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How much do people pay into kids savings each month?

(59 Posts)
LaydeeVF Thu 21-Jul-16 08:51:18

So DH can't agree on this so I thought I would do some market research and see what other people are doing.
So how much does everyone debit into their kids savings accounts every month? Or do you even do this at all?
My thoughts are with the rising costs in housing and education then my DDs will need something pretty substantial.
Look forward to hearing your thoughts so DH and I can agree on something smile

FemaleDilbert Thu 21-Jul-16 08:54:14

Their child benefit. It won't be a life changing amount of money but it should help with uni or a bit of house deposit.

Hoping once we stop paying 2 sets of nursery fees (confused) we can top it up some more

Cathster Thu 21-Jul-16 08:56:35

DD gets £20 a month into an ISA that she will get access to when she turns 18. Figure that will get her a pretty decent amount as we've been depositing pretty much since she was born, and as it's only a small amount monthly it doesn't affect our outgoings too much.

blinkowl Thu 21-Jul-16 08:58:19

Nothing. Just scraping by atm.

pieceofpurplesky Thu 21-Jul-16 08:58:58

Nothing. It's hard enough to feed him at the end of the month. Single mum, full time teacher, tutor and about to take on third evening job.

booksandchoc Thu 21-Jul-16 09:05:05

We save £30 every 4 weeks from her child benefit money, have done since she was born.

SleepFreeZone Thu 21-Jul-16 09:07:18

We have a three year old and 5 month old and the three year old has about £1500 in his account at the moment. We put any birthday or Christmas money in there but there is no set amount that gets transferred regularly.

Its so dependant on what the family income is and what money wouldn't be missed. I think you need to decide what amount of money you would like them to be able to access at 18 and work backwards from there.

SleepFreeZone Thu 21-Jul-16 09:10:01

Also I wouldn't be telling them about the account as they will be itching to access the money directly they hit their teens. We plan on opening an account for them once they are old enough to get allowances or birthday money/earnings from weekend jobs and let them understand how to manage their own money that way. Then when the time comes for a big purchase like a car or uni fees/ house deposit the savings will be accessible to them.

29redshoes Thu 21-Jul-16 09:10:20

£50 a month but we only have one DC.

I try to do around £50 a month into a high interest savings account. It's tough at the moment though so it's £20 a month, plus we have three spare change jars - one where pounds and notes go (wedding fund), one where coppers go (just to keep them all together) and any 50s, 20s or 10s, plus any pound coins DD gets, go into her own moneybox which we then put into her account every month, usually another £20. Christmas/birthday money goes in there too.

MilicentKing Thu 21-Jul-16 09:16:39

£30 a month per child since they were born.

Not to hijack the thread but what is a good age to give kids access to their savings? We were thinking of doing it gradually - giving her access to some of it at 18, but keeping some back that she doesn't know about so that if she comes to us at 21/30/40 and says "I need some money", we've got it there to give her.

n0ne Thu 21-Jul-16 09:20:42

€20 a month, will give her access at 18

Marthacliffscumbag Thu 21-Jul-16 09:22:02

£150 a month, 2 children.

Pinkheart5915 Thu 21-Jul-16 09:26:08

DS gets 1/5 of the rents me and dh get from out rental properties. DD will get the same when she arrives.
My DC will be given this at 18 and then at 21 will get the trust fund fil left them

Juliancopescat Thu 21-Jul-16 09:29:17

We save child benefit. I'm on carers allowance for DD4, also have 1 year old Ds. Husband has a standard wage job. We live simply but they get lots of treats and don't miss out.

Child benefit in Ireland is €140 a month per child and you can have it paid into a special account that has higher interest.

They will get access when they have a big life event- house marriage etc. Uni is 'free' here but there are admin fees and living expenses, so not sure if we can cover it. (No chance they get access to it at 18, I had a friend who had that and it ended very badly)

teacher54321 Thu 21-Jul-16 09:33:06

We save around £100 per month into ds's savings account. It's a joint one that I have with him, and my parents put a small amount of money in it every month as well. I had to use some of it to pay a big nursery deposit when I moved jobs last year so am paying it back to that point and then will continue to top it up. I'm planning to open an everyday account for him when he's a bit older to have his pocket money and birthday money paid into.

BasinHaircut Thu 21-Jul-16 09:39:52

We don't pay into it on a regular basis at the moment. All money he has ever been given (even a couple of quid from great aunties for an ice cream etc) has gone in there and we do put money in every now and then but that's it.

He is almost 3 and has nearly £2k so he isn't doing too badly so far! Once the childcare bill goes down a bit due to getting his 15 hours we will start putting a bit in every month but won't be that much TBH.

Barmaid101 Thu 21-Jul-16 09:51:56

We have two building society accounts in our dd name, two because we moved and there wasn't s local branch for the first. All birthday and Christmas money goes in until she is old enough to say I would like to buy X with my birthday money. When we can we will put £10-£20 a month into her account. We also have an account which we have ear marked for children so would include dd and any future kids. But the account is in our name so that we get to decide what the money would be for.
For example a house deposit/ wedding etc and whatever is in that account would be split equally between all of our children. (not currently saving anything at the mo as we are about to move and stamp duty it killing us sad)

Bottomchops Thu 21-Jul-16 10:04:48

Zero. Just Xmas and birthday cheques, if received.

Daffodil90 Thu 21-Jul-16 14:46:39

We put in £10 a month into DDs ISA that she can access at 18. My mum adds the same.
We'll also deposit any bday/Xmas money she might get - only 7mo atm! And increase the £10 to however much we can spare as we sort ourselves out financially.

redhat Thu 21-Jul-16 14:52:16

£250 a month each now but its clearly income dependent isn't it. If our income was lower then there's no way it would be that much.

dontcallmethatyoucunt Thu 21-Jul-16 17:38:13

I have clients that max out Junior ISA's and childrens pensions, I have some that do nothing.

I advise all clients to put money in their own pensions before their kids accounts. There is nothing worse than worrying about a parent who is on the breadline. Do them a favour and make sure you're not causing them sleepless nights when you're old.

DaisyChops Thu 21-Jul-16 19:44:07

I put £10 per month in for my first DS but haven't been able to afford this for my other 3 who have arrived since so will be doing some topping up so it equates to the same £10 per month when they are older.

Wolpertinger Thu 21-Jul-16 20:14:27

My parents did nothing - they scraped by and if they had had anything I would as an adult have prefered that they had been able to save it for their own retirement. I had some savings of birthday money etc as a child and once when they were really broke they spent it paying the mortgage - I'm really pleased we had a house to live in!

I now have colleagues at work who are scraping by but still saving for their kids. To me it's madness. You've no guarantee they won't spend it on crap at the first opportunity or that they will help you out in old age.

Make sure you have sorted your own savings and retirement first - or keep an account you have control of.

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