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 do hope you've added her to your deeds in a percentage requisite with her contributions, even if only a small %. Your property will be gaining value and you are saving interest, even if only a little, because of her. Shameful if you aren't planning to give her the investment with interest back - hopefully you are

This.

Also, building our own financial security to ensure we are in a better position to help out adult DC if needed.

I can't fathom why anyone who still has a substantial mortgage would lock money away in a kid's savings account instead of overpaying the mortgage.

Nothing! She's 18 today and has had a lovely childhood with days out, holidays, and time spent with me. I don't feel bad I was a single mum on a small wage for a long time and I gave the best I could.

Absolutely. Otherwise we’d have 100s of dollars of fucking pupito burritos or twice the amount of brats shoes clogging up the vacuum cleaner.

don’t see how it’s any different to putting half of the cash she gets into a savings account on her behalf 🤷‍♀️

Well done for saving that, OP. For me, I’m saving what I can. I want to give my children a helping hand, not fund their entire adulthood. I’m sure anything will be appreciated, try not to compare, although easier said than done xx

Honestly? Mine are 13 and 11 and we've saved nothing! I'm thinking I should start now. We have discussed it. We live in a large house and will downsize when the kids leave home. This will give us a substantial amount of money and we'll be able to give the kids some of that.
I just want to say, my parents couldn't save anything for me or my two siblings. We're now in our 40s and all doing very well for ourselves. I don't think having a big savings pot is essential.

Is this a thing?

Eldest is 16. We’ve tapped into our savings to live, because our apartment flooded and we had to pay for renovations to the one below us and to help out mother in law when she couldn’t afford things needed to live. This year we’re going on a big holiday as eldest will no doubt be working next year so we are where we are- will try to get together something to help him out before he starts college/ work but neither myself nor dh got help (my dad went guarantor on a loan and I’ll do that) and aside from this holiday we’ve always bought things through credit/loans as we could never afford savings.

Nothing. We save and if when the time comes we can help out with a car or house deposit we will, but I'm planning on her getting a lump sum at 18.

I don’t think it’s shameful at all.
added her to my deeds? Get a grip.

I hope she has a lovely day.

We save £25 per month per child (2 children)

Nothing for all 4 of them

Well it’s different because it benefits you and not her? You could put it into savings for her own house deposit, rather than paying off your own mortgage with her money- or will you release the equity she’s paid off when she’s older and give that to her?

We saved child benefit, so around £1k a year. So around £18k by the time they turn 18. It’s for car/uni/house deposit tho.

Presumably because it's not a savings account on her behalf, it's at best a "savings" account on your behalf?

Edited for typos.

Well, the money being given is for her, not you. It’s completely different to putting it in a savings account for her as she’d choose what to do with it when the time comes which is, presumably, what the person gifting the money wants. You’re choosing how to spend money given to her on your mortgage. Do the people giving her the money know this is happening? I know I wouldn’t be happy if I gave my grandkids money and the parents took half to pay the bills/mortgage, that’s awful.

it’s also not just a choice of paying off your mortgage or toys clogging up the house; put it into a savings account in her name!

We put away about a tenner a month per child. Not much but means they both get about 2500 at 18. Not enough to put towards a house but we will encourage them to put it towards travel/education/car. DD is 18 and is using hers towards travel in Europe after A Levels. DS not 18 yet so not sure what he’ll want to spend it on.

I never had any spare while DD was growing up.
But we've had the bittersweet bonus of inheritance recently so suddenly I have been able to put enough to one side to pay her living expenses through university.
But frankly, any amount is better than none. A couple of my friends were able to put regular amounts away into savings which have done really well and the kids are set to get a considerable wedge at 18. Fingers crossed they spend it wisely.

shes fucking 10. $300 is the same as 30 tacos to her.

shes an only child. Everything I have is hers. She can pick the flesh from my bones when I’m dead and il give it happily.

Ffs. I’m her parent. I’m responsible for her. That includes making financial decisions on her behalf. Paying off my
mortgage quicker means either a) she lives in a mortgage free home which directly benefits her or b) she inherits a property which directly benefits her.

option d- putting it in an idea for her 18th and she blows it on a bender in Bali, yeah nah

Firstly, I would say that comparison is the thief of joy (relating to the opening post and the comparison of what they have and what others have)

I also think it's a bit like asking how much someone earns or what their house is worth.

Save what you are able. Wether that ends up being enough to pay for driving lessons, a car or a deposit on a property will depend on what you can afford. Just be realistic.

That’s absolutely not the case for all the ones I know. Most have been incredibly grateful and spent it on uni or other qualifications or a car or it’s still saved.

We invest £100 a month per child into an ISA (not JISA). Because we both earn a good salary we will need to contribute to university. We will try and increase this when crippling nursery fees go away!

We didn't save anything for DS but we had savings which we used to help with university, we will also help from our savings with a house deposit if we think it's appropriate but we never saved to give him a lump sum