How much do you save for your DC?

[Chocolattcoffeecup]

How much are you saving for your DC and how are you saving it?

Ours have just under £50k each in a "linked" account, so it's held for them but they can't access.

We recently reduced the amount we were saving for them, from.£150 to £45 a month as we feel they have a decent sum building now (they are in primary so it will grow).

Ours were extremely lucky - they each inherited £250,000 from dh’s aunt a number of years ago. We stopped saving for them at that point.

£25 a month in a shares-based CTF (15 yo) / JISA (12 yo). They will have full access and control of it when they reach 18. Did the same for all my DC. My 2 older DC have reached 18 and haven’t blown it yet so hopefully the younger two will be sensible too.

Junior ISA for one-off gifts, inheritance etc. we don’t regularly add to this but it’s growing nicely. Junior SIPP, I put £24pm in since birth which should get her pension off to a good start by the time she’s 18.

£40/month per child, not loads but what we can afford right now with three small children. I'm hoping for around £10k each by the time they're 18. Currently they're just in children's savings account so watching this thread for any tips as I'm sure we could be getting a better return.

We were trying to save £1,000 a year per child but it became too much when we had a third. Ended up deciding to save £10,000 by the time they're 10 and let some compound interest do the rest. DD is now 10 and has £10,000. It will be about £13k by the time she is 18. I'm hoping it teaches my kids about the importance of compound interest as I was never taught it. My younger two have around £5/6k at the moment but they will both be at £10k by the time they get 10. These are just in a junior ISA, they also have a S&S ISA that their grandparents put birthday (£100) and Christmas (£50) money in.

Nothing but I've just finished paying his private school fees.
I also paid for his training course so he could get a lifeguard job and I'll pay his uni accommodation. He'll have a year's wages in the bank by September to live on.
We'll deal with his other uni costs between us - I expect him to get a job when there but will make sure he's OK.

By the time he needs a house deposit, I'll have saved some more. Or I'll drop dead from exhaustion and he will inherit mine 😁

I honestly don’t know anyone who saved for their DC like this.

I had managed to save up £50k for each of my 3 so that they could get on the housing ladder, which they all have now. I started from birth and put it in premium bonds.

We've never saved as such but put lump sums into their savings periodically, currently at around £90k each but we'll pay for university costs and they've always known this money is intended for a house deposit. Oldest is 18 now and hasn't touched it and doesn't want to.

saving for adulting (uni, drivers license) not directly accessible to them.

Very little - I would have absolutely blown a lump sum at 18, so no way would I risk my DDs getting access to a large lump sum.

Unless you’ve maxed out your own (and the other parent’s) ISA allowance each year, why would you take the risk?

@HP87 turning £10k into £13k in 8 years isn’t a lesson about the wonders of compound interest, it is a lesson about the dangers of inflation and not getting the best returns! If inflation is 3% a year the £10k’s value in 8 years’ time is £12,667. If you’ve grown it to £13k you’ve barely maintained its spending power. Investing it in a low cost tracker would
likely produce better returns and be a much better lesson about risk and reward.

Same.. I think it’s a privileged few who get to do this.

We don’t save anything. We have however paid off our mortgage at a young ish age and assume that - all being well (and it may not be, I have complex disabilities) that dc will inherit this in the future. We spend a lot on holidays and experiences rather than saving.

£10/week into a junior ISA since they were born, plus £5000 my grandmother gave them when they were toddlers. So should have around £15k by the time they're 18.

Thank you @SlipperyLizard .i do understand what you're saying but I was taught nothing about interest on savings, investments etc so it is absolutely more than what I learnt. They do also have stocks and shares ISAs so will be able to be shown the difference, maybe that makes it better to see a clear comparison, who knows. But what I do know is they won't be getting takeaways pretty much all weekend every weekend like I did.

Once the younger two have hit the amount they need to to be at £10,000 by 10, if we are able to then we will be saving separately for them for when they are older (so they don't get it at 18) and that will all go into stocks & shares. DH is using trading 212 at the moment and is learning everything there is to know.