To not be saving child benefit

[cadburyegg]

So we have 2 DC, one 3yo the other 4mo. We claim child benefit for them. It goes into our joint account and helps a little with our daily expenses. I have worked part time since the 3yo was born so it’s helpful.

In laws came over last night and somehow this topic came up. MIL was aghast that we are not saving it up for the children when they are older. We do save for them but only a small amount per month. Her words were “you’re not poor so you should be saving it up for their first car or similar”. Well no we aren’t poor but we aren’t rich.

I thought child benefit was supposed to help with the cost of raising kids not be a saving fund for them? AIBU??

[Argeles]

Child benefit = to the benefit of the child.

In my mind, it doesn’t matter when the money is spent on the child, as long as it is. That could mean using it for nappies, clothes and toys, or saving it and giving it to your child to help them with University costs for example.

Remember that tuition fees are currently £9,000 per year, and will no doubt further increase, as will property prices. If I could afford to save my child benefit, I definitely would, in order to assist in some way with these astronomical costs.

Perhaps you could tell your family that you can’t afford to save the full amount of benefit every month, and ask that if they are so concerned, that they could pay the shortfall into your children’s savings accounts? If the answer is no, tell them to butt out of your finances!

[BlitheringIdiots]

We save ours for holidays where the DS comes with us so we spend it on him

[Strongmummy]

Surely the point of child benefit is so the family can have extra money to ensure the kids are fed, watered etc.....YANBU

[user1472151176]

My child benefit money gets spent every month. Mainly because every month I need to feed my children, put clothes on their back and keep a roof over their head - that is what the money is for. It is definitely not a savings fund for children.

To be honest it's great for the kids whose parents can afford this but i don't agree with it. If the money isn't needed maybe the money should be distributed elsewhere?

[Idontevencareanymore]

I actually don't agree with the whole saving it for adulthood
I use mine in various ways. It goes into an account only I can access.it use it to buy new clothes or toys for the children I use it to provide them with days out, treats, in the summer it goes towards a big blow out day. Sometimes it goes towards a food shop, sometimes toward preschool fees.

I don't rely on it, it does come in really handy and enables our children to have things wed maybe not be able to afford.

[greeneyedlulu]

I did save when I was on maternity leave and for quite a while after but then I broke up with dc's father so I needed. But I do put a little here and there in to his account and when he gets cash for birthday and Xmas, I keep the actual cash but transfer the amount from account to his as I find that easier than going up to the bank to pay it in to his account.

[Marylou2]

If you qualify for child benefit I imagine you would need it for every day expenses. Anything you could save would be a bonus. It isn't anyone else's business.

[Shitonthebloodything]

Ours just gets counted in as part of the household budget so goes on bills, food, whatever.
I don't keep it separate and can't afford to save it.

[Bekstar]

YANBU we do save ours up for DS mainly because we know as a child of two disabled adults he may need help to get started and to motivate him into going to uni or getting a good job rather than just leaving school and become a carer to both of us, the money is there so he has something to make his life that bit easier when the time comes. I wouldn't expect every parent to do it. We haven't always been in a position to do it and that's why we purposely went for an account we can't touch till he is 18 meaning we couldn't if desperate dip into it. There has been the odd occasion when money hasn't come through when it should that we have held off putting the money into his account and used it for day to day things. Then when we have felt flush we have paid in more. If I had more than one child we defiantly wouldn't be able to afford it.

[HmmGrey]

I save it. I’ve always been a saver so when I started receiving, I challenged myself to live without and have done ever since.

I didn’t really have a childhood and I was very aware that we weren’t ‘well-off’. I want to give her the best chance at success and although money isn’t everything, if it pays for most of her tuition, a deposit for a house or funds her travels, I’ll be happy.

[HmmGrey]

BTW, when I recieved a letter confirming we were eligible, there was also a leaflet advertising an independent saving scheme for children/ISA’s. Not saying that’s what it’s sole purpose is -I would use it if we ever fell on hard times - but it did seem like I was being encouraged to put the money away for DD

[BigPinkBall]

I went part time after Dd was born so my CB & Tax Credits make up (some) of the shortfall in my wages.

Incidentally if anyone is claiming Tax Credits and wants to save then log into your government gateway account and see if you can open a “Help To Save” account, it’s a trial scheme at the minute but you can save up to £50 a month and after 2 years the government give you a 50% bonus and then another 50% after 4 years so potentially £1,200 for free

[Allyg1185]

Each to their own in my opinion. Ours goes into the joint bank account and is used for whatever is needed that month. Could be classes, clothes, uniform etc

[BadMoodBetty]

I save DSs child benefit. We are by no means well off, single income family on about 20k pa (if that!). We don't smoke, drink, eat out regularly, we live frugally etc. I am fortunate in that I can save his CB for his future, and I would go without in order for him to have things now if necessary. DH and I are both savers. We'd rather not have now, in order to be slightly secure if something happened that we weren't expecting in the future. I want DS to have that "buffer" too as much as I'm able.

[kateandme]

nope.otherwise it would be a amount given at 17 or 18 wouldn't it.
let it blow over you.total fluff comment and totally ur.

[mycatplotsdeath]

I used cb for days out and when they were older it was their pocket money

[Kool4katz]

I use my CB on all sorts of things but not savings, as there isn't enough cash to spare. As far as I'm concerned it's additional income to go into the pot and the money in the pot is used to cover our living costs, bills etc.
Physically, the cash I collect at the post office could be used to pay for my haircut or petrol for the car or any number of things.
I wouldn't stick it in a separate purse and then buy food or clothes for the DC from that purse, but others might choose to do so.
When budgeting on a lower income, it's simply about total income coming in v expenditure going out and hopefully without a serious deficit at the end of the month.

I think the system for the cap is very wrong because it penalises parents where only one partner earns a good salary and the other earns very little. In families with two earners both just under the threshold, they're obviously going to be much better off overall and still able to claim CB so that's obviously unfair.

[Linzbe]

YANBU. I would never have even thought of saving it, not that we could afford to. Ours gets used on things we need, nappies, wipes, parent and baby cinema etc. Tell your IL to keep their noses out your personal finances.

[lily2403]

Is put aside for Christmas for my DC

[manicmij]

Child benefit system is a mockery of fairness ie income levels. Child benefit is paid to mother of child, unless of course it is not the mother doing the caring hence the original intent of female independence. Should be used for the benefit of CHILDREN not hoarded for adult purposes. If you don't need it, don't take it , simple.

[Proseccoagain]

Remember that when my two DCs were little we really really needed the money to help with bills and food. I did set up an insurance for them each of about £2 a week from birth, to mature at 18 and the child benefit went towards that. The only time we ever saved it was when we were posted abroad and it was paid into an account which wasn't touched. Apart from that it was much needed.

[Touchmybum]

I regarded it as paying for 'extras' like music lessons. My youngest isn't that interested but my older two have a grade 8, grade 7, grade 6 and grade 4 between them.

[Wordsmith]

Do people really hypothecate their spending like that?

Our just all goes into the pot for general spending.

[neversleepagain]

Our child benefit goes to paying swimming and music lessons. All for their benefit.