To have spent 12 years of child benefit?

[FullMoomin]

Having a panic attack.
I've just calculated that over the past 12 years of spending child benefit every month I've spent over £20,000!!!!!
I should have saved this money for DC!
If I had saved it, I could give it to them.
Turns out all my friends have been quietly saving theirs and now have a nice big monet pot to give their DC when they turn 18!
Now I feel horrifically guilty that my DC wo t get that, when all their friends will.
Oh help, really panicking.
I will never, ever be in the financial situation to pay £16,000 back to them.
The money goes in to my account each month and first it got spent on nappies, food, supplementing my reduced income, then when they went to school it got used for school uniform, new shoes, clubs, food, etc.
Suddenly 12 years has crept up on me and I haven't saved a penny of it.
Only 4 years of CHB to go now and then it stops!! I feel like I've seriously failed my DC.

Interestingly, another CB thread has been resurrected this morning after several months, by a poster telling us they saved theirs.

https://www.mumsnet.com/talk/_chat/4745748-what-do-you-spend-child-benefit-on?page=10&reply=129770613

Child benefit is given to provide money for necessities for the upbringing of the child...food, clothes, heat are all legitimate uses

You used the child benefit for what it is for: your child. They are the unreasonable ones to assume everyone can afford to do this!

There are nearly 8 million children receiving Child Benefit. It's estimated that over 4 million children are living in poverty. The number of parents who can afford to save Child Benefit for when their children are 18 are a minority. You have spent the Child Benefit exactly as it is meant to be spent. It's not as if you are like the fictional Adrian Mole's mum. He complained she spent it on gin!

Your friends must be very privileged but they are not typical.

If so many people don't need it and saving it is the norm, maybe that suggests the benefit should be means tested and more given to those that do.

I've spent mine too. I save it all year and use it for Christmas.

It's supposed to be spent. Don't worry about it.

Millions of families aren't in the position to hand their kids 20k.

It is means tested.

It already is.

You keep saying “intention” when I think you mean “purpose”.

I have mostly been quite proud to be a net contributor to the public purse, but even I find this thread a bit galling. I've never qualified for any benefit whatsoever, and my tax return shows how much of my taxes contributes towards various benefits other people get. I was perfectly happy with that, but not if I will not be able to afford to save that much for my kids whilst others use my money to save for theirs. I can only dream of getting their savings up to 20k each. This has got to be made up.

CB has no intention as to spending. It's an award for having a child.

The fact that it is means tested is indicative of the policy intention that it only be paid to those who need it, as a reflection of the additional costs of raising children. The way it is structured based enabling two earners to earn more before losing it, than a single earner with a sahp, is a reflection that a single earner with a sahp can more easily increase their household income, than can a household with two already earning. It is a policy clearly based around whether the money is needed. I don't get it myself for that reason, never have, and thoroughly agree with that.

You're so right.

It’s for day to day expenses for children not to be saved as a lump sum for 18 year-olds

Yes I’m often right

Please point out where it says that.

This thread is so depressing and really makes me dislike the petty attitudes of people in this country.

Child benefit has been around for more than 45 years and there was no income threshold until 10 years ago. There is no 'intention' for its use apart from helping people with the costs of raising a child.

The argument that someone shouldn't receive it if they are able to save any money each month is ridiculous and I'm sure many of the posters declaring this would also be the first to criticise families that have children when they can't afford to make ends meet.

What a drama llama. Absolutely ridiculous thread!

What on earth gave you that idea? It's not true at all.

Well the school swimming lessons are compulsory and they ask us to pay £50 a term. It's a life saving skill also and private lessons are a fortune where I am. School trips are often connected to the topic they are studying and again have to be paid for. @echt so I don't see why that's the same as saving all the benefit to give to a child at 18. My examples are so they can do the things ither children do during school time that should be funded but can't be as the councils are struggling too.

Any parent saving child benefit is in a privileged position.
The parents that really annoy me are the ones who give it directly to their dc and say ‘it’s their money.’ No it’s not!
It was brought in originally for mothers because the government recognised that some men were not giving money to their wives to help pay for food and basic necessities.

Tax payer money isn’t for your savings. It’s to be spent on your children.

You didn't say the swimming lessons are compulsory in your original post.

Get a grip - the vast majority of kids in this country will not get 10s of thousands of pounds handed to them on their 18th birthdays, and nor should they. Child benefit is meant to be for the costs of raising a child. So you’ve used it in the correct way and your friends are crass and tactless to make you feel bad about it. Until I read this thread I hadn’t realised that saving child benefit to gift to your children was a thing, it’s made me feel a bit queasy tbh.

The CB is awarded to parents. How they spend/save it is up to them.

On the other hand it could be awarded as shoe/uniform vouchers. You get the idea.

How do you like them apples?

Would you say this to a pensioner who saves their State Pension each month?