To ask how much you are saving for your children?

[Namechangemum100]

Following on from another thread about savings, how much money do you aim to save a year for your children.

For us as parents, we are trying to aim for £1000 for each year of their life, DD is 18 months and Ds is 4 months. This money excludes birthdays, Christmas's and gifts from family friends (but that's virtually nothing anyway).

So how many children do you have, and what saving plans do you have for them.

I think it would be very kind, Summer.

we have a standing order that puts £7.50 into their savings account each month.. sounds like very little but over the years it added up bit by bit.£1620 before anything else is added. MIL added every birthday and at times because she felt like it. Resulted in the 2 18 + had about 4500 when they turned 18. DD1 is studying and using it to aid with rent etc DD2 says she will do the same and hasn't touched it yet.

We save into a pension plan for each of our kids - the ultimate in long term saving!

They won't be able to access the money until they are at retirement age so no worries about them pissing it up the wall when they're 18. But it does mean that when they start work they'll have a head start on their pension funds and that might take the pressure off a bit at a time they're trying to save for a house deposit.

We’ve saved £80 each month since he was born, and my lovely great-aunt has sent a cheque for £1000 each year for him. It’s all in mine and his dads names, so that we can decide when the time is right for him to have it. The aim has always been for him to use it for a house deposit. He’s 16 now, and it’s up to just over £30,000.

I put £50 a month into a junior s&s ISA. I could put more in but I don’t want access to a massive lump sum at 18. At the moment I’ve also put any gifts in. Once she’s a bit bigger I’ll keep the £50 a month going but put gifts into a current account to help learn about money. At the moment she’s oblivious so I’d rather gifts were saved. Initially we put it into cash but realised that inflation over 18 years would make that ppointless. So far, funds have proved much better even with dips in the new year.

I’d be comfortable with my children getting around 10-15k at 18. Any more and I’d start to worry about it being blown or impacting on work ethic. In theory they will have an inheritance from a number of relatives before they reach adulthood and while that will leave them in a fortunate position if it happens, I do worry a bit about the impact of having money at 18.

summer I would think it was a lovely thing to do

We do t have any savings ourself but do have an ISA for our son (5). We don’t add to it sporadically and my parents give him some cash for his birthday every year. He’s got about £4K so far.
We intend to support him through university but if we are not in a position to do that in the future then he would be able to use the money for that.
It’s his money and he can do what he wants with it when he’s 18. I plan to teach him about the value of money, expect him to earn any pocket money and get a paper round or pt job as soon as he’s able. SO I hope he’ll be responsible with his money but if he chooses to blow it in a summer in Ibiza that’s up to him.

I would definitely have pissed any money I received at 18 up the wall, so trust fund accounts will be minimal (maybe £5k each to spend as they please - not sure yet, it won’t be a ridiculously huge amount anyway). We save generally and will just help them as and when the need comes up - house deposits, weddings.....we already pay school fees, so uni will just be a continuation of that and I will expect them to get loans too, rather than just rely on us.

We only have one and he has about 5k so far - which is way more than we have personally.

A huge chunk of that was a very generous gift from a grandparent and we have been topping it up too and will continue to do so.

However, his savings account is in my name. He will have a sizeable amount when he turns 18 and I refuse to let him blow it all, as I would have done at that age

He can have ultimate control of that account when he turns 21.......or maybe 25!

We only have one and he has about 5k so far - which is way more than we have personally.

A huge chunk of that was a very generous gift from a grandparent and we have been topping it up too and will continue to do so.

However, his savings account is in my name. He will have a sizeable amount when he turns 18 and I refuse to let him blow it all, as I would have done at that age

He can have ultimate control of that account when he turns 21.......or maybe 25!

We let them spend birthday and Christmas money as it's given in lieu of a gift and is rightfully there's to do as they please.

They are unaware of their savings accounts, they can either use it for a house deposit or uni. I'd not let them blow it on a wedding though, if they want a large party they can self fund it. I want them to have a good start in their adult life, after that it's down to them to work hard like we have.

