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 kids pots are terribly low.... are you joking!? You have 4.5 k saved and they are both still in primary school! You are also on UC credit so I would say for someone who has there income topped up with a benefit, you should be grateful that its not zero! My 4 YO has less than both of yours and we dont get any top ups!

I’ve been putting a small amount away in investment accounts for each child (£10 each per month) since they were a couple of years old. Grandparents have also been contributing the same amount so they get £20 each put into their savings every month, a very small amount really but slowly it’s added up over the years. I originally saved all their Christmas and birthday money too, but as they’ve got older they understandably want to keep that money now. They have around £2k each saved. By the time they are old enough to access it I hope for them to have around £4/5k each. So not loads compared to what I’ve seen here, but hopefully enough to help through uni if they go, or pay for driving lessons & cheap car or they could piss it up the wall in which case when it’s gone it’s gone and that’s on them.

I don't think it's that strange. People gift money to our DC and specifically say put it in their bank accounts. Why is that worse than letting very young children decide what to spend money on?

We had no savings for our children. We were pretty generous with University money ie £400 month and they had nice holidays. We don’t have any savings for ourselves apart from some inheritance. A big chunk of that was given to the children once adults ,but not a life changing amount.

A 5 year old is not hard done by if their parents have a little foresight and stop them wasting birthday/christmas money (that they barely register even receiving) on that day’s passing fad!!!

I havnt saved , never could afford Ito, but now I help where I can’. I don’t feel bad for it .

You’ve got great amounts

mum of 2 DC here, 2 and 10. Neither of mine have a penny saved. Nor do me and my husband, we live month to month. I also feel shit about that so I feel you. Sadly I could afford kids when I had them, now with cost of living I can’t afford anything even working!!

Most of what’s saved for the kids is money given when they were born and money given for christenings and then birthdays. Us as parents haven’t contributed a great deal as quite frankly we can’t afford to

If it’s in their name, won’t the bank / building society / investment company etc contact them directly shortly before they reach 18? I know it seems a long way away now but you’ve said you’re going to hold it for them until they reach somewhere between 18 and 25. I don’t know if you can do that without putting it in your name which would affect your benefits. And if you only transfer it into your name when they’re close to that age, it’s going to look dodgy. I might be wrong but I think if it’s in their name, then they will have access at 18.