I probably am bu and very nosey but...

[Ciggarettesuffragettesandboys]

Aibu to ask if you put money into an account regularly for your DC? If so how often and how much?

Me and DH put money in monthly (£40 each) and one of us thinks this is a good amount and the other doesn’t. I’m totally aware that it comes down to circumstances and income but just looking to gain some perspective really.

Nothing per month
Ours have birthday money saved in their own accounts
But financially a family is better off paying down their mortgage than saving in kids’ accounts
They also have the government trust fund as they are in the age bracket that received it at birth only. That isn’t much through, few hundred.

We have savings accounts for the kids which we put into a few times a year when we can afford it. Each of my kids has a bank account with gohenry and we put their pocket money in there each week (£15 each). We have set limits on how much they can spend on any day or in any transaction as I get to see what stores they are buying from. Neither of my kids tend to want to spend their money so they are always saving. So important I think.

£110 a month for each child (have two) and upset that it is so little.

That's a savings account not pocket money.

Yes we put away their child benefit €140 per month and we are also very lucky that they have trust funds set up by their grandparents. I love knowing that they will have no problem getting through college and buying their first property!! (They are super blessed)🙏

I put absolutely nothing into savings for them, as I can't afford to. I am on credit cards and overdraft...

Will add, though, that I am paying school fees. Which is an investment of a kind. Fortunately their schools accept credit cards.

I put £5 a month into a spends ac for each of the 4 DC. I also put £10a month into trust funds.

They have bday and xmas money go into the spending ac and if they want something like a particular pair of trainers etc wither they buy them or we split it.
My oldest DD (14)works now and also puts £5 into her trust fund as she wants to put it all towards a car / driving lessons.

I pay £25 a month into a junior ISA for each of my 2 children

We have had some generous donations from older family members over the years, including some inheritance, and every now and then we put a a chunk of money (unexpected bonuses, etc) in their accounts, but to be honest we don't pay a regular fixed amount (they prefer to spend their Christmas and Birthday money at the time). Currently it's in a trust (St James' Place, who are brilliant). Hopefully it will sort their house deposits.

i used to put 20 a month into each childs account

Saved all birthday/Christmas cash and pocket money from gp both kids blew it at 18 now late 20s regret it but they knew best so that was up to them . No help from us when wanted driving lessons/car/travel the money was there they pissed it up the wall. Think about money more sensibly now though

£150 a month into a savings account that is for my 2 children when they are older. It's in our names so can access it if they need money over the years, or we will give it to them when they need it e.g. a car, travelling, towards a wedding or house deposit etc.

Just my opinion but it's a better plan to use spare cash to get rid of your own debt / mortgage (if you have any) first before saving for children. The amount you save in interest will far outweigh the amount earned on savings and you'll have lots more free funds available to help down the line. We don't put anything into the children's names now but will give each lump sums out of our savings when they look to buy a home. If I was to fin anything in their name it would definitely be a pension or other long term product... remembers how irresponsible I was at 18

I don't do this at all - we could afford to I suppose but just never thought to do it.

Blimey, people actually have cash spare to put in savings for their kids?? I can’t even afford to save that much per month for ‘emergencies’!

We've been saving regular monthly amounts for 2 children. One just turned 16 and when 18 would probably blow the lot on makeup so I want to transfer the money, 3000, to my account now. Does anyone know if there are any tax implications? I started saving when you were taxed in savings but not for kids, obviously adults tax on savings has changed alot since then. Thanks

Um, it’s only sensible to put money away like this if you have no loans or mortgages on which you pay intrest. Also you should make sure the savings account is invested so it generated some interest (reasonably safely).
If you just put money away without investing it at some intrest rate you are wasting the money.

I have one and whilst I can afford it I am putting the child benefit - so 80ish £ away and topping it up with my own 20£ to £100.

Note I said whilst I can afford it - once I’m back to work and paying full time childcare I might have to reduce this but will hopefully still be around £50 a month. This money will hopefully not be touched until he is 18/21 (depending on how sensible he ends up being!)
A close family member is also putting the odd amount away (not more than say 20£ a month) which she has said can be used in the future for things like hobby equipment, school trips etc.

Good advice about investing it - I’ve just got it sat in a basic account. Will review this with my bank!

For people that do this, what happens when DC are old enough for pocket money? Does pocket money eventually replace the contribution to their savings account or do you carry on with both?

@WrenDouglas I already give my 6yr old “pocket money” alongside this. By pocket money I mean 2/3€ when she does little jobs around the house.

I put some away when I can.
I do it because my mum died when I was 17 then my dad cut me off and kicked me out when I turned 18 so I ended up needing my savings or I wouldn’t have been able to afford food. I did spend a bit on stupid stuff but who wouldn’t have in the situation?
My mum taught me the importance of money and savings and I was extremely glad to have that safety net so was pretty sensible with the majority of it.

No way would I put mo eh in the kids accounts. Their own money sure! Birthdays and Christmas etc. We intend to save hard in the next ten years and pay for cars, deposits, uni etc, but we will be in control of what it’s spent on. We earned it after all!

£100 per month.