I save birthday money and Xmas money into a bank if there's nothing they want or need. My eldest has a child trust fund with £550 in it and I've just set up a DD to pay £20 month into it so when she's 18 she will have £2,000. It's not a lot of money is it? Not really enough for a decent car.
Youngest is only 3 so I will try much harder to put money away for her.

We have one child and her child benefit has been going into a savings acc for since the day we started receiving it. She will get to draw from it when she turns 18

£20pm since he was born. Can't afford much else, I'm a single parent on a low wage. But it will be something. Not decided what age to give it to him yet as my DM gave me £1k when I was 18 and I wasted it.

In our instance, the account isn’t in our DDs name, just mine and I don’t plan on telling them they have any savings at all - that way they would have to save themselves as well!
I’d like to keep the money for their first home/Uni

Those that are saving to pay their mortgage early.... how are you doing this? Putting aside a set amount each month?

We save £20 a month each (3kids) the eldest, 11, has nearly £6000. They all have child trust funds and the eldest 2had the £250 voucher. The 4 year old did not!

We can afford more tbh and are planning to change it after the summer (w have a big holiday out finances are focussed on!) though it won't be much more as we need to clear acrefit card as we plan to move house .

Basically we're shit with money so I'm quite proud we've managed to do even this little lol! But I'm currently v aware of impending uni costs!!

I put £20 per month into a junior isa for DD1 and DD2. Also in it is any money they were given when they were born, christened, birthday and xmas money, although the latter will stop soon with DD1 as she gets older she will want buy things with birthday money.

DD2 is only a baby however DD1s little pot is looking very healthy, it really does add up over time.

Nothing. I'm aiming to pay off my mortgage early. They might inherit it one day, maybe

Can I ask those parents who save birthday and Christmas money for small children what you'll do when they get old enough to protest? I'm assuming it's notes or a cheque in a card, what happens when they're old enough to want to spend it?

We have about £15k for each of our kids. Some (about 5k) is in their bank accounts and the rest is in our ISA accounts in S&S funds.

They are soon going to inherit a very substantial sum from a relative. The will was written so they will have access to it at 18 and it’s terrifying. Having taught teenagers for many years I know that some would be very responsible with money whereas others would go and blow it all on a Ferrari that they couldn’t get insurance for. We are going to have to be very careful to teach out children the value of money.

Can I ask those parents who save birthday and Christmas money for small children what you'll do when they get old enough to protest? I'm assuming it's notes or a cheque in a card, what happens when they're old enough to want to spend it?

We put any ‘excess’ money in their accounts if it’s left after any requests for purchases. If they want to buy something in particular, we let them and then withdraw the money from their accounts.

DS is nearly 12 and is going to get his first debit card soon, so he’ll be able to ‘drain’ this account if that’s what he chooses.

I would be careful putting savings into a child's name.

You may have the idea that it will be used for education or a house deposit- your child may have other ideas.
The minute they hit 18 the money is their's and may choose to piss it up the wall.

My son's friend's parents set up an account for him when he was young, they managed to save £20K for him by the time he was 18, hoping it would pay for him to go to University.

Boy had other ideas and the moment he became 18 he tapped into his account and spent the lot within 4 months.
Pissed it up the wall basically, buying stupid things, holidays for himself and his friends, alcohol.

And the young man is a sweet caring boy, just is young and a bit stupid.

I do save, and I believe my kids to be sensible, but I will give them money as an when they need it.

835£ for each per year which is the amount both are allowed on their child saving account. Will pay in untill they hit 21 years old.

I only have DS 8 and put away £100 per month for him. I save with a credit union so opened an account for him as when he was born, his savings and mine come straight off my wages so I hardly notice it as I’m used to the reduced money. I try and top it up with an extra £300 throughout the year so I’m saving £1500 per year for him. I never put in money gifted to him, that’s his to save or spend however he wants.

Anyone bothering to save needs to review where you are actually saving into. High Street accounts just don't cut it so we looked into an investment account. DS has about 10k plus now from an initial £750 start and £50 a month in, recently raised to £75.DS is 8.