To ask how much you save for your child's future...

[Leggytadpole]

Not strictly an AIBU I know but I've just received my child's junior ISA statement which I save £10 into monthly and his DF matches that amount. It's not much but being a part time working single mum I can't really afford much more.

It's predicted to be around £3500 - £5500 by the time it matures when DS is 18. It will probably barely cover the cost of learning to drive and buying/insuring his first car. I know that's good but would not be enough to help with uni fees or a deposit for a house. I guess my circumstances will be different then so hopefully I'll be in a position to help him financially by then but who knows what the future holds.

So AIBU to ask what other people save for their kids?

It's difficult to restrain myself from paying more into my ds's junior ISA as the interest rate is 4% wheras to currently save that in an ISA of my own I would be looking at around 1.5% interest ! Then again I am not keen for my ds to suddenly have access to large amunts of money at the age of 18 when the JISA is transferred to his name !

Have an only DC and both me and my DH work.
I pay £100 a month in a savings account for DD. I also pay £2,600 a year into a pension plan for her, in the hope it encourages her to continue saving into her pension when she's working.

As an only child she will inherit the properties we own, so is in an exceptionally fortunate position.

DD would give all the money in the world though, to have a baby brother or sister. Unfortunately DH and I never managed to conceive again, even with multiple ivf cycles.

I think this idea of opening a savings account for a child when they're born is a really new one. I don't know anyone in my circle of friends who was given dedicated savings upon turning 18 or 21! We certainly don't plan to do it; any spare money would be better invested elsewhere and on other things.

£100 a month each

Orange In in my 40s and my siblings and I all had one. My folks out birthday money etc in, so we had something at 18.
My own DC have trust funds, so we don't save as such for them. But they each have a savings account and I put money in when their money boxes are getting full, again bday money/saved pocket money.

We're aiming to max out the JISA limit each year. Can I ask how do other people intend to make it fair between siblings? We'll be investing in funds / stocks and I'm concerned that even though we'll put in the same (or should you put slightly more in for DC2 to compensate for inflation?) one child may end up with a bigger sum than the other. Do you just leave it to chance or would you make up the difference?

Once we have downsized our house (currently on the market) we will be using some of the equity to buy a small investment flat to let out, and then sell when DD reaches an age where she will need financial help with car/uni/house deposit/gap year etc. (Any profit from the rent will also go into a top up fund for her too). Also all birthday/Christmas etc money goes into a savings acc for her, and any toys/baby items of hers that we sell go into her piggy bank. We're very fortunate to be able to provide for her in this way, we don't earn much as a family, but have had some inheritance in the past and made some shrewd/lucky/well timed property decisions that have allowed this. That said, saving anything at all is a great head start for any child, and I think it sets a good example for them to follow if they see you actively saving and planning for the future.

Nothing at all, we pay a lot each month to educate them privately and will pay for them to go to uni. That's all the investment for them we can manage. GP's are putting £100 a month into each of their savings accounts though which is very generous of them.

£10 a month each at the moment plus any birthday / Christmas money. It often gets used for activities that they want to do but we couldn't afford, dd's dancing lessons for example.

I'm amazed that so many people are able to save their CB. Makes a bit of a mockery of it imo. I always thought people used it to survive, to try and keep their children living above the poverty line.

Nothing. I have deliberately avoided having anything in the DCs names (other than a couple of thousand which has been third party gifts) as I want to have control over what they are given and when.

I antipathy being able to fund university/weddings/first homes but the money will be mine to gift as I see fit

anticipate

Passing without a doubt I would Make up the difference - never give one child an actual lump sum of money differnet to the other.

eg if your paying for ones passion for ballett, which happens to be cheaper than the others horse lesson passion...fair enough, but an actual sum of money is too obvious.

we have this problem by the way and will try and even if out although its by a few thousand now

we did a stocks and shares one and its tanked. moved it over to normal one now.

sorry that was to PASSING

frank I love the idea of the pension pot but will your dd actually need that if she is to inherit your propertie "s"?

£30 a week and any cash gifts she gets

Passingthrough we have twins and opened two types of child trust fund accounts when they were born 10 years ago putting an average 30 per month in each. The stocks and shares one has performed better than the Yorkshire Bank 2 percent one do just moved that one to a 4 percent Jisa with Halifax though that rate is variable. We will balance it all out at 18 by making up shortfall for the lower one.
We also have two childrens savings accounts which can be accessed anytime. The rate is much higher than my isa so we use this as a rainy day account and have about £15k between them though this may be put towards a house move - which will benefit their inheritance in the long term!

We save the following (per child per month):
Savings account: £10
Child Trust Fund: £70
Pension: £120

In addition, each child (we have two DC) gets £100 of premium bonds 4 times per year.

I think the eldest (age 12) has about £10k in savings, whilst the youngest (age 10) has slightly less - maybe around £9k.

We also spend about £32k per year on school fees/school trips/extra curricular activities. They have a very privileged upbringing - almost the polar opposite to mine.

None. We dont have any spare to save up for anything

Currently don't have kids. But am putting away £50 a month for when we do. I will get paid maternity leave from work as well as smp. So am planning to save the smp.

Do those of you who are putting funds in DCs names understand that they will be able to access it whatever their personal situation

So 20 year old DC is a heroin addict - you can't stop their access to £200k..... You DC marries a controlling arsehole and at 21 they gave access to a property that would be split 50/50...

We've just saved a few thousand in her account - the interest rate isn't great and it hasn't felt like a pressing issue. However, we've paid off our mortgage already so I imagine We'll just pay for cars, driving lessons, university fees/weddings and deposit etc out of our money. It might be better that way as we can ensure that's she's spending money in the right way.

Ds has a property that is currently worth 220K. Will be his officially when he is 21 to do what he wishes with it.

Where the answer is surely not to tell them they have a savings account? Until the age where you want them to have it, say 25?

orange it doesn't really work like that...

WhereInTheWorldToNext im not telling dd she has a savings account, i have the bank details in safety box. If she needs something that i think is a good enough reason (new car, driving lessons, deposit for a flat/house, wedding fund, new baby) then i will give her the money she needs, im not controlling it or her i just dont want her to blow it all on shit