Do you have savings for your DC?

[tiffanysaudrey]

I’m sorting out the best way to save for my little one who is due very soon!

I’ve been putting £2.50 a week in a seperate account to move into his own once he is born and also have a change pot. Any birthday or Christmas money whilst he is too small to know/want to buy toys will be saved also and I think me and DP will probably add some each birthday and Christmas too.

I want it to be a good amount for when he is an adult.

How much do you save (if at all!) any little tips to add little extra bits that won’t be noticed or missed but will add up?! If that makes sense.

I never had a savings account as a child but love the idea of having a little bit of money towards his first car, or buying a house or whatever :). Any success stories where little bits have added up?

When my dd was born I set up a direct debit of £100pcm (slightly over child benefit amount) as I figured we could live without it - if I got used to spending it in our weekly budget it would be frittered away, but if I just saved it immediately I wouldn't notice it. We no longer get child benefit (husband earns over the threshold) but continue to save equivalent every month. She is now 8 and has a crazy high amount of savings (well over £10k) which can be used for uni/driving lessons/house deposit.

But there are lots of accounts out there - some will give the child the money directly on their 18th . We decided against this and just have separate savings account in our name for her.

I also sell her old clothes/toys on Facebook and put those pennies in her account.

I think around £4 a week over 18 years is around 4,000 so if your adding on birthdays & Christmas it will be considerable more, then plus interest I think that's enough

Wow Tattoo what a lucky girl! Must be lovely to know that’s there for her! Yes I don’t want the account to go to him automatically as I’d like to make sure it would be spent on something worthwhile!

Universe yeah I think a few thousand would be a good amount when they turn either 18 or 21 or something.

I've put £30 aside each month for each child. DS1 is now 19 and it'll be about £7000 (haven't checked).

I opened the Metrobank 5 for 5 account for my son to get him into saving. He enjoys putting the coins into the machine and they will top up £5.00 every 5 th month. Helps for his future as well as getting them to learn about saving themselves. I also put money each week into a savings account so it can gain some interest. 😊

Since Birth I have put away £25 per Month for DC by direct debit into her own account, PiL and DM also put £10 a Month each so she has £45 being saved Every Month - DC is 3 and there's already a nice figure in there.

We currently have £50/month which goes automatically into an account in DD's name, and we top it up with any birthday or Christmas money.

Once it reaches a decent amount, we'll probably change the direct debit to a savings account in our names, from which we'll contribute to university, deposit, etc.

I've got an old online saver we plan to use for DS, we are fortunate in that we don't need the child benefit money, so have agreed that will go into the saver, I didn't even realise we'd get it until MN told me. We will also put most birthday and Christmas money in there when very small (we know some relatives give cheques for DN and will do the same for our baby), and as they get older some of this money will go into savings and some they can spend. If child benefit stays at £20.70 a week for the next 18 years and it accrues no interest (neither likely) that adds up to over £19,000 without any added birthday money, interest, increase in CB. Given how expensive higher education is already we know he'll need this and more, if he doesn't go to uni it will help with property/first car etc.

Ds (9) has about £16k and dd (2) has about £7k but should have the same amount by the time she is 9.

We saved for ours and spent it all putting them through college. So hopefully all that education will help them get going on property ladder.

Yes. I figured it was a good idea for a house deposit/travel/car when they're old enough.

Breadfoam wow great amounts do you save monthly?

We put £5/month in the DCs accounts. Hopefully we'll be able to put away more when I return to work (currently a sahm for the past 6 years). Their interest rate is better than my isa at the mo, so they should have more than that by the time they're 18.

Never saved. Have funded higher education and first cars though.

No :(

Saved their Family Allowance in their own accounts since birth.

You could also consider premium bonds (although think you have to buy in £100 units).

I found when our house deposit was in them (£30k) we got almost monthly £25 prizes; so a decent rate of interest.

Could be a suggestion for grandparents and the like for birthdays.

And to answer your question I have saved £20 per child since birth (Halifax) and added Christmas and birthday money. I don't know exactly what they have each but something is better than nothing!

No - they are fortunate that they have wealthy grandparents who give them money for birthday and Christmas - usually between 2 and 5k each time... they will also get a dividend this year from dh’s company (well we will put some of it to each of them) so they will have another £4K each.

What is family allowance?

My two eldest DC had money saved by grand dparents and each got £5k on their eighteenth birthdays. The youngest two got child trust funds started by the government and we are trying to add to these to get it up to the same amount that the other s got. It will hopefully help with Uni costs etc.

family allowance is now child benefit and has been for about 25 years.

I do the same as TattooUndo so my dc stand to have around £20,000 in savings when they are 18 unless my financial circumstances change.

I started saving when they were teens, just a little every month.
At 17 they have a lump sum that pays for driving lessons, tests, and a very cheap first car.
I also help out with furniture for their new home, not all just some, or some maintenance work etc.
Never earned enough to pay for uni or house deposit, but feel they should be able to do this for themselves and not have to rely on mummy and daddy as adults.

I set up accounts when they were younger (now 10 & 12) but until fairly recently I used to have to use them to pay bills & stuff - which is crap but just couldn’t afford it.
I’m earning more now and things have got easier so I do £30 a month each - it’s not loads, but it’ll do - I hope I can put back in what I had to take out in their earlier years too before they are 18.
Mine also have those Child Trust fund things and this has reminded me that I haven’t had a statement or anything from them for a long long time - despite them still taking my £10 a month. Anyone know how I can access that? I had forgotten all about it.

Ah thanks baby