How to save for DC's university/ small deposit

[pollyname]

What is the best way to do this? I though about DH and I both setting up LISA's with the money to go to help DC but it there a better way to do this? We are both close to 30, so assuming we put in £4k each this could potentially be worth around £60k for DC. Is there a better way to use this money? £60k seems like a nice size amount now to have available, but I'm worried that it might stack up to not very much in the future (inflation and all....)

We have a nice level of combined income (around £100k) but we live in London and don't have loads of cash available at the end of every month. Should we be cutting back on our lifestyle massively instead and squirelling away everything that we can?

I am looking at LISAs - they can be used for mortgages or drawn as pensions aged 60+, this doesn't sound like the best product for saving for uni costs (tuition fees can be paid via student loans but maintenance costs are family income contingent) also withdrawals have a penalty fee. You have to be 18+ to open a LISA and the eligibility isn't transferable. Have you looked at JISAs? Probably best for saving in childrens' names. Or ISAs in your name. Www.moneysavingexpert.com is the best place for impartial advice.
If you don't have any money left at the end of the month with a joint income of 100k then you need to give your finances an overhaul! Actually Red magazine has a good financial supplement which suggests ways to look at your finance.

Kids at UK Uni get student loans for tuition fees and part of their maintenance.

I give mine each about £100 a week - so £3k a year - living money over and above that
but as I save the same amount in not having them at home its not a net cost.

Kids at UK Uni get student loans for tuition fees and part of their maintenance.

It depends on parental income.
Mine would be eligible for the minimum.
Saving for Uni is a good idea.

If you don't have any money left at the end of the month with a joint income of 100k then you need to give your finances an overhaul!

What tosh. They might have a large mortgage of a short term mortgage.

Chingling
Tuition fee loans are not means tested.

Having a large mortgage is a choice.
Which can be overhauled if priorities change.
Households on £100k are in the top 20% after all

A LISA does not sound like the right product for you if you are only 30ish. The money has to be withdrawn to become a first time buyer (transferred directly to solicitor) or when you are aged 60 to cover retirement costs. You could each open a stocks and shares ISA and save tax-free that way. Obviously you won't get the bonus from the Government each year.

Junior ISAs in DCs names are another option but they will get unfettered access to the pot at 18. You will lose control at that point whether they're ready to be sensible or not.

Thanks sweetheart - I'll look into those options, they sound far more like what I'm looking for.

Just a note - having a large mortgage in London genuinely isn't a choice. We live in a 2 bedroom flat, in a nice-ish area (not Clapham by any stretch though).