Advice for Children's Savings

BumptyN

I just wondered what advice you might be able to give me for saving for my children.

I want to put £10 a month into an account for each of my children (2) plus any gifted money - they are only babies so dont need the money and also the child benefit money we receive each month.

One question I have is ... as per most situations the first child (who is 3) will have received more money during the years of being an only child from relatives etc then the second or subsequent children will.

I wonder whether we should have 1 account for all our children and when we deem them ready we split the pot equally - if this is a good idea how would you do this?

If you think this is a bad idea and each child should have their own account - which accounts would you recommend?

Thanks!

xylophone

It sounds as though your children do not have JISAs.

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

https://www.coventrybuildingsociety.co.uk/consumer/product/savings/children/junior-cash-isa.html

wonder whether we should have 1 account for all our children and when we deem them ready we split the pot equally

If the money was given to child A then it belongs to child A - it does not seem to me correct to give it to a brother or sister.

If you and your spouse wish to add money to subsequent children's individual accounts to even up the amounts then that is up to you.

FatherAbraham

BumptyN wrote: »

I just wondered what advice you might be able to give me for saving for my children.

I want to put £10 a month into an account for each of my children (2) plus any gifted money - they are only babies so dont need the money and also the child benefit money we receive each month.

One question I have is ... as per most situations the first child (who is 3) will have received more money during the years of being an only child from relatives etc then the second or subsequent children will.

I wonder whether we should have 1 account for all our children and when we deem them ready we split the pot equally - if this is a good idea how would you do this?

If you think this is a bad idea and each child should have their own account - which accounts would you recommend?

Thanks!

Children with a long horizon are those most at risk of being damaged by inflation.

For that reason, a caring patent would seriously consider investing the child's assets, rather than letting them evaluate away as low-interest, below-inflation bank deposits.