miniocc depends on us and doesn't get anything from the GP's except the odd item of clothes (that usually doesn't fit as its too small!)

Sometimes my parents surprise me with how little they help me out, not that I need it but they never did when I did need it either. I'd say they're not exactly skint so that's not the reason. I just don't think it occurs to them. During my uni years they gave me £10 in 3 years! I hope to do better than that for Miniocc so he can enjoy it a bit rather than have to work all the time like I did.

Currently we buy all of minioccs stuff from our personal spends budget but I'm encouraging the BF to start doing it more your way. He was reluctant last time I asked but will suggest again.