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.

DS1 has a ridiculous amount of money in an account which is earmarked for him but is in my name...we are talking 6 figures.

It is however there for a very specific reason and DS1 will only have it if/when he does what it's there for.

We put £30 in DS child trust fund and £30 in his pension each month. Birthday money also gets split between child trust fund and his ordinary savings account.

@SparklyLeprechaun how do you invest it?

Exactly ragwort

I think the cut off is fair enough at the moment...i just think it should be on household income (and in that case the cutoff maybe a bit higher )

it really annoys me when people save the child benefit.

If you can afford to save it then you are obviously well off and should NOT be receiving it. Stop claiming it.

I save for my gc into stocks and shares accounts. The accounts are in my name, designated for each gc.
I won't be putting it into their names for the simple reason I watched an 18 year old blow £70,000.00 in just under a year.
The money was in a trust fund which he knew he'd be getting when he reached 18.
Same as things as speakout mentions, clothes, booze, lavish gifts to mates, plus a couple of cars which he wrote off.

@Sl33py

it really annoys me when people save the child benefit.

If you can afford to save it then you are obviously well off and should NOT be receiving it. Stop claiming it.

I completely disagree. I'm thrifty and have few vices except chocolate

Why should I be denied child benefit because I can stretch a pound further and save more? That's penalising thriftiness.

Since my 2 DD were born I've put £100 in each account per month for the first year and then £50 each per month. In addition birthday money goes in. My DP also thinks this is silly and doesn't put anything in.

We aim for £1000 a year for DS when taking into account birthday money / Xmas money / other bits and pieces we usually end up having to put about £600 a year in which is about £50 a month. DH and I both put £25 in each.

@Sl33py

it really annoys me when people save the child benefit.

If you can afford to save it then you are obviously well off and should NOT be receiving it. Stop claiming it.

Well it really annoys me when people fritter money away, and then expect to get additional benefits, expecting those of us who don't fritter money away to subsidise them. In the same way this year I got £200 heating assistance, and it was very thankfully received. I could have managed without it, but we were extremely grateful to get it.

So I don't believe child benefit should be paid to all children as it encourages large families - but it is, so heigh ho.

consolidated

I agree

If you are entitled to the benefit you should be able to claim it and do what you want with it

I put money into their accounts when I can, depending on what spare cash there is each month. My aim is to put £1000 in their accounts each year (that's birthday and Christmas money etc and what we put in) so they'd have £18k when they turn 18, ideally for a house deposit at some point.

We have it in accounts in their names but we have access until they turn 18 so if they turn out to be unruly teenagers I might transfer it somewhere else for safekeeping for a while!

I'm going to be working more hours soon and am thinking about putting a small amount into premium bonds for them each month.

Absolutely nothing saved in their own names.

All my DC will be well provided for but there is zero chance of me being compelled to hand over large quantities of cash when they're 18, regardless of their circumstances.

We’re not eligible for child benefit but I don’t see why people shouldn’t claim it if they can afford to save it. I imagine they are frugal elsewhere. If they’re eligible, they should claim.

I invest £90 a month for my DS. I started it thinking he could use it for university if he chooses to go, but, after reading Martin Lewis' article on student loans, I now think any savings will be better used towards a house deposit and he can take out loans for university.

Re those complaining about others 'saving child benefit'...I guess I could say that I save CB benefit (plus a bit extra) each month. So I guess I could afford not to receive it. But, my annual income is currently around £16k. I drive a car that cost me £500. Last year we had two UK holidays combined cost of £750. I get my hair cut once a year. I go out for drinks/meal about once every three months.

So, actually, I don't save CB for my DS. Instead I save the money I don't spend on finance for a new car, or I save the money I don't spend on expensive overseas holidays each year, or I save the money that I don't spend on getting my hair cut and coloured every 6 weeks like I used to pre-DS. I can put away £90 a month for him because I choose to cut back massively in other ways, not because I'm remotely wealthy.

@Sl33py

Don’t talk nonsense.

We have always saved £100 a month for each of our 2 children. They are now 11 & 8, & so both already have a tidy sum.

Some of it is in accounts in their name, but we opened accounts for them but in our names a little while ago. That was to prevent them from blowing it when they reach 18.

They get the money when we think they’re ready for it., & have a good reason for needing it.

They get £2.50 a week pocket money as well, but can earn more by doing chores. Each job has a price (like 25p for drying up) & it’s up to the kids to add what they’ve done to the list on the fridge.

What type of fool "invests" in premium bonds?

@RevokeRemainReform I make more 'interest' in my premium bond winnings than I do with my other savings. Obviously it's not guaranteed, but I can take the money out whenever I need it or if i want to invest it elsewhere. Not too sure what's so foolish about that

How often and how much do you win?

1. We have nothing spare. We can't even save the child benefit for them atm which makes me feel shit, but I'm sure they'll understand when they're older

@RevokeRemainReform £25 or £50 most months, admittedly not every month. Not huge amounts but it adds up.

I save £30 per child x 2 DC.

We put £45 a month away for DS. All birthday/Christmas money also goes into his account

I was shocking with money at 18 and I don’t want to spend their whole childhoods saving for them to piss it up the wall on holidays and video games.

I put £20 a month into a pension for each (I wish someone had done this for me!) and save £80 a month in an account in my name for their benefit. That way I can give them the money for something I approve of when they’re older or if we need the money for an emergency before then I won’t feel guilty about having to withdraw it from their accounts!