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Savings account for your babies or toddlers yet?

(5 Posts)
Tsarina1 Wed 14-Jan-15 22:17:35

Dh & I have savings a/cs for both our dd's for uni, our dd's are both under 2. Discussing it with friends some either have no a/c, some have trust funds, some have accumulated inheritances for their dcs & some are like us squirelling away as much as they can.
We put 20 pounds into each a/c every fortnight, any money they get from aunts/uncles plus we save our loose change throughout the year, bag it & bank it. I am a sahm & dh has an average salary however we want them to have the money to go to uni when the time comes but it seems we are not doing enough. Both girls would have about 3k each in their accounts now.

What do you do if you save for your young dc? Would you tell them about this money?

TheGirlAtTheRockShow Wed 14-Jan-15 22:54:08

We will start saving for DD uni/whatever when I go back to work. I'm on maternity leave right now, DD is only 6 months!
My parents have a savings account in DDs name, as far as I know PIL aren't doing anything specific. My grandparents have bought her some premium bonds.
I won't tell her about the money till she is 18 and being handed it. I don't think she needs to know till then.

I wouldn't worry about "not doing enough", you are doing the best you can. In future you may be able to put by more each week.

sliceofsoup Wed 14-Jan-15 22:58:10

Is there a reason why you need two identical threads in two different topics?

Lozzapops Thu 15-Jan-15 15:08:15

We put £100 a month into a savings account for our daughter - she is 15 months old. We will continue to do this until she goes to uni (providing our finances allow it) - if she chooses not to go to uni, the money will still be for her, but we will consider at the time what it might go towards. I don't think we will specifically tell her the exact amount we are saving for her, but I'm sure it will come up eventually that we have money set aside for her. I also don't picture us just handing her the money when she turns 18, I imagine it will be more a case of we transfer the money for tuition fees, etc, as and when needed.

We also put any large sums of money given to her by family into an account, but we haven't yet reached an agreement on what this money will be for. I think, because it has been a present, it would be good for her to put towards something big when she is older, but my husband thinks more along the lines of adding it to the uni pot.

Newlywed2013 Fri 16-Jan-15 01:12:51

We have two accounts for our 2 month old, one in her name one in ours which we will use for her/other children that follow! The one in her name we put some in monthly and any money for Christmas/birthdays/ when she was born. The one in our names is a pot for us to help one day in the future weather itbe with tuition fees or help on a house deposit, we also pay monthly into that!

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