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.

DD competes in a very expensive sport so once we've paid for training, kit, private coaching, competitions etc there's nothing left (and we don't get child benefit). She will quit the sport when she goes to university and we can then use that money towards supporting her whilst she studies.

£25/month per child into a junior ISA. Aware the chances of it getting blown when they turn 18 is pretty high.

And a couple of hundred into a workplace share scheme that is in our names but is earmarked for their future - uni, house deposit, bit towards a wedding - depending on what they end up doing. They won’t know about that though, we got no big handouts from our parents so want them to work hard and appreciate the value of money and it’ll be a nice bonus when the time comes.

£10 a month each.

I've saved money in our names which will be given when we deem it appropriate - probably for a mortgage. We told the oldest about her nest egg when she turned 18, the younger doesn't know yet. The oldest was delighted as buying a house seems within reach now if she saves hard over the next few years.
There was no way I wanted them to have control over it and perhaps piss it up the wall at 18.

£30 a month each child

£50 a month but DS is an only. Once he is out of nursery I want to increase it to £100 a month. We will hand it over when he is ready to buy a house which I expect will be in his early twenties and it should make a nice deposit :)

Oh and once he has had that we will add to a pension for him.

DS is 6.
DH saves him £50 per month. I don’t save him anything but DH earns more.
I pay his school fees from dividends (family business) and income from a property which is in trust for both of us. I’m aiming to save enough so his education to 21 is paid for, then I can start taking it for me and retire
My parents gift him 3k per year into a pension.
He’s a lucky boy- only child of only child of only child.

We put £1 a day in per child. They have ISA that they can’t access until they are 25 without our permission.

DH and I agreed that we will release find for the following things only.
House deposit
Buying a car or driving lessons
University Tution fees
Round the world flight ticket (not just a holiday in Ibiza)

Apart from Those things They will have to wait. They don’t know they have them as worried they might wrack up debt thinking they can clear it at 25.

If they start talking about one of the above options we will then release the money.

Friend of mi e got a £18k payout at 22 after an accident and blew the lot in a year in parties, festivals and drugs and bumming around not working. Now he can’t buy a house as is gutted at his stupidity.

Just £10 month each for me. I prefer to put excess towards overpaying mortgage. In 18 years time the money will buy a lot less than it does now so i'd prefer to clear mortgage before they are teenagers and then have much more spare money to help them out

The Govt should think about abolishing child benefit for those who can afford to put it into savings accounts for their kids!

Currently, with my son we put in money from birthdays etc into it, plus ILs give him £10 every so often to put into the account. To be fair, he's not quite 2 yet so obviously we do it for him we also received a lot of money from generous family and friends when he was born that went in (approx £300)

I'm expecting #2 and when it's born, we'll do exactly the same. Plus we'll then arrange to put in £25 a month for each child, seems like a decent amount.

It sounds fine, and is a good idea. Put in what you can spare. I put in £25 per month each for mine. It was in their names but I had control. They didn't know the details. When they were 16 I had the choice of either to close their accounts and take the money, or make it over to them. I closed the accounts and put it in my name, and have doled it out as I've seen fit ever since, handing the rest over when they were 21. DS saved most of his for when he buys a house. DD has been using hers so she doesn't have to work while she finishes her Master's degree. I don't know how much is left.

The Govt should think about abolishing child benefit for those who can afford to put it into savings accounts for their kids!

Smidge difficult to monitor

Or do i mean impossible to monitor

I might mean impossible to monitor...

25/month for each of our 2 since they were both a few months old.

Cumulatively not a lot of money but will buy a first car or go some way to funding their expenses during further education

Absolutely not for a party summer in Ibiza/Magaluf/Ayia Napa at the end of school!

Rufus - true! I'm not bitter because we don't get it, oh no - not me

Same here revoke

Im actually not bitter...i just think its a bit of a bodge up with the cutoffs!

We were putting £70 a month away for her. Then we decided to invest that money and she will get all of that. It’s a safe scheme, one where you get back what you put in minimum so in 3 years we will see what she has and pay it into her account.

Just to add we will not put the money into her name in case she decides to blow it. It is simply put aside to give her towards education or a deposit for a house.

I can't see any point in putting money in a savings account, the value is eroding with inflation. We invest sensibly and we'll be able to afford to give the ch a decent amount when they are older.

We put the child benefit in straight away each month so it ends up coming in at a little under £1000 a year

I put 50 a month in for my 6 year old, I've been doing it since she was about 18 months old. Ive yet to open an account for my ten month old
Will prob put 50 in when I open it and do that monthly for a while and then put 25 in each acc
We are thinking to wait until they are about 25 to let them know they have money as don't want them to blow it all!

The issue with people being able to save CB & it therefore is considered ‘unnecessary’ would be difficult to means test it as people have different spending habits. Our family income is well below the CB ‘cut off level’ but we have always been able to save it- the main reasons being we had a small mortgage (paid off when DS was 6), no childcare fees & we only had one child. Another family might have exactly the same income but more than one child, high rent or mortgage to pay plus childcare bills - so how do you decide that one family doesn’t ‘need’ the CB ?

DS is 11 months and we set his account up when he was born, he gets £10 a month from me, £10 from DP and £10 from my mum