What do you do with your child benefit?

matchboxfull

Hey Obviously this is directed at families with children.

I was just wondering what everyone does with their child benefit.

Do you put it in a separate account and save it up for something? Does it all go on kiddy-related things? Does it just go into the pot with everything else? Does it 'belong' to one or other partner? Is anyone concerned about potentially not getting it for a future third child?

Or, for those of you who have a high earner in the household: do you still claim it and then pay it back? Where does it go in the meantime? Do you spend it and then recoup it later down the line? Do you have to pay it all back? Or have you just ended your claim for it?

Guest101

I'd suggest (just my view point) - if you don't need it, don't claim it.


So unless the answer is -it gets spent every month, I'd probably be slightly disappointed.

matchboxfull

Guest101 wrote: »

I'd suggest (just my view point) - if you don't need it, don't claim it.


So unless the answer is -it gets spent every month, I'd probably be slightly disappointed.

Sure, no I totally understand that. i was just interested in if/how people separate it from their other income.

I also think that maybe there is still a group of people who can afford to save it up for x, y, or z without needing to regularly dip into it.

We have to repay all of ours, but I'm currently still claiming because it's for three children and if for any reason our income dropped I worry we'd not be able to start a fresh claim for all three.

[Deleted User]

We stick it in the bank and wait until Jan 31st to figure out how much I get to keep. It gets used on the kids, paying for shoes, day-camps and other stuff that it's handy to have a pot of money to cover the costs from.

LilElvis

I've just repaid the amount I received for 2014/2015 by putting it on my husband's tax return and paying it back to HMRC.

The money goes into my current account and therefore forms part of the funds towards my sole payment each month, my credit card bill.

Gigervamp

When I was getting child benefit, it got put into the general household expenses pot.

Flugelhorn

I claimed it and then it went back to HMRC rather later on

earthmother

Mine just goes into the general pot and pays whatever bill comes next - much as I'd love to be able to keep it separate just for the kids stuff, that was never going to happen.

onlyroz

It goes into the general pot but nominally goes towards paying for the after school and holiday club. I'm pretty close to the point where I'll have to start paying some of it back and I've no idea how that works...

Lunar_Eclipse

LilElvis wrote: »

I've just repaid the amount I received for 2014/2015 by putting it on my husband's tax return and paying it back to HMRC.

This.

It gets paid into our current account and absorbed into everyday living costs.

Must remember to cancel it; I'm sick of paying it back, although it's sensible financially to have the money for the year.

DigForVictory

I can't afford to route money in that detail - they are teens, hungry 23 hours a day. I used to save it, but not anymore...