Savings for Children - Any advice

markelock

I make regular (albeit small) payments for my children into accounts in their names. These are standard bank accounts.

They are very young, so won't benefit from it for a while, but I wondered whether anyone else adopts a similar approach, or whether there is a better approach to providing something for them when they are older (i.e. a car), or even to teach them the value of money (something which I am only just getting to understand!

Also, does anyone use their Child Benefit exclusively for their children, either as short term expenses, or investment purposes?

Thanks


Mark

davidlee

I would suggest you to go for college savings plan like 529 college savings plan, prepaid college savings plan, etc.

Mikeyorks

Are they too old to have Trust Funds (CTF)? If not - have a look at the CTF link directly above your post.

Alternatively have a read through this - as you have the accounts in their names :-

http://www.moneysavingexpert.com/savings/child-savings-tax-free

TRUSt_NO_1_2

markelock wrote: »

I make regular (albeit small) payments for my children into accounts in their names. These are standard bank accounts.

They are very young, so won't benefit from it for a while, but I wondered whether anyone else adopts a similar approach, or whether there is a better approach to providing something for them when they are older (i.e. a car), or even to teach them the value of money (something which I am only just getting to understand!

Also, does anyone use their Child Benefit exclusively for their children, either as short term expenses, or investment purposes?

Thanks


Mark

I would buy them Silver Eagles from the US mint....or Canadian Silver Maples in mint condition.
But don't pay a big premium over the 'spot' price per ounce of silver,which you can see at www.Kitco.com.
Right now the mints have stopped selling them as they've run out....because too many people have been buying them.
Make sure you get the coins in your hand...do not let someone hold onto them on your behalf.

Lots of popular financial media guided by the central banks (and others like Barclays bank in particular) don't want people to buy gold or silver (in particular) and are talking silver and gold down.

Listen to this commentary about the U.S.A financial situation,the banks and their lies....the U.K. economy is right behind the U.S.A....and what this very INDEPENDANT knowledgeable person recommends.....
Listen from about 10 mins 30 seconds if it gets too heavy for you.....particularly around 12 minutes re gold and silver....AND 25 MINUTES...WHICH MENTIONS BARCLAYS...and then from 30 minutes...for some nice price predictions !!!!

http://www.contraryinvestorscafe.com/broadcast.php?media=117

jammiev

markelock wrote: »

I make regular (albeit small) payments for my children into accounts in their names. These are standard bank accounts.

They are very young, so won't benefit from it for a while, but I wondered whether anyone else adopts a similar approach, or whether there is a better approach to providing something for them when they are older (i.e. a car), or even to teach them the value of money (something which I am only just getting to understand!

Also, does anyone use their Child Benefit exclusively for their children, either as short term expenses, or investment purposes?

Thanks


Mark

hi, i myself am in the same postion. would like an account that family can put into and that i can put about £10 a month into!

TRUSt_NO_1_2

jammiev wrote: »

hi, i myself am in the same postion. would like an account that family can put into and that i can put about £10 a month into!

Bradford & Bingley
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only joking !

£10...you could buy a 1 ounce pure silver coin for that.

see my post immediately before yours.

Kavanne

davidlee wrote: »

I would suggest you to go for college savings plan like 529 college savings plan, prepaid college savings plan, etc.

Do we even have these in the UK? University is much cheaper over here btw (for the moment)

Gymgenius

markelock wrote: »

I make regular (albeit small) payments for my children into accounts in their names. These are standard bank accounts.

They are very young, so won't benefit from it for a while, but I wondered whether anyone else adopts a similar approach, or whether there is a better approach to providing something for them when they are older (i.e. a car), or even to teach them the value of money (something which I am only just getting to understand!

Also, does anyone use their Child Benefit exclusively for their children, either as short term expenses, or investment purposes?

Thanks


Mark

We pay most of the child benefit to our two daughters - one is 3 and the other 22 months and they both have local building society accounts in their names. They get the same amount, which comes to about £40 per month. They also get £25 a month each from me....and have nearly £2k and £1k in premium bonds respectively.

I relieved them of £1000 each over the weekend so that I can open them a 'Treasure Bond' with Yorkshire BS - at a rate of 6.3% The bond is for a year and automatically 'rolls over' for another year on it's anniversary. During the anniversary month, you can add to it.

It's my intention to keep their original BS account (as it accepts electronic transfers) and build up the balance to then transfer to their treasure bond each year...subject to something better coming along.

Their CTFs have £250 in it - and that's the way they'll stay!

Hopefully, by the time they need it - they should have enough for a deposit on their first house, to get through uni, or buy a decent (safe) first car.