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?

We use ours for uniform, school shoes, after school activities, parties, camps etc. We do have savings for them and the grandparents are saving aswell but it's not a massive amount as yet, just a little bit to help them.

I am not sure if they should means test it or stop it at 16. I think 18 is more reasonable but teenagers cost a bomb. If they do means test it, it should be alot higher than the £25K tax credit threshold that they are bringing in.

As someone mentioned earlier - dh works - I don't as we are posted abroad. I have no income apart from marking GCSEs once a year, my half of the rent from the house in UK and the cb.

If you means test this on household income then you have to tax that way as well, and go back to having married women's pensions dependent on their husband's NI contributions.

Jellybeans - also agree that teenagers cost a bomb. Mine all have jobs which give them a bit of spare cash but I keep the CB. I would struggle without it. Nearly £200 per month here which could go if they so no to teenagers. I couldn't ask them for money from their pt jobs but I would really struggle to send them on school trips, eat, heat etc without CB paid to me.

last time i checked heating and food benefited my child too!

Ds' child benefit goes into his saving account, since he was born (6). At the time it was fine as i could afford it, although now I could use it. Still, it means there will be a small nest egg, and i work on the premise you can't miss what you never had.