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?

[quote 2155User]@SleepingStandingUp

I only get the £20 a week thing.

Although I do feel guilty getting it as we really don't need it and I do feel it would be better spent on other people[/quote]
You could always use part of it to make a regular charitable donation and save the rest for his future. None of us know what's coming

@Fuzzyspringroll

Our CB goes into DS's savings account each month. We are abroad and get twice as much here as we did back in the UK. His CB from the UK is still in his savings account there and now gets added to by his grandparents. Once we've got a second one, we'll set up another account and do the same for that child. It will balance out eventually. We are lucky that we don't need it at the moment but we didn't pay it into his account for about a year while we were between properties, having just moved countries and money was tight. It really depends on the situation.

So you get CB in two countries?

No. We used to get CB in the UK when we lived there and are now getting it here.

DS's CB from the UK is still in his savings account there, though. It's been taken on by his grandparents and they keep paying his pocket money into the account.
He has a separate account here, which we look after and where the CB from here is being paid into.

Keep it separate and used to buy child clothes, outings etc. Never used on adult.

so long as it goes to the child it doesn't really matter be it for their clothing, food or even heating to keep them warm. If you keep it separate for a night down the pub then yes I think that's morally wrong.

I’m saving it (though DH pays pack through self assessment anyway). The plan has always been that we can afford to save a little now, and we realise we’re lucky in that respect- but we will use it if we need to/ our circumstances change (rather than struggling and presenting to DS when he turns 18).

Surely if you don't need to spend it, you don't need to receive it?

Ours goes into a separate account and saved. We used it once to go on our first ever family holiday with all the children, another time some was used towards emergency roof repairs, we paid for swimming lessons from there and more recently it is being spent on renovations.

I save it and use it for holidays and treat day outs.
Wit my oldest son I used to save it and use it for things like school shoes, and winter coats etc.

Surely if you don't need to spend it, you don't need to receive it?

Don't be ridiculous.

I really want to save it all for my DS but I can't afford to.

I only get the £20 a week thing.

Although I do feel guilty getting it as we really don't need it and I do feel it would be better spent on other people

Unless you're doing it to protect your NI contributions, what's the point of claiming if it makes you feel bad?

We save it - £100 a month into account for DS. Obviously £80 something is CB and we make up the rest. We’ll do the same for subsequent DC so it’s equal.

I guess we’re fortunate that we don’t need to use it for everyday living or to afford our lifestyle so DS can have it when he needs a deposit or car or travelling / uni money

@ArtieFufkinPolymerRecords

Surely if you don't need to spend it, you don't need to receive it?

How do you define need though. Some people will love on the very basics of everything to be able to save it, others won't save but will use it for a few treats. Both could have similar incomings and basic outgoings. So how do you decide if go doesn't need it? That's what the 50k limit about anyway isn't it

@LonginesPrime

I didn't even realise I could 'decline' it?!

[quote 2155User]@LonginesPrime

I didn't even realise I could 'decline' it?![/quote]
Well you have to apply for it so presumably you can cancel it, but do you work?

Why is this surprising? I save mine but can afford to do so. For those that cant it is obviously better spent elsewhere.

People have different financial circumstances shocker!

@SleepingStandingUp

I remember filling in the form but I just thought that was essential and it had to be done. Quite clearly I was in a real newborn haze!

No, I currently don't work

We don’t get it as DH earns too much but if so many people can afford to save it then maybe the threshold is too high??

We put £50 of it a month into savings for her. We didn't have a baby thinking we would need the child benefit it's just an addition. We are by no means rich by the way.

[quote 2155User]@SleepingStandingUp

I remember filling in the form but I just thought that was essential and it had to be done. Quite clearly I was in a real newborn haze!

No, I currently don't work[/quote]
Then keep claiming it, it gives you the national insurance credits assuming it's in your name.

@SleepingStandingUp

Yes, it is. Thank you very much. You've been really helpful!

[quote 2155User]@SleepingStandingUp

Yes, it is. Thank you very much. You've been really helpful![/quote]
No worries

Well I don’t specifically put the CB money in, but I save more than that for each of them per month, together with my exh- i actually put it into our court order for finances that we both had to contribute.