New Baby Savings?

barrettefc

Hi all,

We've recently had our first child, a beautiful little girl who is 11 weeks old.

We'd like to start saving for her for when she is 18/21.

Havent a clue where to start though? I'd like to be able to add in different amounts each month when we have spare cash but I'd like it to be untouchable until she reaches 18/21.

Are there accounts out there that will allow me to move the money depending on the latest interest rates?

Never really saved before so sorry if these all sound like simple questions lol

Alistair31

Over that time period you should be investing, rather than saving.

[Deleted User]

Hi,


agree with above, over that period of time drip feeding into a fund will be better than a savings account.

Alistair31

This might be a starter for 10.

https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-junior-isa

Albermarle

Never really saved before

It is good that you are thinking about your new daughter's future.
However I would think that her parents having financial security over the next 18 years was more important than some kind of nest egg for her , so the above comment is not that positive .
You should think first about having your own savings/emergency fund . As she grows up , she will cost money and you might have income/job problems.

cloud_dog

barrettefc wrote: »

Hi all,

We've recently had our first child, a beautiful little girl who is 11 weeks old.

We'd like to start saving for her for when she is 18/21.

Havent a clue where to start though? I'd like to be able to add in different amounts each month when we have spare cash but I'd like it to be untouchable until she reaches 18/21.

Are there accounts out there that will allow me to move the money depending on the latest interest rates?

Never really saved before so sorry if these all sound like simple questions lol

You need to think if you will be comfortable with the monies belonging to the child and become their responsibility at age 18 (16 in Scotland)? Money in a bare trust account or a JISA fall in to this category.

fiisch

Congratulations!

JISA; Vanguard JISA; invest in Vanguard Lifestrategy 100 Fund. Job done.

Have done this for our nearly 3 year old, and will do the same for our second.

barrettefc

Many thanks for all your replies. I'll have a look at all your suggestions. It's not going to be a huge amount each month, maybe something around £30 as a minimum and add more as and when we have spare cash.


Although I said I have never really saved before I mean that in the context of ISA's and Savings Accounts etc. We make overpayments on our mortgage and have very little debt.