Children's Savings

[CaraLouise76]

Morning everyone, just wondered for those of you that have savings accounts for your children, how much do you put away for them? Do you save regularly each month or do you just save for Xmas and birthdays? We tend to try and put away £500 each year for our DC. xx

Several different types of savings for them.

I try and put away 30 a month for them and this account (600)will be for when they want bank cards, meet friends clothes etc..

I'll probably pay less in when it gets to 1000.

Then they have a cash isa, hopefully for car and lessons and insurance and any costs at 18... Support them in an apprenticeship or uni... Then a stocks and shares isa which I hope will be their long term savings net to provide a basis for their young adult lives and give themselves some security.
Obviously they could spend the whole lot as they please.

Any money dD gets goes in, usually about £50 per year. My mum saves £20 per month in lieu of lots of birthday/Christmas presents & we save £80 child benefit per month.

She's been given £1000 inheritance which went in too.

She's got way more in savings than us!

That sounds like good savings options you have for your children. You are very organised. 😀My DC each have a Nationwide savings account but I’m thinking of contacting our financial adviser to see what he suggests re opening other accounts. I didn’t plump for a cash ISA as I worry that from the age of 18 they will automatically have access to their funds which is marvellous if they are responsible but if they aren’t they could squander all the money 🤷🏻‍♀️. Am thinking of opening another account for when they have driving lessons and a stock and shares ISA interests me as a long-term investment. X

If you want stocks and shares the earlier you start the better.

I thought different types of savings would hopefully help them resist the urge to spend one pot, one lump sum... The saving I do every month is for them to spend and manage so they hopefully won't be tempted to burn through the larger pots.
. They can hopefully get part time jobs and add to those pots also.

DS has an ISA and a normal savings account. As he’s only 4 all of his birthday money and any other money he’s given goes in the ISA but as he gets older if he wants to use his birthday money to buy things he can.

Then every month we set aside £100 for DS. Whatever we don’t spend on him goes in the savings account. Some months he gets nearly all of it, some months he might only get £20 if he’s needed new shoes and clothes etc. He’s 4.5 and has approx £2.5k in savings in total so I’m hoping we’ll build a decent sum for him when he’s older.

DS has a JISA and a pension. We’ll just tell him that the JISA is for uni costs and towards a first property if anything’s left. Hopefully, a few years of drumming that into his head and he won’t blow the whole amount at the earliest opportunity.

We’ve got a savings account for each child which any birthday & Christmas money from family and friends gets paid into and we have a SO for £100 a month. We hope this to be used for helping towards Uni / house deposit and we will top it up with whatever is needed at the time.
Then they’ve got a regular savings account which has £10 pw going into it. This will be used for 18th birthday to buy first car and insurance with us topping up if needed. God only knows what car prices will be by then!!

Don’t save for birthday and Christmas presents

Monthly savings for house deposits. Anything they are gifted for Christmas or birthdays is there’s to spend as they please as it was given in lieu of a gift.

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