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?

We save ours but sometimes dip into it for big items for the baby. After I return from maternity leave and earn properly again I'm intending on saving it all.

Totally depends on finances.

Mine goes on everyday expenses but as a LP to a disabled DS I don't have the job prospects to earn enough to do this.

I'm lucky I get dla which allows me to work school hours term time only and CB and DLA make up difference in wage and allow him to access things he needs to.

But if I had money to save for him I would.

Ours goes into my bank account then straight out into an ISA which is in my name.

Hopefully, we'll be able to give it to the children when they're 18, but it's in my name in case we ever need to put our hands on some cash quickly.

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

It’s there for the child, if it will benefit them more to save it for the future then that seems like an excellent plan. It may help fund independence, a house deposit etc.

Every day expenses of a child should be met by the parents who chose to have them so I can see why many have it to save.

You would be more reasonable to assume that people can do what they want with their money.

My mum saved mine and gave me when I turned 18. I wish she'd waited until I was 25 or something, or controlled the spending, as I blew it on pointless crap, and fast. But yes, I do support the idea, and would do the same. Of course, it depends on income, if you can't afford to save it, nobody would expect you to do that.

* I have never done this at all!*

Fair enough. Others have.

And of course you bloody haven’t - you have to pay it back!

@RozHuntleysStump

I spend it on Malbec.

Mine is set up as DD into babies account and will be until it stops at 16 it will be over £15k when all added up which will be a great start for her we wouldn't use the money as we don't need it and it's for her really we wouldn't get it otherwise

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

Of course you ABU. Every family is different. People can do as they choose. Your friend can save hers if she wants. What's it to you

Saving it if you can is a great idea although if you have more than one child then the eldest gets a hell of a lot more money. Surely it should be evened out. You cannot help when you were born.

Plus I don't believe in handing over large chunks of money to 18 year olds. Some are incredibly sensible and will use it wisely, others will piss it up the wall in a matter of months. I have seen both, hence why when the government did the child trust fund thing we never topped up that account. We have our own savings account so we can use the money as and when for the children when they go to uni etc.

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

Well if all their expenses are paid, what do you want them to do? Invent more?

Just pretend that the child benefit is used on expenses and the money they’re saving comes from elsewhere, maybe you’ll feel better then? 🤷🏻‍♀️

They have spare money each month, they manage to save the amount which happens to be the amount they get in CB.

Why are you bothered?

Ours went into Junior ISAs - nice little pot for later in life.

It depends, I try and spend it on the kids bits and I try and put a bit into savings bit of things are right one month then it does in the pot. I have 3 so that would be £15 each not 20, 13,and 13

I don't put the child benefit specifically to one side, but I do put £150 into a savings account every month for DS once I've been paid

I'm not even going to say what I spent my CB on, I would get shredded on here!!

I get the CB paid into my account and use it as the DCs "disposable" income...all the essentials come out of our main account but it pays for all the little extras like ice cream/entry fees for soft play/bus tickets into town (in normal times). These days it mainly goes on vaguely educational toys from amazon.

(We do save for them as well and put most christmas and birthday money away).

@notacooldad

I'm not even going to say what I spent my CB on, I would get shredded on here!!

Crack and cheap men?

Huh? How does what one friend does equate to 'what is usual'? Why do you care whether she is 'usual'?

Do you really question your entire mode of existence every time you come across someone who does one tiny life-admin thing differently from you? That must be so exhausting!

Saving it if you can is a great idea although if you have more than one child then the eldest gets a hell of a lot more money. Surely it should be evened out. You cannot help when you were born

Most people would be able to solve this quite easily. By putting it all into one account and then giving them half each - for example.

Plus I don't believe in handing over large chunks of money to 18 year olds. Some are incredibly sensible and will use it wisely, others will piss it up the wall in a matter of months

Again - easily solved. Keep it in an account until they are 21, or buying a flat, or you need it to top up Uni, or whatever else sensible and equal to each child thing you do.

I stopped claiming it as DH was earning over the threshold when the rules changed but when I did, it went into the family kitty.

It wouldn't have occurred to me to save it as I always understood that it was a benefit to help with the costs of the child as they grew.

Those who are able to save it are very fortunate.

Stop being so outraged. It's nothing to do with you!

Ours goes straight into my account rather than the joint account and it's used for things DD needs as she needs them. Clothes, shoes etc. Obviously she doesn't need things all the time so sometimes it builds up a bit.

This thread shows how stupid the child benefit system is.

There are people getting it who don't need it and so are saving it for the kids.

I can't get it but could actually use that extra money each month instead of eating into my credit card.

@Alabamawhirly1

Can I ask why you can't get it?