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Savings

(6 Posts)
threepinkflamingos Wed 01-Mar-17 18:39:42

What does everyone do about savings for DSC? Does one parent pay money to the other to put in an account or open their own?

Jazzywazzydodah Wed 01-Mar-17 18:50:44

Depends on age and circumstances, if you trust the other parent to actually put the money in savings.

I personally would put savings in to an account that only I had access to if the child was young, seen too many fall outs over money (cynical)

threepinkflamingos Wed 01-Mar-17 18:57:22

My DP is paying DSC's mum money for DSC's savings and has been for about 8 months but she hasn't even opened the accounts yet so DP has no record of where any of the money is going,

maybe I'm just overly cautious as I've been on the end where I've been left with no savings because of my dads ex wife no2 taking it all then he tried blaming my mum

HerRoyalNotness Fri 03-Mar-17 03:24:56

Open your own. Savings for DsC done by your DH is nothing to do with their DM

Chasingsquirrels Fri 03-Mar-17 09:03:07

My dc's have their own accounts that pocket money and holiday money etc goes into - but they are 11 & 14 and have their own bank cards.
If I was saving for them I wouldn't have my exH in control of the account, and I'm sure the feeling is mutual - despite what I think is a reasonably healthy coparenting relationship.
If I was your DP I'd stop the monthly savings element of the payment and open my own savings account for the dc's.

Evergreen777 Fri 03-Mar-17 19:04:29

Why would you give money to the other parent if it's meant as savings for them when they're grown up? I can't see any reason to hand it over like that - You give the parent with day to day care them money for maintenance because they're the one that incurs these costs, but why would you hand over money intended for savings? It's like cutting yourself out of being a parent directly. And, as you are finding, they might not save the money.

A lot of child accounts allow you as the parent to access the money any time you like - I put money in my kids' savings accounts from time to time, but I've also taken money out of there to pay for things - so really it's still your money (until they're 18)

And to answer your question - my DH pays direct into saving accounts for his DC. I don't think my ex saves for our DC at all, though I think his parents do, but I don't see that money.

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