To give my kids some inheritance to splurge and enjoy?

[tricerotopsrule]

I have inherited some money after a parent died last year. I have earmarked a chunk for my kids for their future (age 16, 15 and 12) but we are about to go for a city break to London and I’m in a dilemma about whether to give them a decent sum of money to enjoy in London and if so how much?!

I want them to enjoy the freedom of being able to buy some things there to enjoy and in memory of grandpa but also don’t want them to get too much and piss it up the wall on nonsense! My dad was a saver and I hear his 'sensible' voice and him shaking his head at me but life is for living and enjoying.

Any advice? I’ve no idea what might be a reasonable sum to give them each for a short holiday. Thanks

a couple of “big holidays” paying 5 adult prices….. that’s not going to be less than £15000

so £5k “fun money” ?

I’d say something between £250-£500 each for spending money for the trip would be lovely for them!

Every xmas Eve we would go to London and have £200 to spend, we used to love that!

On this basis I’d say £500 each.

but set ground rules , you are allowed to still say no. Encourage them to make good choices.

have a brilliant time too OP!

I wouldn't. Sorry but I think it's crass. The adrenaline of buying a t shirt to look rich whilst pissing away someone's graft. I realise I'm not in the majority and obviously if you decide to then I'm sure they'll have fun.

Yes do it. Work out how much you can give them that won't make you wince when they spend it on shite. That's the figure.

I think £250 each for the trip sounds just fine, nice to have some money for things the kids want, but without starting to waste it. It’s not that often that sort of opportunity arises for people who are generally careful savers.

There's always one

Just do it. I mean you got 150k, what's a few hundred on a holiday spending? Surely this amount gives you the freedom to actually not count the pennies when you are having experiences ?

How about offering them each a budget of £250, either to spend whilst in London or to put towards something else? It would be a shame for them to feel it all had to be spent in London and to waste it on things for the sake of it but knowing they could buy a pair of expensive trainers or whatever whilst in London may also be quite exciting. If they aren't used to having that sort of money to spend, they may find the pressure to spend it quite overwhelming.

If your DC are likely to want to buy trainers, head for Carnaby Street where there are lots of shoe shops. That way they can wander between them, comparing options without having to traipse for miles!

I guess it depends a lot on your general financial situation and what your kids are into.
My DC are 14 & 11. The 14yo would be thrilled and go on a shopping spree and the smile on her face at being able to buy this hoodie and those trainers and that something else would be lovely to see. But in a year or so, they would be grown out of. The 11yo would probably go straight to the Lego store and buy one of those massive sets that he has longed for for years.
To my mind, the Lego set would be a better memento of a passing grandparent but I think the 14yo might have a better memory of the experience if that makes sense.

My family did something similar when one of my grandparents died, all the grandchildren received about £8k inheritance and we were all given £300 to spend immediately on whatever we wanted, I was about 11 and bought myself a pair of Uggs .

To me £100 each would be great. (But if there is something they want to do - like see a specific show or go to a certain place I would book it and let them know it was grandads money.)
My kids tend to remember the things we've done not what they have bought. (Exception being a Teddy and blanket in the M&M shop....the most expensive place in the world to buy m&m's but they did.....because they were there and wanted to.)

Id arrange a couple of expensive activities/meals and give them maybe £2-300 spending money each. Make it memorable.

I personally wouldn't give them a load of spending money on a trip to London. Everything they might buy will be more expensive if it's thinks like trainers. Why do that whilst in London?

We did some trips with my inheritance and the children loved it. They got treats whilst there - to remember the trip - but didn't have a particular sum burning a hole in their pockets

If you want to give them some splurge money I would organise a separate shopping day another time so you can maximise activities.

We brought the merlin passes and did everything. We would have been very distracted by shopping

£250 just to spend on whatever the heck they like would be lovely!

I did similar - my DD's nan had given them £300 each a couple of years ago which went in savings.

We went NY last year and they had that plus a little bit more from their dad and other grandparents so about £360 each in the end.

It was great. They could get themselves that they wanted.

The youngest can be prone to buying junk but I managed to steer her away from that mostly.

They really enjoyed being able to buy some bigger bits. I also enjoyed not being massed about can you buy me x/y/z

For a short break £200 might be a good amount - we were away 12 days.

Just give them a gift 'from Grandad' on the trip of a couple of hundred each? Like enough to buy one big thing or lots of little bits and bobs. Don't need to give them loads as London is really expensive ( so better to spend when back home) and the Touristy stuff can be a massive rip off. You are paying for meals, activities anyway so that would be enough. You can gift them more/ bigger chunk in the future in a more 'sensible' scenario.

I would give £500 in these circumstances.
When I have done similar mine have been very thrifty and cautious and didn’t spend it all.

Have you ever seen my Big Fat Gypsy Wedding?

oh sorry wrong thread 😂

I would splurge on the holiday - nice hotel, new outfits all round, nice meals out, all the expensive attractions, couple of shows. I’d also take the younger ones somewhere like Hamleys and tell them to choose whatever they wanted up to, say, £200. The elder one might prefer a bit of retail therapy!
Enjoy this and don’t count the pennies!

I'd say 250 each at that age is a good sum. But tell them.once it's gone it's gone . Meanwhile open some junior isas from your inheritance to get them on the savings ladder

I think mine may struggle to spend it unless there's something they already had in mind like v expensive trainers or a massive Lego set. On the flip side the pressure to spend a large amount (for a kid) over a few days or loose the chance to spend it might be weirdly pressurising. Whatever allowance / gift you set make it clear it's not now or never & then they can relax about it rather than getting into a mad shopping frenzy!

I think it depends on what their usual exposure to money is. If their pocket money is e.g. £10 they're likely to lose their heads over £200 as that will seem like a lot.

I think I'd maybe give 4 x their monthly pocket money and like a PP said, float the idea of spending that in London but not force the issue so that they're not going to be running around trying to use it or lose it iyswim.

OP have you looked at the cost of holidays recently? I'd maybe budget out where you want to go and how much that's kindly to cost plus spending money and food etc because I'm sorry to sound pessimistic but I don't think that £20,000 on 4/5 holidays for 5 people is going to get you as far as you think it is.

Gawd - lose not loose apologies for badly written post 😂 and not U to answer the actual Q!