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Original poster

How much money are you putting away for DC future?

92 replies

optimisticpessimist01 · 04/10/2020 15:08

DP and I don't have children yet but we are TTC. We were discussing how much money we should put away for each of our DC, whether we should do it monthly or yearly and when to give it to them (e.g. age 16,18, after Uni etc.)

What did you do/what is your plan for saving for your DC future? Or have you not saved anything at all?

OP posts:
HollowTalk · 04/10/2020 15:54

@MsKeats

They get my house and my pension -I aim to give it to them well before I die. Should be plenty for them.
Where will you live, then, and what will you live on?
onemouseplace · 04/10/2020 15:56

£10 a month each, plus birthday and Christmas money. Like other pps we have other separate family savings which we will happily use for university, help with deposit etc.

I

Sara2000 · 04/10/2020 15:57

Re uni costs. We intend on paying towards living expenses but the fees will be a debt they have. We don't have specific savings for uni as it will come out if household income. You need to read up on uni fees on the Martin Lewis website as they are time limited and often not paid off so in some ways it doesnt make for parents to save and pay them instead. That's my understanding at least , but we are 4 years away from all that so I havent looked into it in detail.

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AutumnleavesturntoGold · 04/10/2020 15:58

Op starting early is best!
My dc have 2 isa, one cash, on which %has plummeted and a stock and shares isa that's doing well inspite of corona.

I save 30 a month into basic banks accounts for them, the idea being this will be for shopping, going out with friends etc when teens. I hope they use this small amount to learn.. Before getting the larger isa sums for car, uni or travel.

YouJustDoYou · 04/10/2020 16:02

Nothing. Couldn't afford it before. Certainly can't afford it now.

Beekeeper1 · 04/10/2020 16:04

Thank you @sara2000 - she means the world to me, is very academic, like her mum, originally from a developing country and they were both abandoned by her father when she was just two weeks old. She has never had much in life, but I will do everything I can to help her along, give her a leg up and support her whichever route her life and future career take her

neversayalways · 04/10/2020 16:05

I also divide our income into budgets. I have money for ' kids stuff' (clothes mainly at the moment, and toys/books). When they are in secondary school I am considering giving them this budget, but they will have to manage it themselves for clothes/ phone/ ICT etc. I will not bail them out if they blow it. I am hoping that will teach them how to budget.

speakout · 04/10/2020 16:06

I have never saved specifically for my kids ( now 20 and 22)

I save generally, and if children need money then I can help.

Certainly never in their names!!!

My DS's friend had £25K saved by his father in the son's name.
When the lad reached 18 he blew the lot is 4 months on beer, foreign holidays and parties for his friends.

MartiniDry · 04/10/2020 16:06

None.
The mindset/ethic/call it what you will going back for generations in our family is that you work for your own savings.

ChrisPrattsFace · 04/10/2020 16:09

We have one son, he gets half the child benefit into his own account (he has no access to until we give it!) along with any gifted money, second is due next year and that will adjust with them both.
When we have spare cash we put it into family savings rather than his.

speakout · 04/10/2020 16:10

None.
The mindset/ethic/call it what you will going back for generations in our family is that you work for your own savings.

But it is good to help.
My DS had a gap year, and although he hadd worked and paid for most of the trip himself I was happy to help financially.
My DD is at University, she works part time too, but again I am happy to help out.
My own parents have never helped me financially , and to be honestit is a pleasure to hep my young adult children.

mygrandadsvest · 04/10/2020 16:10

None but do save generally so hope to be able to help with first car insurance costs, uni spending money etc. I don't think we'll be in a position to save enough to fund 2 house deposits though unless kids want to move far away (we are South East England!).

romeolovedjulliet · 04/10/2020 16:10

@MsKeats

They get my house and my pension -I aim to give it to them well before I die. Should be plenty for them.
so you have a property to gve away to thenm before you die, fair enough but where would you live ? with one of your dc ? and give away a pension ? please educate me if i'm wrong but i thought pensions were for the individual only and a work pension wasn't transferable except to a spouse. what would you live on unless you are giving assets away and expect the tax payer to cough up ? someone previously asked a similar thing so i'mnot the only one who is curious
mycatlovesmenotyou · 04/10/2020 16:10

None as I can't afford it. Due to divorce I had to remortgage until I am 67, so have to worry about paying for now, not the future. Even before then we could only afford £20pm as there was never any spare money.

