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.

They are supposed to get 10k each when they are 18

Ive just checked and that works out to £46 pet month...but we didnt start this immediately so it probably worked out to £50 per month per child

Its in an ISA so dh does 'overpay' as the interest rate is good and we get the benefit of that

When ds1 turned 18 it was put in premium bonds

They are due to inherent 50k each so they are very lucky...only ds1 knows this though

So the other two dont know they are very lucky...yet

I had (and have!) savings accounts in trust for both of mine but only put windfall amounts in for them. When they started to become independent, if one needed cash I would bank the same amount for the other one - so I and they knew both were treated fairly.

They are very different people and I think they would have both felt less-favoured if I'd tried to keep things straight any other way.

At the moment all our cash goes on childcare and their activities. I'd love to put something away for them but really can't right now. Perhaps once the youngest is in school so we only have after school club to pay for them it might be possible but I can't see it. They do get massive lumps of cash every birthday and Christmas from an uncle. He is trying to avoid inheritance tax so gives them £500 each birthday and Christmas. That all goes in the bank.

£25 a month into a stockmarket based investment. She will get that when she is 18.

Strictly to be used for sensible things like driving lessons, uni costs, towards a home etc. Not to be used on a two week alcoholic bender in Ayia Napa!

We were very broke for a long time moved North - South (nuff said)

We saved £12 a month, because we couldn't afford £15, yip that broke.

He will be paying for his own driving lessons in the NY, from the account.

So any amount you can no matter how paltry it feels to you at the time will accumulate.

Wow, that's a lot. We put £100 at birthdays and £50 at Christmas into a savings account in DD name.

There is another savings account but it's in our names, it's intended as a college fund or flat fund, so DD doesn't know about it as it's for us to help her get started in adult life rather than for her to spend as she wants.

Speakout that’s terrifying. I’m now wondering why the hell I didn’t just save in my own name for them so I could make sure they just don’t waste the money.

Might be worth having a rethink about how we save after reading the responses.

if you receive tax credits or universal credit look at the help to save scheme,HMRC put half of what you save in after 2 years and also after 4 years can save maximum 50 per month

Wow, there are some fortunate children! My sisters and I never got anything like this - I remember one day when I was a kid, my mum took me and my older sister to the Post Office to withdraw our savings (Christmas and birthday money we had saved). We were excited! She gave us the books, took us there, we handed over the money to her as instructed ... and never saw it again.

My parents never saves for me, and I haven’t saved for my children. That said, I own another property and the mortgage is almost paid off. I intend to sell it when their older and it should be enough for a decent deposit each on a first home and a little car.

@Consolidateyourloins

It's one through my work, but our share price is really low so it's not been the best idea! I currently have over 700 to sell but the price is about £1 less than I bought for.

(I hope I'm using the correct terminology - I have no idea what I'm talking about!)

I remember being allowed to have mine early, I paid for all my driving lessons (and tests 🤦🏻‍♀️) and bought a mini. I was honestly so grateful but I was only allowed it for that purpose. I worked a Saturday job at the time and was getting £30 a day so I would have really struggled without it.

Very fortunate I'll be able to do the same for my child. Albeit, I don't think he can access until 18.

Ginghamstarfish - that’s vile. Poor you and your sister

Can I ask those who invest..what type or where do you put it? What's best for 18+ years of paying in. One dc has shares (I think - bought by godmother who sadly died soon after dc was born ) every statement we get the amount varies by about £100 up or down from the previous year. No idea what type as statement doesn't give a lot away really. I tried to set them up for the other two but got so lost about what I was even looking for I gave up. So, they have regular bank saving accounts that grandparents pay £10 each into and we pay all birthday money in and any extra we can afford on an ad hoc basis. Two have premium bonds and one has an isa. It's a bit of a mess all round!

Would like to set up investments but it's really not my thing and not something I pay much attention to or read about to have a lot of working knowledge on them.
My original idea was to just have a single savings account and all money goes in and at some point once youngest is over 21 splitting it three ways and giving it to them. Can't remember my reasons for not doing it because as it stands they're all going to get varying amounts which hopefully won't cause too much friction.

@EnglishRose13

I understand what you mean, I had a scheme too. Hold on to those shares, I hope the price goes up for you

If you open a further saver account like the nationwide offer than you can save upto£5k per year in the child’s name but only you can make withdrawals at 18 the account transfers to being an instant saver but until you transfer it into the sole name of the child or close it only you can make withdrawals. This saves the problem of the child going mad with the money at 18 as they still need you to access it.
The only draw back is if you die the money is still deemed to be part of your estate.

I put £250 a month in to an account, with the aim of having £10k per child by the time they each reach 21. I have 4 children.

You should also awear, that universal tax credits ask how much your holden have in savings and can make you use it.

We also don't save in the DCs name, concerned for issues such as speakout discussed upthread. I think the lower interest rates the adult can get is worth it to contain the risk of the 18yo blowing it.

I put money in when I can. There's no fixed amount and not every month. We also put any money she gets from birthday/christmas in there also.

We put £25 per fortnight for DS. We can't afford to do the same for the baby that's on its way. So we have decided to keep saving it as a joint account for them, with the aim to up the amount after maternity leave. Then we will work our a percentage of how much each one gets when they reach a particular stage in their lives.

It will remain a secret from them until we are ready to give it to them. It won't be at 18 or 21 though. It will be when they come to me and say 'I'm buying a house and I have saved up a deposit', I will then give them the money to boost what they have saved or to furnish etc.

He then has his own bank account which is where Birthday money etc goes, which will be his to do as he wishes with.

When he gets to working age, my hope (situation depending), is also to ask him for 10% of his monthly wage... this may sound a lot but it is nothing in comparison to what being a home owner or renter would be. My aim would then be to save a minimum of half of it, and give it back to him when the time is right.

@Consolidateyourloins

Thank you!

I save absolutely nothing for them in their own names. They have their own accounts for earnings/communion/birthday money. We save everything in our own names and have been able to help them out with trips, driving lessons, education etc. No way would I save something that would automatically become my child's when they hit 18.

As it happens, grandparents gave a significant sum of money to older 2 when they hit 18 to buy a car. Neither of them need a car so they have saved it in long-term savings - so they didn't actually piss it against a wall - but I'm still glad I didn't take that risk. Might be a good start to a deposit for them some day.

They cant get money out of the ISA as far as im aware

Not that it would occur to them to try