Too late to save for the kids?

We've never been thoughtful with money, but 2024 is the year I want to change this.  Is it too late to set up savings accounts for the kid (13 and 10) ?  How do we make the most of what tie we have left?

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  • george4064
    george4064 Posts: 2,793
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    Top savings accounts for children: https://www.moneysavingexpert.com/savings/child-savings-tax-free/

    Junior ISAs (cash or stocks & shares): https://www.moneysavingexpert.com/savings/junior-isa
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  • daveyjp
    daveyjp Posts: 12,404
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    It is never too late to start saving.   If you never start they will always have norhing!

    Plenty of simple basic savings accounts on the market or a junior ISA for potential higher returns, but subject to annual limits.
  • Brie
    Brie Posts: 9,364
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    I'd suggest you put together a budget to see what cash you know you could set aside regularly for each.  The statement of accounts on the debt free forum is a good place to start because it will organise your thoughts easily.  

    Then you need to decide if you are going to save the same amount for both.  Or maybe more for the 13 year old to make up for the fact that you're starting later.   So say you have £100 total to save.  Give the 13 yo savings £100 a month for the next two years.  Then start giving them £50 a month each until they reach 18.  They will have each received the same amount.
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  • Albermarle
    Albermarle Posts: 21,225
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    lillib77 said:
    We've never been thoughtful with money, but 2024 is the year I want to change this.  Is it too late to set up savings accounts for the kid (13 and 10) ?  How do we make the most of what tie we have left?
    It is a nice idea, but personally if your own personal finance situation is not great, then I would prioritise sorting out your own personal financial situations first in 2024.
    It will be better for your children if their parents have savings, growing pension pots, low/no mortgage payments, can pay all the bills, good jobs, have no debt etc ( or at least some of these things ).
  • Kat78MFW
    Kat78MFW Posts: 259
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    Are your kids likely to want to go to university? If they are, it's worth reading Martin's guide here. https://www.moneysavingexpert.com/students/student-loan-parental-contribution-tool/  If you have a reasonable household income, there is an expectation that there is a parental contribution. We started seriously saving towards uni for both our girls when they were just a little younger than yours. DD1 starts next September and we are nearly there now with her savings. Not sure if DD2 will want to go to uni but if she doesn't, she'll have a good chunk of money towards her future, wherever that takes her. 
    MFW since March 2019Mortgage-free 30th June 2023 My diary https://forums.moneysavingexpert.com/discussion/5974849/six-years-and-counting#latest
  • Kat78MFW
    Kat78MFW Posts: 259
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    We have used high interest regular savers in our names for the girls' money. Also S+S junior ISA which we moved to a Coventry Junior Cash ISA when they reached 14 to ensure that we didn't need to withdraw the money when there was a drop in the economy. 
    MFW since March 2019Mortgage-free 30th June 2023 My diary https://forums.moneysavingexpert.com/discussion/5974849/six-years-and-counting#latest
  • SandyShores
    SandyShores Posts: 1,441
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    edited 30 December 2023 at 8:49PM
    I would recommend a junior ISA that matures at 18, in time for Uni or car etc.  You can start off paying £10 a month - anything is better than nothing.  You can also open up current accounts / regular savings accounts from age 11.  Birthday money can then be saved, and I used to pay half pocket money into savings and half into current account.  Gets them into the habit of managing money.  I wish my parents had done this for me.  We used this one but there are plenty of others.
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  • enthusiasticsaver
    enthusiasticsaver Posts: 15,342
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    edited 30 December 2023 at 10:02PM
    It is never too late but make sure you have no interest bearing debt and have sorted out your pensions. Children’s savings accounts often pay good rates.

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  • boingy
    boingy Posts: 1,170
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    I misread the thread title as "Too late to save the kids?", which would be way more sinister!

    Junior ISA is the way. Throw whatever you can afford into it and they'll get access to it when they are 18. Between now and then you need to coach them not to blow it all on a car/holiday/party....
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