To think that if my children won money on the Premium Bonds (hypothetical)

[Scattybird]

That until they are 16 I would be able to use it to better our lives if I thought that it was right.

I have been reading the Thomas thread and having had this conversation with friends recently, some said, no, that all of the money should go into a trust fund as it's owned by them. To an extent in the other thread this would be the same as 'the gift was bought for X so it belongs to X'.

Personally I would pay off mortgage, and be a SAHM if they won big bucks.

Anyone?

sb, here's a good link for you. this site also has links to cipfa cime etc
linkhere

hth

mg are you suggesting that you get £35k when you start AAT training??

I am a recruitment consultant and that is the average was for a newly qualified ACCA/CIMA accountant in industry.

no, im say thats what you start out on as a qualified accountant after the 6 years of training

saying

sb, here's another god link for you .
here

lol hana flower, yeah if theres a broker that can move money about so it never goes down, snd me his number
he must be a v v rich man !

i'd spend it!!

all for the good of lovely spa holidays i mean the good of the family

not really, it would be there money to spend however like like, whn they are 16 thats a scary thought

insane very scary

college funds.

I don't think a teenager will necessarily go off the rails just because he/she comes into a significant sum at 18. I am very responsible with money and so are my siblings. At 18, I already had substantial savings from holiday jobs. If I came into a big sum then, I would have been laughing all the way to the bank had I invested it in property, as many of my contemporaries with parents with foresight did. And owned very enviable properties by the time they were working. I was .

Their parents invested over the years in their names.

I would think that at 18, the big expenses that the sums can be used for are uni fees/living expenses/gap year/car, and any leftover for deposit for property, wedding etc.

The trick, agreeing with crunchie again, is to teach the value of saving from early on, and giving them bigger and bigger sums of money to manage. For example, my philosophy on pocket money is not to give a small sum and then top up, but to give a fair sum every month, and rarely allow top up.

I put all premium bonds in my names and just stick them in separate envelopes re: the children so that when they are 18 or 21 I can cash them in and give them a lump sum. I know it's not earning them any interest but I found it better than the baby bond ideas which we started off with at first and lost so much money on them - we cashed them in because for about every £10 we paid in only about £6 was going into their funds - then if any of the numbers come up big we'll be sorted enough to improve our lives now which in turn helps the kids out and it is my money to begin with as I'm the one giving them £10 each a month (not alot but it;s all we can afford with the debts!!) - plus I don't have to feel guilty about the possibility that one of the childrens' numbers will win big and the other two won't.