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Help to buy isa for dd 19

4 replies

Disneygirl37 · 17/06/2022 12:50

We've manage to save £5500 for dd who is now 19. She left 6 form a year ago doesn't want to go to uni.
She's been working at various jobs for a year and applying for apprenticeships.. Shes been taken on part-time with a company who have been impressed and offered her an apprenticeship starting in September.
£2600 is in a nationwide account (isa I think) in my name, which added a little to every month(just checked and it says 0.11%). The rest is in an investment isa my step dad set up for her which has grown a lot over the years.
I've been looking into a help to buy Lisa isa for her. She would be happy to save a bit a month. Would it be wise to add the money from the nationwide account to start it? I think she could probably only afford to save maybe £30-50 per month on an apprenticeship after paying a little rent and running her car.
Or should I just get her to start it with a small amount and add a little to it?

OP posts:
EmilyBolton · 17/06/2022 12:53

She does need to know that she cannot use the money for anything else other than house or pension. Both are sensible things to save for, but she is very young still and at that age may need to save more short term to support further education as a first step.

EmilyBolton · 17/06/2022 12:55

Hear that she doesn’t want uni…but apprentices paid low wage and she might want it for a bit of independence like a car, deposit for a flat or just nice things while she’s young and working hard.
Maybe once she qualified and been in her trade a year or 2 start to step up investing for home or pension.

comealongponds · 17/06/2022 15:27

Sensible for her to open a LISA and save a little each month, but I probably wouldn’t put in the money you’ve saved for her as she may want to use that for something other than buying a house/her pension, like a car, education or training, travelling etc. she’s very young for all her savings to be completely locked away unless she’s buying a house.

bizzey · 27/06/2022 13:15

@Disneygirl37 I am in the same situation with my DC as you are with your dd.

Have you decided what to do yet ?

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