How much do you save for your DC?

[Chocolattcoffeecup]

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

Yes, we don't know how pensions will change over the next 50-60 years and our children will have their whole working lives to prepare.

I am set to inherit quite well and hopefully that money will eventually trickle down to my daughter. I can't speak for DD's life, but for me, I don't need to know I'll have lots of money in my 60s and 70s. I could have done with money when I was retraining in mid-twenties, when I was getting married, when I was a first-time house buyer, and right now when I want to give my daughter opportunities and a good life.

We save but not a specific account for DS. When the time comes he will be assisted but it will depend on how we are doing at the exact time he requires a house deposit. I will not be giving him money for anything else. He did a degree funded by his employers so that was a very nice surprise as we had budgeted to assist him.

We save £150 a month so DS should have around 35K when he's 18 but it's locked away in our name so he will only get it when he needs it for a house deposit. We also have the junior pension which we pay into up the maximum.

@VaultandSinagain it's £2880 a year not a one off payment, the government then tops that up to £3600 I think but could be wrong

God I wish I hadn’t opened this thread. The inequality is just inevitable isn’t it.

That's right. Under present rules you can pay up to £3600 (Gross) per year (2880 net). It's just amazing to compare how much a single one of those payments can be worth if invested over a long enough period. Imagine working and thinking you may never have to pay into a works pension to get a decent pension. Most people are panicking about how much they need to save every year in work just to get a decent pension.

Who knows how long the government will keep on giving away this money, especially to children. Cash in while you can is my moto.

If ever there was a will waving contest on Mumsnet this is it. Good grief.

For those who cant quite keep up with the Jones's dont worry there are lots of people (The majority) who cant save anything like this. Houses, hundreds of £££ per month, pensions etc etc.

For the record my children turned 18 and were granted access to accounts with £1m in each. My son has a coke addiction now and spends most of his time with hookers and is in and out of rehab. My daughter got married early to a serial abuser who just wanted her money. She now lives back with me with her 3 children and hasnt got any money left. Neither have worked a day in their life.

Maybe i fibbed a bit above, but then who knows what bullshit people are spouting on here.

Let's pretend you're not fibbing! In a SIPP, they aren't getting that money until 58+ or being extorted for it.

I save £0
would I like to save ….yes. But it’s not feasible as a line parent or 3. And I’d rather enjoy the here and now with them

£25 p/m

Blimey I thought the occasional £50 was doing well!

So we have
One house paid off (hopefully by the time she is 18)
9,000 a year roughly in a NS&A account
So hopefully over 50k in cash and a house maybe

F currently £170 per month for both

you are.

Mumsnet is a mad place - they think a £125k salary is a basic salary.

I don't understand what your issue is. This thread is people who are managing to save for their kids to discuss that. No one is saying anyone who isn't or can't is wrong.

I would you know some they just don’t make it known perhaps

I save the child benefit so €140 each per child. I don’t need it for daily expenses

We're very comfortable but minimal savings in child's name. CTF worth about 4k. We will pay for any education or training, car and around £100k for a house.

Plenty I know saved more and most had no issues but a couple of the DC 'wasted' it, and a fair few more are having to live off it until it drops below £16k so they can claim UC - not the plan the parents had when they were saving.

We have JISAs but don’t want to put too much in. They’ll have enough to help them with post-school activities but not too much that if they blow it, that’s all the help they will ever get. It’ll end up about £10-15k I think, it’s a stocks and shares ISA.

We will have about £50k each for house deposits hopefully, but perhaps more depending on circumstances.

We don’t really save monthly for them though although we do save for our family generally which they are obviously part of. Their savings are from inheritance/gifts from family. I want the flexibility to control when and how much they get.

This isnt a thread about people 'managing'. Managing is people being able to save the odd £50 here and there. Maybe a bit more, more regular maybe a bit less.

Being able to 'save' a house, a pension and £100k for a child isnt someone managing. Its someone writing a cheque for hundreds of thousands which is not normal and should not be used as a measure for lots of parents.

For the record my own children are well placed in relation to some on here and nowhere near others. But i would hate to add to a mothers sense of self worth because she cant quite manage to give her child a house.

@SunnySunnyDayz We've kept it in our name so he gets it for a house deposit and that's it. I can understand anyone's worry if giving an 18 year old or whatever age a big lump sum 🤣

Ok so the original OP asked if people are saving, how much and how are they doing it. So anyone who is lucky and have the ability to save a generous amount shouldn't comment because others might not be able to save as much. I can't give my child a house but I am adult enough to understand that we are all different and all have different circumstances, I and I hope others don't base their self worth on their financial situation. No one is saying what they have saved is a benchmark and is normal, they are merely answering the OP questions.

No, the poster was very clear. It’s just the initial one off payment, not a yearly one.

“You'll be looking at £238K in the pension in today's money when they retire - all from one single lifetime payment - nothing else ever required.”

We don’t save for DS, but we did buy a rental property a few years ago, and once he’s 18 we plan to gift him the rental income to cover his basic living expenses, or he can choose to live in it himself rent free if he’d prefer. We’ll also cover uni costs in full if he chooses to go.

I hope this calculation is correct but I have my doubts 🤣