Savings for Foster Child

ali2908

Hi everyone,

Myself and my partner are rapidly trying to catch up with the financial world open to todays young people. Unable to have our own children we decided to foster and to cut a very long story short, now have two amazing children who have been with us 2 years. They will both be with us until they decide otherwise and with everything else that needed sorted (it really did take two years) we are now at a point where we need to apply serious thought to their financial future to make the most for time lost.

We have been saving a small amount for them each month over the past two years which is now held in their own names, as for the first 20 months we were unable to open bank accounts for them.

Our main priority just now is our 16 year old who hopes to go on to uni/collage when the time comes (exam results on the 8th of August here in Scotland). We are now at a point where they have about £1000 saved and our thought is to open a Help to Buy ISA in their name to take advantage of the 25% bonus when the time comes for a house purchase.

We will continue to save adding to this and from August, our 16 year old will begin to receive EMA (Education Maintenance Allowance). This is a payment of £30 per week for staying in Education. Part time employment will also further increase the balance with myself and my partner agreeing to fully support them financially allowing any money earned though employment to be saved for the future.

Looking for thoughts, ideas, opinions on the plan or even new suggestions as to how we can really make the most out of the relatively short time we have.

Much appreciated - and apologies for the long story!