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Do you pay into child trust fund?

(12 Posts)
stupidphone Tue 17-Jan-17 09:11:15

My kids 8 and 10 have no savings. Thinking of putter no a little each month into the child trust fund they had when they were born. Not sure they do this now? Think the youngest has £400 ish in it. Maybe 60 each a month. We get some much paper work as they switch around as is stocks and shares etc. Just hope I don't lose track of where it is! Anyone else pay a regular sum in?

glenthebattleostrich Tue 17-Jan-17 09:12:51

I pay £15 per month into it, so just a token amount but put more into a savings account for her too.

Enb76 Tue 17-Jan-17 09:20:48

Put 100 in per month since birth - she has about 10k now. She also has other savings as well, birthday money all goes into savings, a grandmother has a separate account for all her grand children. It all adds up.

Sung Thu 19-Jan-17 16:06:11

We've paid in £100/mth since DC was about one (at the time that was the max), but didn't bother increasing it when the max increased - think it is up to £340/mth now?!
£100/mth is the max we feel comfortable saving given that they may decide to go off the rails and blow that lot at 18...our savings definitely take priority over paying in more than that.
It will be very easy to set up paying in a regular amount. No, new CTF stopped being set up in 2011 I think but you can still pay into them.

InMySpareTime Wed 12-Apr-17 09:19:21

We put in £75 a month for both DCs (DS is too old for CTF so we paid into an all share tracker fund instead).
Now we've paid the mortgage off, we're increasing to £100 a month and when they are 18 we'll start a homebuyer ISA each for them.
It really adds up over the years, and will go towards living expenses for uni or a house deposit when the time comes.
We have taught the DCs about saving since they were school age, so are confident they won't blow it all at 18.

Ferrisday Mon 17-Apr-17 16:47:45

I've just decreased this monthly amount bearing in mind that they automatically get the money when they are 18, just in case.

AlexanderHamilton Mon 17-Apr-17 16:50:10

Dd doesn't have one as she was born before they were brought in. I refuse to add to ds's as I prefer to have more control over their savings.

theresamustgo Mon 17-Apr-17 16:54:29

I add to my two DCS. Will increase when mortgage is done, hope they spend wisely!

user1491148352 Mon 17-Apr-17 16:55:04

In an ideal world you would save for college/first home etc. And the ideal DC would respect that. But there are a lot of DC who would find it difficult to resist the temptation to blow the lot at 18 when they get access to it. And there is nothing you can do to prevent that.

InMySpareTime Mon 17-Apr-17 17:28:03

There's actually a lot you can do to prevent them blowing the lot at 18.
Teach them about deferred gratification, involve them in setting household budgets, show them how saving and budgeting means you get better stuff than if you whack it on the credit card.
Show them the YNAB spreadsheets about how compound interest can massively increase either savings or debt.

AlexanderHamilton Mon 17-Apr-17 17:50:46

There is a possibility dd will go away to college at 16 rather than 18 too so any savings will need to be accessed earlier

wavinghello Tue 18-Apr-17 01:16:14

Yes. Original CTFs transferred into JISAs 2 yrs ago. DC are aware that these are savings for their further education which they can access at 18 and we hope that it means that they will graduate with less debt since the target is to cover the maintenance aspect. If funds allow, it might actually provide a deposit for a student flat/house. I don't lose sleep over it - I trust that my parental capabilities won't produce complete spendthrift, work shy, hedonists!

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