Saving for your children.....how are you doing it if you can?

[FreshlyRoastedCoffee]

I am a single parent but I want to put aside money for the dcs in their name. So far, I have just paid for things that they need. One is at university and one will be there next year.

They are taking a loan to pay for the fees of their courses and the rest, they work and I top up.

But I was thinking about starting off an ISA (combination of lifetime ISA and other ISAs) for both of them (in their name). They could then use it for a car purchase or a house/flat deposit later on. They could add to it because it would be in their name.

I'm just wondering if other people have done this.

It sounds like a good idea, but as they're over 16, surely they have to open it themselves? You could still put money in though - sounds like a great start in life :)

They're grown up so they should open one themselves. You could explain to them how LISAs work and offer to contribute.

The first time buyer ISA looks good: you get a good bonus if you save the full amount. It might incentivise them to save a matching amount in.

We have been saving £50 each a month since ours were born .

Thanks, yes given their age they would open them but I would put something in to start them off and hopefully encourage them to contribute. The lifetime ISA does look good - a 25% top up each year from government looks great!

They should have their own ISA as each individual has a tax free personal allowance so if you have used yours it is best for them to have their own account.