To think Child Benefit goes into the family kitty?

[summerfish]

I was talking to a friend yesterday, and she said that she saves all of her child benefit in a special account, which she will give their children when they are 18.

I have never done this at all! Child benefit goes straight into an account which my husband and I use for family expenses. Also I have no idea how this would work practically, as the first child would presumably get a much larger slice of the pie, owing to the fact that the second child gets less CB! Not to mention, the fact that I have to pay my child benefit back via my self assessment in any year that I earn over a certain amount.

AIBU To think that child benefit is to be used for every day expenses?

I don't think it's abnormal or normal just depends on everyone's situation
Bad months I spend it, good months some or all of it goes into ds's savings.

I have saved it but it’s being used to top up maintenance loans for university. It was always saved in my name and not the DCs. I am lucky as it never went into the main account so have been fortunate not to miss it.

We could have saved it but decided to use it to go towards childcare

AIBU To think that child benefit is to be used for every day expenses?

Yes YABU

People can spend or save their money as they see fit.

Surely it depends if you can afford to . I tend to use it to buy nappies etc, then me and DH put an equal amount into savings for him, although it's out of the same account so doesn't make much odds really. Obviously if you need the money it makes sense to spend it now.

Straight into the household account so it goes on food & bills.

Given that parents are expected to top up their DC university maintenance loan when they go to uni now (up to £4500 a year), we’re saving CB for that. CB is £1000 a year, so when they’re 18 and if they want to go to uni we’ll have some money to support them. If not going to uni, we’ll be able to pay for other education, driving lessons, or setting them up in their own house etc.

I feel very fortunate that we can do this, who knows in future we won’t be able to and it will go in the general pot for the household

Sod that. It goes for my botox

I'm kidding, of course. I don't even get CB as my partner (not the kids' father) earns too much. There have been times I really needed it, but I'm not entitled unless DP changes his tax code.

Well its up to each family, but ours is used to pay a DD to the family credit card every month. We use this credit card for children/family related expenses such as school uniform, train tickets for family trips etc and then the CB pays it off. Thanks Boris!

We save it. I’d be saving money for her anyway so this is just an easier method of deciding how much.

Why are you giving any second thought to how someone else manages savings for their kids?

Do what is best for you.

There is no right or wrong, no' should' or 'ought', as long as the kids are well cared for and the CB isn't being used by an adult for drink and gambling.

I am quite sure your friend is capable of dividing the savings fairly and equally between her Dc, just as you are saving equally for yours.

Children's savings accounts here

This type of question always baffles me. You do you and she’ll do her, there’s no “should” about it.

I saved my kids money for university but we could afford to (just)

I’ve got two children aged 6 and 3.

Since Day 1, all the CB had gone into a separate account which we’ve never used.

Obviously circumstances change, but as it stands we plan to just keep saving it and then the children can have it when they’re older and want to go on school trips abroad, driving lessons, first cars, education fees etc etc

Who said? I think you can spend it how you like, or save it.
If you put £80 a month away per child how do you know it's cb money

I only had one child and for most of the time CB went into the kitty but when my son was 14 I decided to give it to him every month to top up his allowance.

Saving it is an excellent idea if people can afford to do that but I certainly needed it in the earlier years.

All of it goes on the general family spends each month, I only earn an average wage so its needed.

Mine gets split between the two children and put into their savings accounts.

Ours goes into the family pot, but we do put money into DC savings ever month - we just don't conflate the two.

@DowntonCrabby yep, equally baffled 🤷🏻‍♀️

OP why do you care so much what she does? To the point of thinking about first child getting more? You don’t think your friend has got the brains to even it out? How can you have “no idea” how it would work in practice? You really can’t imagine putting it all into a single account, so it was separated saved and ready to be split evenly? Or topping up the difference between the two amounts? It’s really not hard to come up with a solution, is it?

I’d understand a chatty nosy post about what people do... but not one saying that people who don’t do what you do are unreasonable.

I spend it on Malbec.

It’s not really up to you to decide how other people spend their money OP. Your friend could put the child benefit into the family pot and then have a standing order for the same amount going into a savings account for her Dc. It’s no different people are entitled to save for their DCs future.

Ours has always gone into the joint account. It’s for parents to help with cost of having children.