Have you saved for DC?

[Cocopogo]

How much money have you saved for your DC and will they get it at 18 or at another time?

I’ve got the government money which dd earned for being born at the right time. She gets that at 18, all being well. Dd also has a savings account that I try to discourage her from using. It has some money in it and now I have a job I plan to put more money in.

Both DC have a pension and an ISA. Started for both when DC2 was born.

Yes. I am putting a small amount weekly into savings for DC. They will get it when I deem they need it when older (ideally for a deposit on buying somewhere to live).

Both DSs have savings accounts DH puts money in each month, plus Christmas and birthday etc. money from relatives. They should hopefully have enough in them for driving lessons and to pay towards uni accommodation by the time the DC turn 17.

We put the child benefit away. He has £10,000 now aged 17

We round up the child benefit to £100 a month, and add extra if we have sold some of her stuff/birthday money.

The money is saved in an S&S ISA in my name, as there is no way I would want her to have (potentially) 20k+ at 18..

@babyyodaxmas

We do the same we too the child benefit up to £100 a month for each child and my parents also put £50 for each child into premium bonds

We haven't looked at private pensions for them tho - maybe something to think about tho

We lived overseas for many years so dcs normally received cash for birthdays etc and this was also saved. We also paid into a tracker for them.
They have about 29k each. Ds already has access as he is 20 and dd will have access at 18.

Yes, got an isa for both of them. Put a small amount each month in (c£25) plan to increase that amount at some point in the future once we've finished house renovations and have more spare cash. While they're young enough not to notice (under 6) we also put christmas/ Easter / birthday money from relatives in there if they've had plenty of other items bought for them and can't think of anything else to buy with the money . Both sets of grandparents occasionally put £50 in each isa as well.

We haven't set a date/age for when they're getting it, will be to help towards a significant purchase like a house or a car. They will not be told about it either as don't want them to 'bank on it'.

I saved for both my children from babies but it turns out they are both autistic and it will be unlikely they can manage their own finances. I'm not sure how it'll work just yet but I still intend for it to be their money, just with help when they need to use it.

We didn't ; we used spare funds for education, driving lessons etc but as it has turned out they have all inherited ( sadly) enough for deposits on flats if they wish to use it for that.

I live abroad now where the government adds 20% of any money saved in a locked in education fund for DC up to about £1500 a year (so they chip in £300 plus another random £1500 when they're six for some reason) so each DC will have £45k-55k by the time they're in Uni. If they don't use it, you return the grants the govt gave but then can just gift it to them whatever you made tax free.

For DS I save £400 a month of his child maintenance since XH pays but doesn't know him and plan to have a nice nest egg for him as a young adult. For the other DC we only save about £50 a month besides the education fund. Hopefully more when nursery costs stop.

We have money saved to help them as necessary but we haven’t handed over a set amount because we believe in supporting according to needs. We want money in reserve to help in case of future significant problems which would be helped by throwing money at a situation (Forced unemployment, serious illness, Housing issues etc). If they don’t need it they’ll get support in other ways in the future or inherit.

We saved for university but didn’t pay off debts until after completion of degrees. We helped ease the path through university but they still had to think about their spending.

We’ve money for weddings. We will contribute a set amount to each that would give sufficient for a lovely day. Anything in excess of that, they pay towards.

We’ve helped a little with house purchases. One more that the other, as one got forces help to buy. We’ll help the youngest in due course.

It’s our money to spend as we wish. It doesn’t come without strings or as a ‘do what you want’ handout. We wouldn’t be funding a drug habit, smoking or hedonistic lifestyle.

Yes - both have a significant amount of money. They inherited over 20,000 each three years ago and they each had at least that in savings already. They are very fortunate.