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Savings for my son
st3w4rt
Posts: 38 Forumite
Hi forum,
I put away £100 a month for my son last year with Halifax young saver.
I plan to continue to put away £100 a month for at least 10 years and add it to what he has already.
Where would be the best place to put the £1200 and the monthly £100s?
Thanks a lot.
PS I have read load of the guides but I still can't quite decide what would be for the best.
I put away £100 a month for my son last year with Halifax young saver.
I plan to continue to put away £100 a month for at least 10 years and add it to what he has already.
Where would be the best place to put the £1200 and the monthly £100s?
Thanks a lot.
PS I have read load of the guides but I still can't quite decide what would be for the best.
0
Comments
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Does he have CTF/JISA?0
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Time is on your/his side, as xylophone said, you should consider investing on behalf of your son in a JISA."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2025 - #024 £1,450 / £15,000 (9%)0 -
It might be worth keeping some of the savings in your name in case your son isn't money savvy at 18 - it would be awful to see all that money wasted in a couple of months of wild spending.0
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Thanks,
I'll look into those options...
We plan on him using it for university or part of a deposit on a house when he's old enough!0 -
Depending on his age you may want to look into investment options rather than savings. Over the long term they are likely to beat inflation unlike cash.Remember the saying: if it looks too good to be true it almost certainly is.0
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This is what you may plan for him using it on but legally the money is his and he may do with it as he chooses.We plan on him using it for university or part of a deposit on a house when he's old enough!
Please give plenty of thought to Mojisola post. It doesn't have to be all or nothing.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0
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