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Original poster

WWYD if your early-teen DD had inherited a substantial chunk of money from a distant relative?

21 replies

MadreInglese · 27/04/2011 11:04

Roughly a second hand car or year or so at uni's worth of ££.

We're thinking along the lines of no-access longish term savings account atm.

WWYD?

OP posts:

dickcheeseandthecrackers · 27/04/2011 11:06

save it to put towards house deposit or uni fees.

PoledrathePissed0ffFairy · 27/04/2011 11:08

I'd do the same as you - long term savings, accessible in time for uni/first house etc.

twolittlemonkeys · 27/04/2011 11:10

I'd do that too.

YouMustBeYolking · 27/04/2011 11:10

I would give them a smallish sum, say £500-£1000 now to put in current account and spend. The remainder I would put into a high interest 30 day savings account for when needed later.

SoloIsApparentlyACougar · 27/04/2011 11:11

Uni or house deposit. Cars can be cheap to buy, but not cheap to insure and run (£3k to insure a banger ), so more practical to get a bit of an education or a home IMO.

YouMustBeYolking · 27/04/2011 11:13

Gah! Posted before finished...

I was left a sum of money when younger and resented not being able to enjoy it. I also resented having to have to spend it as my parents saw fit when I did finally gain access.

Original poster

MadreInglese · 27/04/2011 11:16

Hmmm hadn't really thought of her having any of it now

(BTW she is in on the whole discussion/decision and quite keen on the saving for uni idea)

OP posts:

MarzipanNutPie · 27/04/2011 11:17

A smallish sum now to spend and the rest in savings with very limited access, maybe account interest given as cash once a year.

Original poster

MadreInglese · 27/04/2011 11:18

and on the long term savings theme, what age would you consider suitable for access? 18? 21? 25? 45?

OP posts:

HowsTheSerenity · 27/04/2011 11:23

My grandmother left money to my sister and myself. I got mine immediately but my sister was not allowed hers until she was 25 (she blew it all anyway on sex drugs and dodgy men). I put mine in the bank and used it to help pay for uni. I would give her a bit now to blow on clothes etc and bank the rest.

PoledrathePissed0ffFairy · 27/04/2011 11:24

Well, if you want it for uni, you're going to need it out at about 18. She might want a gap year, and not go till a bit later, but you can't be sure. DH and I have set up savings for the children's educations, and they mature when each child is 18. However, as that is our money, it doesn't go directly to the children, IYSWIM, so we could hold onto it for them till the need arises. I guess there's always the risk your DD might waste it if she gets it at 18, but that's a risk any time. She sounds pretty sensible right now.....

alfabetty · 27/04/2011 11:30

Give her a few hundred pounds to buy something she's coveted - computer, whatever - then put the rest away. It will seem a HUGE amount of money to her, but as you say, it may be only a year's worth of uni fees.

I think you need to make it clear that this is a relative's hard-earned money, and is for her to use towards her future, and she's very fortunate to have that help. And so she needs to be responsible: it will be there to help out towards her fees or to assist her in setting up home, but a) she needs to save up herself to add to it as it isn't sufficient to pay for everything she'll need and b) if she squanders it you won't be topping it up or replacing it.

Grabaspoon · 27/04/2011 11:32

I would give her £50/£100 to spend now and then save the rest

Thomas1969 · 03/05/2011 19:25

First I'd want to know if the benefactor had any wishes for what your daughter might do with the money. Apart from that, the money is hers, you are just looking after it. She must be involved in a discussion about what to do with it. How she could save it for something she really wants later. If she insists she wants it NOW, then I'm affraid she gets it.

TrillianAstra · 03/05/2011 19:29

If it was left to her then are you even legally allowed to put it somewhere that she can't touch it? Or us there a rule about leaving money to under 17s that means an adult gas to bs responsible for it?

TrillianAstra · 03/05/2011 19:32

Under 18s, sorry for iPhone typos.

What I would do is ask her how much she would like to keep out for spending, then help her to find the vest way to save or invest the rest, and have her devise when she wants it locked away until. So it's not easily accessible and easy to fritter away, but she has decided how much to put away and how long for.

nometime · 03/05/2011 19:33

I would give her up to £500 for now - maybe laptop or something so £500 reasonable amount. The rest I would put into a trust for her to access at age 21 or earlier if for education.

grumpypants · 03/05/2011 19:36

i think money to minors can be held in trust for them pretty easily (ie it's legal) and i definitely think in these times it would be irresponsible to deny her the chance of using this wisely in the future. At this age they have little concept of the cost of things, and it would be awful for her to look back at 19 and wish she hadn't spent it all in claires....

northerngirl41 · 10/05/2011 21:06

I was left some money when I was younger - the rule was that I could "apply" for funds from it but I had to persuade my parents that it was for a good cause and would be an investment in my future. Therefore the stereo I really, really wanted or the cute top never did materialise... But the computer for school work did.

Acanthus · 10/05/2011 21:11

I would put it in a 3 or 4 year fixed rate bond for now. I would probably expect it to be used for uni costs. Was it really left directly to her, rather than for her but to a trustee?

hellymelly · 10/05/2011 21:18

I would leave it until 25 or so-I was given the money my grandparents had put away for me,when I was 18.It wasn't a huge amount at all, about £1,500 but I spent the lot quite quickly ,and it went on my rent,clothes,going out etc.Would have been much better waiting until I was no longer a student and putting it towards something solid.

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