To ask how much you have saved/aim to have saved for your child when they reach 18?

[Pringleeo]

We have 400 quid so far and dc is 2. Friends seem to already have 5-10k!! This is not possible for us. Is this the norm to save so much? I know housing etc will be crazy in future so I would try and save more but just can’t at the moment

I think @CultOfRamen is getting an unnecessary hard time.
She is thinking of her daughter. She will be her sole inheritor of her assets and when Cult dies, will inherit a nice mortgage free house to do what she wants with it.
And presumably the less money to pay on the mortgage means more money Cult can spend on her daughter. Perhaps you should all read the other thread where posters are charging their kids haldlf of their wages to stay there after they are 18!

Her daughter gets a lot of money from family, so isn't missing out on buying her plushies or whatever.
I see no difference in this and putting it in a JISA.

All are thinking about their kids, just preparing it in different ways.

Average age to inherit in the UK is 61.
Meanwhile @CultOfRamen gets to benefit for her whole life, from the money people gave for her daughter. If I gave money to a child I would not be happy at all if the parent kept it for themselves as said that the child could have the money after they were dead. She has said that she wouldn't even give the money back if her child wanted to use the money for driving lessons. I bet she will never tell her child about that money and clearing has no intention of ever giving it back while she is still alive.

Except you are just making a whole range of assumptions and getting yourself wound into a little ball of anger about what you ‘guess’ an stranger on the internet would do.
seriously, move along

Jeeze Louise! You lot still at it? The money probably doesn’t even add up to a whole lot. A couple of thousand pounds, if that? But to those who are on the bones of their arse, and have never had much money to begin with, it probably seems like a small fortune.

The difference is that in her 20s my DD will be able to choose a house deposit, university or post-grad, driving lessons, travel or something else. She won't have to wait until I die to spend it. Very very different.

And specifically my dad has given DD a few bob. He is very happy it's gone into her university savings. He would be apoplectic if I'd put it on my mortgage. I doubt the relatives who gave the money would be pleased. If they would, maybe @CultOfRamen can confirm she's told them. Then it's fine.

Not sure if this belongs on here or on the cautionary tale thread, but in their mid 20’s my three DC inherited substantial sums from my DM, and literally blew it all on stupid purchases. So I’m glad I didn’t save anything for them!

We don’t save in our children’s name as such but we do save ‘for them’ in our own names.
Their CTFs were used for birth, christening, birthday money over the years. They have a few thousand in them but nothing substantial. We will support them both if / when they go to university as I don’t want them to have huge student loans to repay.

@ConsuelaHammock do you plan on paying their fees as well as pay towards their accommodation / living costs. It's fairly unavoidable to leave University these days without huge student loans one way or another. Unfortunately it's a different era in higher education, I remember how long it took to pay off my own student loans (mainly as I came under the threshold for a long time) and the amount to be repaid was paltry compared to what HE costs these days.

I think we will get them to apply for the course fees to be paid but they’re less in NI than in England. We shall pay accommodation and living expenses. We are not going to pay the course fees because I don’t want it all to be handed to them. They will have to pay for some of it.

The amount they get in a loan is dependent on parents income, it reduces after £25k earnings. Rent is very high now and it's much harder to manage without parental help than it was back in the 90s/00s. My rent would be 3x higher now. I didn't have help and it covered my rent and living, now it barely covers the rent alone. Getting a p/t job is a good option, it may still not be enough or might need to be nearly f/t hours to cover living costs, meaning that there's no time to do the actual course and they risk failing/dropping out.

This.
Plus I worry that the fees will eventually go up and I want to be prepared to cover them if needed.

This is a slightly ridiculous thread. Dh and i have saved loads for the DC but it is because we have loads to save. Few people will be in that position.

Save what you can. Anything is better than nothing.

Re uni costs its quite normal for DC to take a gap year to work and earn money for university. Staying living at home and working full time DC can save a few grand easily.

I will allow my dc to live at home so they can save for as long as they like. That'll be worth £1000's in the current climate.
I'm also a pushy mum and expect them to study hard and get a well paid job. That's got to be worth 1000's too.

Nothing and i had nothing.

A little old but Just in case things remain the same, I think it’s a little sad that you would have your own personal saving but you have chosen to not do the same for your daughter, instead you use hers to pay off the mortgage.