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Saving for children.

(17 Posts)
MadamMooMoo Tue 21-Feb-17 07:23:42

Do you save any money for your child's future?

Ginmakesitallok Tue 21-Feb-17 07:24:55

Yes

grounddown Tue 21-Feb-17 07:27:25

Yes

PetalMettle Tue 21-Feb-17 07:27:57

DH puts £100 a month in a back account for him and gps usually give him money for Xmas/bday

CactusFred Tue 21-Feb-17 08:12:45

Yes I save half of his child benefit into an ISA and am planning to save all of it once he's at school and I can afford more once stopped paying nursery fees. Doesn't sound a lot but it mounts up.

My mum always buys him a hundred quid premium bond for his birthday and the in laws have set up an account for him that they say he can't access until he's 25 and the put money in every birthday and Christmas- not sure how much in there but they're well off so hopefully a decent amount.

DH and I have been discussing how to save more as we worry due to house prices and jobs etc and are thinking that when our parents go and we possibly inherit we will put that straight into an account for him - one that can't be touched as 'our' money should we go bankrupt or need social care later in.

Vanillamanilla1 Tue 21-Feb-17 08:14:44

Yes

JaxingJump Tue 21-Feb-17 22:31:36

Sort of. We have it in mind that we'll need to cover their (x3) university costs and I hope to give them house deposits. We have investments more than savings but will spend the next while securing them and maxing out pensions so that when the time comes we can cover those costs for them.

TeenAndTween Wed 22-Feb-17 15:35:07

Yes and no.

We have money earmarked for the children but we would not put it in their names. If it is in their names they get access to it at 18, and who knows how sensible they will be then. (In fact we are definitely right on that for us, eldest was v. sensible until she turned 16, but 18mnths later it is a whole other story). I'd rather give them a lump sum when they have proved themselves 'steady', or provide money for specific things such as a car.

Goondoit Wed 22-Feb-17 15:39:27

Yes £50-100 pcm in an isa

mistermagpie Wed 22-Feb-17 15:58:56

Not really, DS is 19mo and I'm pregnant so we're pretty much just saving for the new baby and working to pay the mortgage/nursery etc.

However, when the children are at school and we are no longer paying the astronomical nursery bills then this money will be diverted into savings for their future.

Crumbs1 Wed 22-Feb-17 16:00:19

We couldn't really afford to when they were very young but have since put a small amount away to finance weddings/house deposits etc.

MadamMooMoo Fri 24-Feb-17 15:32:08

I want to save for dd.Due to childcare and working part time savings won't be mega atm but only temp part time as part of flexible working and childcare isn't forever.

specialsubject Fri 24-Feb-17 19:45:50

Do watch those bank accounts and cash ISA's, they are losing money even on the official inflation figures.

Laurendisorder Tue 28-Feb-17 19:35:53

I set up savings accounts when they were little - some months could only afford to put a few pounds in their accounts - but it got to be more after I returned to work and set up a direct debit - and one has had £10k and the other doesn't want to access his account yet and I am adding to it (by not cancelling the monthly transfer. Wish someone had done the same for me!

TeaBelle Tue 28-Feb-17 19:38:16

Yes, child benefit goes into her account and my parents also pay £30 per month.

AldrinJustice Tue 28-Feb-17 22:54:10

CB in a separate account

delilahbucket Wed 01-Mar-17 11:12:27

DS has his child trust fund which has about £600 in it. I don't know the exact balance or even the interest rate and exdp insisted in him setting it up and then point blank refusing to deal with it. I invest in shares in my name. Usually £30-£40 a month. This is earmarked for whatever he may need it for (uni/car/house). Exdp's mum set an account up in his name about six years ago. I don't know if she has continued to pay into it. To be honest, given she's had another four grand kids since I doubt she's able to put much in as there are now ten grand kids and they don't have a lot of money. His dad won't save for him (he really begrudges paying £7 a week in maintenance), so I need to really.

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