Help me work out how to make kids savings fair!

[Neverhavetoomuchglitter]

Sorry not really an aibu but I save £50 per month for both my children each. Going forward this is increasing slightly to £65. It's not a lot I know but am hoping it's enough to help them out a bit with maybe buying stuff for their first houses or similar. Eldest is 15, youngest is 10. Problem is i started saving for them at the same time but now it's occurred to me it's more likely the eldest will move out sooner therefore end up having less than the youngest unless I just stopped his off too?
Should I try and make it fairer by taking some of the youngest to give to the eldest? Any ideas gratefully received!

What a lovely idea OP! Yes, I would try and aim to top up your older DC's "pot" as their costs will come sooner (and presumably you will have more time to save for your younger DC, in which time hopefully your income will increase etc).

Would advise you to save in your own named accounts (not in DC names) and not to tell DC about the savings or your savings approach until you have reason to give the money. Too many horror stories of 18 year olds coming of age, getting hold of money which is rightfully theirs (in their names accounts) and pissing their parents' hard-earned savings up the wall!

You could work out how much less per month you could put in the younger ones savings so it'd end up even by the time they both turn 18?
After that there's nothing stopping you helping them out even if they've moved out - eg, uni costs.

I'd try to even it out. Why don't you increase the eldest monthly savings by the extra £30 (so £80 instead of £65) and keep youngest at £50 until they are also 15 and up it then if needed.

Agree with @Bipbipbipbip

Don't forget though that if they bothbgot their money when they turn 18, the costs of things will have increased for the youngest.
We saved for our DDs in much the same way, but didn't give them the money in a lump sum, we used it to help them out at Uni by paying deposits on accommodation and giving them a monthly allowance. There's a ten year gap between mine, so the youngest got more money, but could only buy similar things IYSWIM.

I would even it up, as there are all sorts of things that can make life unfair that it's best to start with the best principles you can.

For example, my university fees were triple those of my sister. Hers are paid off easily, where mine are still grinding away at my income.

Nobody's fault or choice, but something I have to pay for that she doesn't.

I'd go with bipbipbip's suggestion and increase the eldest's then adjust the younger ones as necessary.

Though interest rate changes can have an impact too. We saved the same for both of ours but due to interest disappearing our youngest ended up with about two grand less by the time he turned 18 (around £11K all in compared to his sister's £13K) so we topped his up from our own savings.

I'd leave it as well as interest rates will probably mean it all evens out.

My parents gave me £1000 as a wedding gift, which was of course very generous of them. However my brother got married 10 years earlier and also got £1000 as a wedding gift. This might have been "equal" but it wasn't "fair".

I would work out the amount that your youngest is likely to have at the age of say 18 or 21 and then even it out so that the eldest recieves that amount at the same age. It will mean that you have to save more for your eldest to begin with and then equal it up again when they are both on track.

I had similar but the opposite way round, when dc1 was born she was the first grandchild on both sides, she was given money to put in savings by a lot of relatives. Dc2 is a fair few years younger, wasn't given as much and some relatives had died in the meantime. Also, we have less disposable income so we were splitting what we had evenly rather than giving dc2 the same amount monthly as dc1 iyswim.

We've now altered the amounts so that dc2's account is being topped up faster than dc1's. We look at them periodically and take a view on whether they will have equal value (more or less) once they're adults and adjust accordingly.

Thank you! Some good advice. Yes the accounts are in my name and they won't be getting their hands on it lol. They do both have child trust funds (or junior isa I think it is now). That will be there's when they're 18 but to be fair they dont know about them.

You have not way of making this fair to both of them. Reading some of the replies shows you why. All you can do is what you think best

With my children we didn't put a set amount a side a month, my dp collected all 50ps and £2 coins from dc1 being born, so amounts varied. So we decided to keep putting them in her account until she was 3, round the number off and then start putting them in dc2 account until his hits the rounded off number. Obviously dc1 account gains small amounts of interest in the mean time but we'll sort out that difference at a later date

I don't think you need to stop saving for the eldest just because they've moved out. I would keep putting the same amount in both savings accounts for as long as you decide. If the eldest moves out and you want to make some of their money available then do so but you can still keep saving -I'm sure he'll appreciate it when he's older and buying a home or car or new sofa etc.

I had this issue with my eldest and younger twins. I saved the same amount monthly for all of them, and when the eldest got hers I made a note of the amount. When the twins got theirs, I added up the difference, divided it by 3 and they all got given the same. All the way through I told them this was what would happen, everyone happy about it.

Mind you, I told mine if they behaved in a way that I was not happy with; drugs, skipping school, etc I'd spend it on a cruise for me. Never got that bloody cruise!

Stop worrying carry on as you are, you can’t go backwards. By the time your children are old enough to benefit they will understand .

You can’t stop them getting their mitts on accounts in their name when they reach 18. Whatever your intention. Bank sends letters after letters and more letters telling to come in with ID.

Just work out the difference op to ensure they both have the same amount by 18. The pp saying it shows that matter are wrong as it does matter.

And whatever you end up giving to the eldest make sure you give to the youngest.

"Doesn't matter" not "shows that matter" .

I've done what someone earlier suggested. Decided to give eldest 85 and youngest 45 for at least another 8 - 10 yrs. Then I will assess and make equal. If youngest ends up moving out earlier I can switch around!

Sounds good op.

I'd save it in one account in your name (especially if it has a better, even slightly, interest rate for paying more in) with instructions that if anything happens to you before the eldest hits 18 it's to be split 50/50

Then when the eldest hits 18 you can split it in half plus you can take into account your situation, interest rates and the likes at the time to make it fair

Ha ha. Isn't it complicated!
I too saved for ds1 and Ds2, but have wiggled it and moved more into ds1's, then more into ds2's to try and get it even.

Which is probably never will be!