My main concern is to put any extra money into the mortgage so that it is paid off quicker.

DD does have £3K that has accumulated since birth from birth girfts and birthdays/christmas, plus around £1K in her CTF as it is linked to kidstart so has built up nicely over the years.

romeolovedjulliet · 04/10/2020 16:13

not transferable unless the individual had died, then it wouldn't be the full amount. happy to be told i'm wrong on this.

MartiniDry · 04/10/2020 16:14

Different strikes for different folks I guess, Speakout. My approach has maybe benefitted my children more than taking the opposite path. 🙂

passthemustard · 04/10/2020 16:14

£100/month/child from birth to age 21. They can have it when they need it for a deposit on a property or anything else I deem 'worthy'! They don't know they have it. It'll be a nice surprise for them.

Ragwort · 04/10/2020 16:15

We invest in a pension for our DS, started it when he was born and he can't access it until he is 55 Grin. We also save in a first time buyer ISA for him, although I think those have stopped now.

We are fortunate in that we have an only DC (by choice) & we had him late in life, we'd paid off our mortgage by the time he was 4 so we are able to put savings aside for him.

caringcarer · 04/10/2020 16:15

I got settlement money from divorce and have 3 DC. I sit it into 4. 1 part for me and 1 part for each DC. Dd had her share just under £10k which I rounded up when she bought her first house, towards her deposit. Ds1 saving for house ATM. His share now about £10.7 k. He is hoping to buy house in 1 year to 18 months, deposits getting higher. Younger son money still in ISAs in name but he knows when he wants to buy house or get married he can have it. He stated he was happy as he is but glad to know it is there for him when he needs it. We save £10pw for foster child, which is statutory amount. He has lived eith.us for 8 years so he will also be given s lump sum if he buys property in the future. All 4 will inherit a property and substantial amount when we both die.

Sunnydaysstillhere · 04/10/2020 16:17

Friend's ds is an entitled git.. Never paid board or contributed despite having a great job at an early age..
Took friend for a complete mug imo.

Gremlinpoop · 04/10/2020 16:18

I don't save in children's names. They have an account with birthday money and pocket money in as their savings account, so they learn about savings. But the proper savings are very much in our names. I will use it to help them when appropriate but they will not have access to large sums as a teenager. Everyone knows somebody who blew huge savings on absolute rubbish as a teenager.

lifestooshort123 · 04/10/2020 16:18

@TrustTheGeneGenie

About £25 a month and then grandparents do a tenner as well I think. We are aiming to buy DS a house either to live in / rent out but we will have it in our names until he is at least 21 and see what happens.

How does less than 1k a year buy a house in 21 years time??

Bollss · 04/10/2020 16:19

[quote lifestooshort123]@TrustTheGeneGenie

About £25 a month and then grandparents do a tenner as well I think. We are aiming to buy DS a house either to live in / rent out but we will have it in our names until he is at least 21 and see what happens.

How does less than 1k a year buy a house in 21 years time??[/quote]
I meant on top of what goes into his savings account Grin

movingonup20 · 04/10/2020 16:22

We saved the child benefit money (but split equally as oldest dc technically gets more) then used it towards university living costs. It's set up so it, along with anything they inherit should we die before, is in trust until 25 - I know people who as young adults squandered everything on fast cars following their parents deaths

ParisianLady · 04/10/2020 16:24

@MartiniDry

Completely agree. We aim to give them the tools to support themselves.

Of course if they need help with something they can ask, and we'd likely gladly assist, and their entire education is already safely covered. But I've got no plans to buy them cars or houses, no money saved for them specifically.

The money is ours and I hope they'd have enough of a strong sense of self to not expect some automatically.

Of course it's easy to say this when we have enough money to go around, that I know we could buy them a car etc, so I can see that this might be tainting my view.

I've never expected anything from my parents beyond my education and once a one off loan of £300 when I was 21 (repaid within 6 weeks)

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