Not much saved for kids

[helpmelosemybigbelly]

Feel bad I don’t have much saved for my kids so thought I’d ask here and see how others are doing or anyone similar to me

have 2 DC ages 8 and 5. Older one has nearly 3k younger around 1.5k. This is all birthday and Xmas money and money received when they were born etc

my DH works but low income, we on UC also as a top up as i can’t work right now due to caring for my older DC with high support level needs. Also we rent which is expensive so doesn’t help

my children’s pots are terribly low aren’t they

My parents had/have nothing saved for me or my sister. Some people just don’t.

I’m all for apprentices but equally if uni is a better option I’m all for that.. my kids are young so not thinking that far ahead yet, I only used uni fees as an example as like another poster said, lots on here are rich or pretend to be.. but I do think if u can save for ur kids it’s good to do so, my parents saved for me, wasn’t a fortune but a small bit and for example one of my siblings was able to buy a car with her savings so I’m trying to put away what I can but admittedly it’s not very much

Your children are still very young. You have plenty of time to keep putting bits away for their driving and uni.

The people you may have heard that have £30k saved probably have kids nearing the end of secondary, or at college.

You've got plenty of time. Just invest it well for them and it will grow. A junior ISA or trust fund will help it grow.

Ummm this must be some sort of wind up thread - i grew up with zero. My siblings also were given zero. Yours will have alot more than so many other kids, but you are worried?!?

Another one who didn't receive any savings from parents. I think their thought process was to enjoy whatever we had on spending time together as a family 'in the here and now' (days out, meals out, couple of weekends away, 1x family holiday). My parents weren't wealthy, but we were comfortable on the whole. There will be no inheritance either, but I don't care about that.

We do put some aside for our dc, but it'll be nothing like the £30k you see mentioned on mumsnet, certainly less than 10k. The only specification I have is that they use part of it on something sensible (driving lessons, new car, towards their first term at uni if that's the direction they take) and part on something fun (a bit of travel, a holiday with friends or similar).

They'll both inherit pretty well one day.

I do have to add to my previous post that, because my household income was so low (single parent to five kids) my university-going offspring did get the maximum loans and were eligible for some grants as well towards their costs. I realise that those with higher household incomes might well need a buffer for their 'parental contributions'.

Most people I know don’t have anything or a few hundred from special occasions etc.

Just most people would rather post what they do have rather then what they don’t.

We are not home owners and unlikely to be so, so no inheritance which is why I’m keen to save what I can for them instead

You sound like a wonderful thoughtful parent who is wanting to do well by their children. I wouldn't worry too much about what you hear on here...it is another world! Anything that you manage to give them will be a help, but also remember that the biggest advantage is having loving and supportive parents. I feel more and more at the moment everything is being quantified in financial terms and money. As someone who grew up in quite a toxic household don't underestimate the value of being kind, nurturing and encouraging.

We were in the position where we had no spare money to save for them at all when they were this little op but, as we progressed in life, could start putting money away far more quickly for them through their teen years. Which is just as well, given we moved into the minimum uni loan territory.

@Walkthelakesi totally get what you’re saying and they are very loved and have a good home life with me and DH and I take them out lots especially in school holidays to give them experiences. I also take them on a uk holiday once a year, that’s all we can afford is a weeks caravan holiday but it’s something that I always insist on

Wrt university - there are always options.
E.g. Staying local to save on accommodation and bills (as long as its a course they want/need)
Working from 16 and saving up, working in uni holidays, working whilst at uni if the demands of the course allow.
If you are on a very low income, they may get the maximum maintenance loan.
Then there are degree apprenticeships - my dh did one - the company pays the fees. It's not an easy route...you are working basically ft and studying.
Then there's always the OU...lower fees snd can work whilst studying.

Much better than nothing.

I'd also say that things change...
Dh and I couldn't save much in the early years either.
But what can be just as important as money is "cultural capital" - going on holidays, going on walks, to museums, galleries (most are free to enter) to see theatre...these are all so important to develop your child's understanding of their world.

They sound like lucky kids. And honestly you have done so well to save what you have! If you carry on putting bits away you will have something to help them . A UK holiday is great. We are in a similar position and I try and focus on what my kids do have rather than what they don't. I really wanted to take the abroad so this year we are doing a Eurocamp in May. It is substantially less than a Haven in the UK for a week in May half-term, including travel. My kids won't ever get an all inclusive abroad but I am making sure they have as many experiences as they can through their childhood so they don't feel deprived. I have less savings than you for my kids. If they do go to university I will have to have some tough conversations about staying local or perhaps going for a degree apprenticeship.

We could never save anything for them. The money for Christmas and birthdays I sold things. They are in their 20s now and doing well.
Nothing wrong with a UK holiday they loved them. Mine didn't go abroad until they could pay themselves. We wouldn't have ever had a holiday at all but my lovely mum and dad paid for us to have a UK holiday every year and came with us. We all have lovely memories of those holidays now they are no longer with us.

OP you’re doing really well - as you must surely know?

Can I recommend that rather than saving the money in a cash account, invest it in a stocks and shares fund (ideally ISA or junior isa but not sure how that works with whatever trust you’ve set up). Over the very long period you’re looking at, returns will significantly exceed cash interest.

Fwiw I never received a penny from my (absent) father or (single) mother. I went to university, got the maximum loan, got a high paid job and have always paid for myself. As a result I’m in a position to save for my children and I think it’s great to be able to do so, but even if you don’t add any more to those pots your kids will still have more than very many others.

UC coach told me my ds's account is classed as mine as I can access the money. A year ago I was told this.

We earn ok and have chipped away at putting money away for them but don't have savings for our dcs that could fund their university education. By the time they reach 18 I imagine they would have about 5k each, and tbh I would rather that go to driving lessons, a little car, house deposit etc

Dc1 is doing her GCSES, we have been blunt that we can't afford to fully subsidize her living costs if she goes to a university. She has a free room here if she goes to the local university, otherwise I am recommending she finds a PT job or take a gap year.

I have very little saved in DCs name. You never know how your child will turn out and they could blow the whole lot on drugs, drink, holidays, gambling etc. As soon as they turn 18 there is nothing you can do to stop them. I think suddenly having 40k when you're 18 isn't necessarily helpful.

We never saved anything for our daughter - We’ve never saved and couldn’t have afforded to once we had a child. We paid her rent when she went to university and have paid for other things over the years, but have never set anything aside for hwr.