To ask how much you save for your child's future...

(233 Posts)
Leggytadpole Sat 07-May-16 10:09:08

Not strictly an AIBU I know but I've just received my child's junior ISA statement which I save £10 into monthly and his DF matches that amount. It's not much but being a part time working single mum I can't really afford much more.

It's predicted to be around £3500 - £5500 by the time it matures when DS is 18. It will probably barely cover the cost of learning to drive and buying/insuring his first car. I know that's good but would not be enough to help with uni fees or a deposit for a house. I guess my circumstances will be different then so hopefully I'll be in a position to help him financially by then but who knows what the future holds.

So AIBU to ask what other people save for their kids?

Leggytadpole Sat 07-May-16 10:10:24

Also I'm off to work so won't be back on here until later if people wonder where I've gone! smile

Babymamamama Sat 07-May-16 10:15:08

I've saved a few thousand already for dd and she's still young. I put in any cash or cheque gifts plus all the child benefit. I plan to continue with that (hoping dp and I continue working etc) until she turns 18. And then I've told her it will go towards uni or setting up her first home.

SouperSal Sat 07-May-16 10:16:26

DD is 5 and has around £7k to her name. She has a regular saver which I pay £100 per month into and half of any birthday or Christmas money gets paid into her normal savings account. She has more money than me!

Euphemia Sat 07-May-16 10:16:55

We save similar.

Owing to inheritances from parents (only my mum still living) we plan to buy a flat to let and use some of the income from that to help DD once she's left school.

EllaHen Sat 07-May-16 10:18:52

£50 each per month. Also, any sizeable cash presents.

Snowberry86 Sat 07-May-16 10:21:54

My parents never had any sort of savings account for me as they spent the money on activities and holidays and we enjoyed it as a family.

When I turned 18 they gave me £3000 from their own savings account to pay for my university fees. When I bought my first house they gave me £1000 for the solicitors fees and they paid for the food and venue hire for my wedding at around £5000.

I think this is a much better way to do it than to tie the money into accounts in children's names. Fair enough pay their birthday money etc in but not regular savings.

As for cars, when I was 17 I got a job. I saved and bought a car and then my parents paid my first years insurance at around £1000. After that I had to work to insure it myself.

Lightbulbon Sat 07-May-16 10:25:51

Lol no chance!

We can barely save to have a family holiday.

I'm not going to risk putting money in a pot an 18yo can blow on alcohol/holidays/worse.

SouperSal Sat 07-May-16 10:26:00

I worked from 15 and bought my own car, driving lessons and not long after, house.

DD's savings aren't locked away for her - I can withdraw it all and give her nothing should I choose to. We don't really need child benefit so I'm only really topping that up for her regular saver. If circumstances change her savings will stop.

exLtEveDallas Sat 07-May-16 10:29:46

DDs Child Benefit goes into her CTF each month. Should be about 11K by the times she's 18.

CatsRule Sat 07-May-16 10:32:02

We pay a small amount, like you, into ds's account each month. It'll probably have about £5k in it when he turns 18 if we continue as is. We could save much more but are also saving for ourselves, old age, pensions, emergencies etc as well as for holidays and days out for ds. Our savings won't o ly be used for us, it will also be used to help ds with education, first car, house deposit etc...like Snowberry86 said.

Not sure I want ds to have too much money in his own name at 18...I don't know yet if he would be responsible with it!

Babyroobs Sat 07-May-16 10:32:29

We have saved around 3.5K for our 16 year old and could afford to save more into his Junior ISA but the worry for us is that he might blow it all once he turns 18. Recently I have found his waste bin full of scratch cards ( which he has bought from his own money) which is a worry. I would rather save myself then help him with Uni fees/ house deposit etc when the time comes. We save £50 a month for ds1 and ds2 but nothing much for the younger 2 dc's, as hopefully we will have more time to save for them in the future.

Babyroobs Sat 07-May-16 10:36:57

Just to add I know a lot of friends/ colleagues who save their child benefit directly into savings for their kids, so quite a savings fund over 18 years.

RJnomore1 Sat 07-May-16 10:37:30

We will have about 5k for both dds and my parents twice that amount (well they aren't feeding/clothing/housing them so more disposable income!)

It's not a fortune but it will be enough for a deposit on a first property around Scotland.

On top of that I've budgeted in to support them through uni, pay driving lessons and help them with a first car/insurance.

My worry is giving them the money - I want to keep it til they're 21 ideally but I think I need to move it from their bank account in trust to one of my own to do that which I feel uncomfortable with. I'm just worried that at 18 it would get frittered and I think at 21 leaving uni hopefully getting a job it would be more useful as a lump sum.

Dd1 is 16 so I need to work this out fast 😕

Lumpylumperson Sat 07-May-16 10:41:42

Message withdrawn at poster's request.

CremeEggThief Sat 07-May-16 10:44:27

Nothing. On a very low income and we need every penny we can get. I did have £6000 saved at one point, but we needed the money. I don't feel guilty about it any more.

LittleLionMansMummy Sat 07-May-16 10:44:35

I pay £20 pm into ds's account, I save quite a bit for family days out, holidays and raining days etc. I'll be doing the same for no. 2 when he/ she is born. PILs opened an account for all their grandchildren when they were born and although not a massive amount of money, alongside what I save it'll be a huge help and certainly more than I got. We're comfortable and enjoy a pretty good family life. If there's any free cash by the time they get to 18 we'll help as much as we can anyway.

GingerAndTheBiscuits Sat 07-May-16 10:46:24

Nada.

LittleLionMansMummy Sat 07-May-16 10:47:04

Also, I don't intend telling them anything about it until it matures (trust fund) so it'll be a nice surprise. I don't think children should 'expect'.

katemiddletonsnudeheels Sat 07-May-16 10:48:06

When you invest in your child's future, when as you, make sacrifices in order for his life to be hopefully easier when he is older - you are giving him more than money flowers

Your circumstances may well change but I think with a lovely mum like you he's already got the best start.

RJnomore1 Sat 07-May-16 10:49:07

Yes I agree I haven't told my children. Dd1 has grumbled about how some of her friends parents have money saved for them, she has no idea she will actually get more than they are.

My parents saved an endowment for me then spent it on double glazing when it matured 😕

noisytoys Sat 07-May-16 10:49:37

Nothing but my mortgage will be paid off when they are 17 and 19 so I will be in a position to help them out when they need it.

Babyroobs Sat 07-May-16 10:53:22

Same here noisy, we have almost paid off the mortgage with a view to being able to help the kids through Uni etc.

Fairylea Sat 07-May-16 10:55:29

Nothing. I don't know anyone that does either. Everyone I know is absolutely broke.

CakeNinja Sat 07-May-16 10:55:31

I put £50 a month aside for each of them but nothing in their names apart from their current accounts. If they get birthdays cheques and money they can spend it on what they like, it's not for me to squirrel away other people's gifts to put towards their education/car etc.
I also wanted money put aside for them but not in their names to have when they turned 18 because I received a big lump sum upon turning 18 and literally pissed it up the wall. My grandparents had saved hard for that, and sacrificed things for themselves to provide me with it and I did what many 18 year olds would have done and took it for granted.

This way, I can help them with a big purchase - buying their first car (driving lessons will be paid for by us out of family money not what's been saved), house deposits or whatever and it's just a kind gesture.

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