DD is 6. I am expecting anther baby in August.
For some years now I've been putting a little bit of money away as and when I can for DD and there is now about £2300 in the account (not child trust fund as very dubious about these) Obviously I want to do something for the baby too but it will mean halving what I'm giving to DD and giving other half to baby.
However DD has the small lump sum already. Should I:
- Leave DD's £2500 in her account and start for the baby from scratch on the basis that DD will reach 18 when baby is 12 so I can then save for another 6 years for baby
- Split the £2500 equally so they both end up with same amount when baby is 12.
- Something else - I don't know what though.
I have no idea what's best and although its not a huge amount of money - maybe £30-40 a month I want to be fair. Any advise gratefully accepted