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How would you deal with this to be fair in long term?

2 replies

faintpinkline · 24/04/2012 21:40

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:

  1. 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
  1. Split the £2500 equally so they both end up with same amount when baby is 12.
  1. 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

OP posts:
oreocrumbs · 24/04/2012 21:50

I'm in a similar position, I reguarly put money into an account for DD, and I have also put every penny she has been given as a gift in.

When I have a second child I intend to - if possible match what I put into that DC's account, and if not then half the money between them. Then when DD reaches 18 (or whenever I stop), put the whole amount into the second childs account. It should match up.

Most importantly though I have and will keep full control of these accounts untill whichever point I decide to give it to her/them and if for whatever reason I havn't managed to make them equal (perhaps we will hit a point I can't afford to spare any money), then I will combine both bank accounts and split the amount between them both.

Or bugger off on a cruise with a bottle of gin Grin

kellestar · 24/04/2012 22:02

My parents spread the spare money over each of our accounts equally. So I was 1.9 when DB arrived and the [example, as no idea how much it was] £50 was then divided two ways, the money already in my savings was kept there as they'd continue paying DB's until he was 18. DSis arrived when I was 7.7 and the £50 was then split three ways.

When i turned 18, they £50 went back to being split 2 ways but between DB and DSis, then when DB turned 18 the whole £50 went into DSis account.

The only one this worked out poorly for was DB, as he'd never had the full amount added to his account at any one time. He's still living at home, to make my parents pay for this gross misconduct Grin

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