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Children’s savings

(15 Posts)
Wendalicious Thu 14-Dec-17 17:02:44

I know this sounds nosy- I put £15 for both of my two children in their bank account each month and I just started thinking how long it will take to save for a car/house deposit, do you add money each month? Sorry if too personal x

chanie44 Thu 14-Dec-17 18:48:39

We save £10 a month for each child, but are going to increase this. I also put any other money I get for them in their accounts eg birthday/xmas money, some money from their piggy banks, 2p jar etc.

As we aren't saving much, they'll only end up with a couple of thousand each as this rate, but I we'll increase the savings as and when we can.

PeasAndHarmony Thu 14-Dec-17 19:04:18

We put £50 for each child per month into a stocks and shares isa. It's earned absolutely loads of interest in the isa, way more than it would have in a savings account. Money cannot be withdrawn though until it goes directly to the DC when they reach 18. That's the only worrying bit- hope they spend it wisely!!

Oblomov17 Thu 14-Dec-17 19:06:01

You'd be surprised how quickly it builds up. We put £10, then £15 then upped it to £20, in both ds's accounts, plus birthday chqs and Xmas chqs. It's built up to a few thousand.

allthegoodnamesalreadytaken Thu 14-Dec-17 19:27:40

We put all DD's child benefit money into a savings account every month (roughly £80ish) Grandparents put in an extra £50pm Figure she can use it when she is older for driving lessons, her first car, house deposit or whatever she fancies really

Letmesleepalready Thu 14-Dec-17 19:37:45

At the moment we’re only putting £5 a month in each child’s account. We can’t afford much more, but every little helps. We’ll probably try and put lump sums ever so often, but again low amounts as that’s what we can afford.
We started with £5 because we realised we’d never start saving for them if we don’t get used to doing it now. It does mean they’ll only have £1000 by the time they’re 18, so we’ll probably try to up the monthly amount as and when we can afford it.

ItsBeginingToLookAlotLikeChris Thu 14-Dec-17 19:53:11

@PeasAndHarmony which one did you use or which service provider please.

Load of articles say this is the best way to go for the children as its longer term saving. I have also read poorer children from poorer families will mis out as their DP are less risk adverse than wealthier ones so they llooose out on the stocks and shares sad I think we are going to do half and half - half normal 3 % at the moment then half stocks and share

ItsBeginingToLookAlotLikeChris Thu 14-Dec-17 19:54:49

letmesleep thats 1000 more than most children will be given at 18 its better thank nothing and may cover driving lessons if nothing else.

Wishingandwaiting Thu 14-Dec-17 19:57:32

I’m jealous of my children!

I put in £25 a month for my daughter. My ex saves £25 for my son. Have done since birth.

Aunt has given £5k each.

So my 7 year old son already has £7.5k tucked away.

Acorncat Thu 14-Dec-17 20:01:38

I'm putting £1000 a year in my son's account but need to set one up for other DC so will have to cut it down to split between them. I'm too scared to lock it away incase we have a financial crisis and desperately need it. I'm also starting to think that giving a 16 or 18yo about £18grand is a really stupid idea so I think I'll transfer back into my name before he finds a bank statement and cottons on! It'll still be their money, but for sensible things like driving lessons, or braces or school trips that we can't afford otherwise.

Wendalicious Thu 14-Dec-17 21:03:34

Thank you all for the info, told you I was just being nosy x

ItsBeginingToLookAlotLikeChris Thu 14-Dec-17 21:06:55

Aunt gave 5 k, each!! Your very very lucky. Our aunts wouldn't give mine a penny

Wishingandwaiting Thu 14-Dec-17 21:34:33

Spinster aunt.
She has been very very careful with her money and is now systematically giving it way to family in little chunks.
Very grateful.

ItsBeginingToLookAlotLikeChris Thu 14-Dec-17 22:34:08

What a lovely lady.

PeasAndHarmony Fri 15-Dec-17 20:43:10

I opened the kids Junior stocks and shares isa with Hargreaves Landsdown. You need to pay in min £25 per month and you choose what fund you want to invest in.

There's lots of examples of funds on the website along with their performance over time to help you choose. We went for Fundsmith Equity but you can change the fund whenever you want.

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