does your cb get saved?

[NordicPrincess]

On another forum some time ago a lady came on saying that she always saved her child benefit money into a savings account for her dc as it was their money and not for her to spend.

I found this quite strange that she was so against the idea of using it to help cover the rent/food/electric bill. All our money goes into one pot and the goes where ever it it needed.

Saying that I have never paid into my childrens ctfs either (dont trust them) and my children do not have any savings either.

Do you save for your children? when they are different ages how do you decide how much to each child?

I see cb as help towards raising your child, my child needs heating and food etc so that money can be used for these things...

any thoughts?

I save DS's child benefit because we don't need it to supplement our income at the moment and I know there are much more expensive times coming (driving lessons, university ) so would rather be putting by for that.

But I know we are lucky not to need it at the moment; if we weren't so fortunate I would have no hesitation in putting it towards groceries, fuel bills, etc.

Spend mine - although we probably wouldn't even qualify for it if they make it means tested, it's spent every month - I think of it as money for the kids clothes, shoes, outings etc.

I see it as a benefit to me for having children - isn't that the point?

We save cb for our children because we do not absolutely need to use it to pay for utilities, food etc. I usually let it build up a bit and then transfer it into a Child bond or premium bonds or some other savings method. Apart from that, we do have some savings which are allocated specifically to the children. However, if I had to use cb for everyday expenses, then I would.

I have an ISA for my son, as my mother sends cash for gifts, rather than actual gifts, and that cash is for his future. He will also get some to spend when he's older (he's 15 months right now!).

CB/CTC all that sort of thing goes into our current account for day to day spending.

We also have a regular savings account that is our 'just in case' money.

I spend it. Sometimes I even spend it on wine

Our CB goes on the weekly food shop. DC have about £100 each in their savings. DH/myself don't have any savings.

we wouldnt eat without the cb!

We wouldn't eat without it either. And none of us have savings unless you count DS1's £1.89 lol!

Ours goes into the big pot and is spent as needed. Hearing people say that they don't need child benefit (but claim it anyway) is a pretty good reason for means testing it I think.

I think this thread is an argument for means testing it. Some people really need it to makes ends meet and others can save it.

Of course, I would like to see it taken off the more fortunate and given to the less fortunate but that's not going to happen. It will just go back into the government coffiers so perhaps it's best it goes to the children if finances permit.

No, partly because it would be taxed as my money anyway, so see no point in saving it for DD. Her grandparents save for her, but we don't really have any extra to put away.

you know to all those that dont need it, you can request not to have it. :)

the CB for our son goes into our joint account but we put £20 a month into a trust fund for him.

It's Child Benefit - the child benefits from having food/heating etc so job done.

However, it's nice to save it for them if you don't need to use it - even if you save it then use it towards a holiday or something.

But no, it's not given to you, specifically to save for the children or to be 'the childs money'.

No, partly because it would be taxed as my money anyway,
Not if the accounts in your childs name you fill a form in exempting it from being taxed.

Don't save child benefit but kids have savings accounts.

I totally disagree with OP and about eve. how has means testing got anything to do with this.
do you save generally ? some people do and some don't. I was on a htread about 6 months ago and many people where shocked thta dh and i don't save thta much. we all know we should.
i could save a copuple of hundred, if i really really tried. but i can't be bothered. i spend it on wine clothes, non necessities. make life pleasureable.

i do save tax credits and cb. i put 10 in ctf and 50 intot he childrens account a month. funnily enough, apart from saaving for cars ( outr taxc, mot, insurance and servivicng all gets done in oct for dh's car and mine).

But how others live, how much others save is none of your business.

Some of it goes into the trust fund, but most of it is spent on food/nappies etc.

Spend it on clothes for DCs and me
We save for DCs in their trust fund accounts, usually from money given by relatives at xmas and b-days, ATM all spare money is going into house, but once that's done, then we'll save more for the DCs.

Save it all for them later in life. We're lucky to not need it for every day life.

I don't think that CB should be means tested, with the cost of administrating it might make it more expensive. (I don't know this, just a guess!)

savings

I got blasted for not saving.
Looks like lots of you guys would have been given a goo pasting aswell !!

Most of us could save. We could save a bit. be it £3 or £300 a week. if you really really tried. most of us could.
even if you bought .... tescos' cheapy baked beans and chepeast bread ever. once a week. instead or normal loaf. we could all do it. if we HAD to. no ?

noone has been forced to say if and what they save!

we dont save because this is our first year out of uni an we are establishing ourselves again and getting used to work and paying expensive rent.

i would like to save at some point and i think when my son is 5 we will, i just dont know how to work out how much, id like to save for myself but am unsure of how to divide the savings between myself and my son.