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?

Despite having a distinctly average annual income, we've been lucky to be in the right place at the right time with investments. When baby is born in Nov we'll be putting around £25k in savings for when they turn 23 or so. Not sure if we will add to it at all. We'll repeat this for any additional kids.

Frank your day sounds idyllic

By having a pension, which she probably won't be able to access until she is 70, whatever mistakes she makes during her adult life re her finances, at least her old age will be comfortable

That is so sweet.

We don't save anything in the kids' names but plan and expect to help them out with a biggish lump sum when they need it. I had help (c. £4k) for my wedding, DBro has had cash to help him set up a business, other DBro will probably need help with a house deposit. We plan to do the same - fair isn't always equal. For now we keep the money available for family stuff - I imagine when DH is another 15 years into his career he'll be better paid, I'll have gone back to work, we will be in a position to help out.

My ex husband has basically spindled my daughter - not his child - out of nearly £80,000 so I'm desperately trying to put something back for her at the moment. Normally it was a tenner a month for the four of them though

I didnt save anything for DD, and to be honest now she is an adult, she hasnt ever needed a lump sum. She has had a job since 14, and worked whilst she was at Uni. She lives abroad now and whilst we help her out a bit here and there, she is pretty self sufficient.

I'm currently pregnant with my first, and I can say now that I will not be saving a penny towards her future, unless of course someone gives her cash gifts i.e birthday, xmas...

Posted too soon damn!

I'm currently pregnant with my first, and I can say now that I will not be saving a penny towards her future, unless of course someone gives her cash gifts i.e birthday, xmas...

My parents never saved for my future and I'm quite thankful. I have worked from the age of 15 and everything I have, I have worked hard for and appreciate the value of money :)

I know a lot of people my age who have been given everything on a plate and quite frankly their spoilt little brats, I'm glad I'm not one of them and my daughter won't be either!

Mine has a savings book, so if I have the book = no access.

If the account is in their name you wouldn't have the right to keep the savings book once they are 18. There would be nothing to stop them cancelling the book you have (e.g. by claiming it is lost or stolen) and getting a replacement.

Saving for your kids does not make them spoilt if you teach them work ethic and money sense. It also teaches them to save, i save for everything as no credit card and ive taught dc to save for everything

Dd six is a spendthrift in that she saves for a particular thing ie she had saved 8 this week then spent on a new purse, slushy maker and candyfloss in one trip to town and now shes back saving her money, older dd loves saving and will only spend on food from costa and subway but im happy as both dds count their pennies and save when needed as they watch me do the same.

I save into pots of money dd1, dd2, contingency ( ie pay the mortgage), appliances, days out, holidays and my non existent plan to be able to afford to move. I then have shorter savings for a handbag or new shoes etc.

I dont have a pension as the fees always seem to eat up su c a lot and plan to invest in property when i can work more when kids older and off my hands and then sell at 65 to retire. My retirement age will probably be set by govt at 70 and thats just too old for me.

She didnt save 8 pounds this week sorry no comma it should read this week went to town.

And should read such a lot
And im off to bed

Fuck all. We can't afford it. We will be able to afford to bail them out with rental deposits when they're adults but no house buying or weddings from us.

I'm more inclined to save money for our future than for the kids, much as I love them!
We don't have pensions so will need to invest money for our old age and not rely on kids to help us out

Absolutely naff all! We have family money, nothing assigned to anyone.
My DP's had a saving account in my name, when I was 16 the chap came over and papers were signed. I was there, but don't really remember what happened. Anyway they gave the money to my DSis, for her wedding I think.
I do similar. I have 1 child savers account in DC1's name. It's the family savings.

HairyFairy, I also feel that way when I hear people say that they put CB straight into a savings account. I'm sure their CB (paid for by my taxes) could be put to much better use if redistributed to a family where it is actually needed to make ends meet, day to day. I know so many families through my work whose quality of life would be vastly improved with just a little bit more. CB is of little consequence for many who remain eligible after means testing. What a joke.

I'm sure their CB (paid for by my taxes) could be put to much better use if redistributed to a family where it is actually needed to make ends meet

And how do you propose to do that?

CB for my child is being used for my child - it's up to me how I use it. Putting £80 a month into her account from my account is no different to me spending the CB on food and putting £80 of my wages into her account. You just don't like the terminology.

we have family savings
we clearly don't have as much disposable income as some on this thread, and I'd feel like a right prawn locking money away for the DC's university education only find to we were unable to (for eg) replace the cars that we both need to work. we will have no mortgage when the DC are 21 and 18, which will help further.

I hope to be able to help them with bigger costs where they're older - perhaps helping buy driving lessons, or a second hand car, or some furniture for a first flat. I won't be giving them large sums of cash - I have one kid who based on current form would spend/save sensibly, and one who would spend it all going on a massive bender.