What do you do with your Child Benefit?

[emmaalwaysinadilemma]

My mum was horrified when it came up in conversation that I put half our child benefit payments aside to pay for our annual family holiday. The other half goes into a pot mainly for the DCs' clothes, and other odd bits they need. She thinks this money should be put into a savings account for them - which it would, in an ideal world, but there's no way we could afford to take them on holiday then

I'm now curious about what other people spend it on, and if my mum is right that it's a bit unfair of me to spend it on holidays?? As I said, if I didn't do this then the children would have no holidays as we simply couldn't afford it.

Mine just gets lumped into our joint account as income for the month. It will be spent on whatever is needed.

Put it into a stocks and shares child trust fund which has tanked recently! Still better than a savings account and enough in it now to help a lot towards university maintenance.

@decoraters
"You’ll usually be responsible for a child if you live with them or you’re paying at least the same amount as Child Benefit (or the equivalent in kind) towards looking after them, for example on food, clothes or pocket money."
www.gov.uk/child-benefit/eligibility

It goes into their savings account.

[quote GrishainDisguise]@decoraters
"You’ll usually be responsible for a child if you live with them or you’re paying at least the same amount as Child Benefit (or the equivalent in kind) towards looking after them, for example on food, clothes or pocket money."
www.gov.uk/child-benefit/eligibility[/quote]

I'm not sure if you are trying to back up the poster I was asking or if you are then and have name changed but the link does not categorically state that it is intended to be spent on clothes and food. You are allowed to spend it on whatever you damn well want and it's not up to anybody to say otherwise.

@LadyCatStark

We used to use it for Christmas and birthdays but now we’re not entitled due to DH evening just over the threshold. I really don’t think it’s fair that some children are getting a nice nest egg courtesy of the government and some aren’t entities to a penny 😡.

Your husband’s salary has gone up to what? More than double the national average? Can you not save for the children from that?

Just goes in the general pot, but we do a monthly savings account for each kid

It goes straight into a savings account used to be for school uniform, shoes, school trips and such, now it's for clothes and other stuff still needed for college and I do dip in when I'm short sometimes for bills, but then I also give the same each week for college money so it balances out, so it is saved but also spent regularly. Things like the above would be a big struggle in one go without saving something towards them.

@decoraters No, it does not state that you have to spend CB on food or clothes.

[quote GrishainDisguise]@decoraters No, it does not state that you have to spend CB on food or clothes.[/quote]

I'm not sure why you are telling me this?

Are you the poster I asked yesterday?

I know it does not state that. I asked that poster to provide a credible links because I knew they could not actually back up what they were saying.

We bought wine this month with it.

It's just money that goes into (and very swiftly out of) the joint account.

I split it equally into savings for university. Came in handy

For the first 10 years I got it it just went into the joint account and was spent on rent, food, bills etc

Recently I’ve been able to put it in a separate account and use it specifically for children’s extras - swimming lessons, school trips, birthday parties, Christmas presents.

@Phrowzunn

We had that too, us household income of £62k no child benefit, friends household income of £98k got it - plus they owned the business so got equity

Goes in the everyday account for things like food, activities, clothes, Christmas, fuel...
Im sure over the course of the month we spend more than the CB on food etc (for the children) before we even count swimming etc.

Did your mum save her child benefit for you, OP?

I spent my child benefit on family holidays, we went camping in Spain and France and had great times, one year we managed Australia. Making memories is really important

I would really want to sit at home each year but give my children £5000 at 18... it’s not going to go far

But as part of a family budget it really helps and that’s actually what it was designed, not to save up and give the children at 18

Into the family pot so pays for items for DS - clothing etc. We don't have enough spare cash to put it away

I was very fortunate to be able to work part time whilst my MIL looked after my children and wouldn’t take any payment, so I was able to save a lot of my child benefit and along with other money given to them, they were able to buy their own first cars themselves. I have always been a saver, since my first job my mum made me put away a quarter of what I earned into savings.

@AlwaysLatte we have kept the claim open for the NI credits (as I am a SAHM) but you can ‘opt out of payment’ so you don’t have to bother with paying it back via tax bill. So you’re still claiming it but not actually receiving any money if that makes sense?

Pay it back through my tax code

Just goes into house account for food, petrol, school uniform etc... I didn't know putting it into savings was a thing. Can't really afford to do that!

I wouldn’t be horrified OP you sound like you making good use of the money I think taking your child on holiday creating memories is equal to saving it for your children when they get older. It boils down to what you can afford.

I save my CB for DS.

I get 280 euro a month and we have used it on home renovations and for the past year I have overpayed the mortgage.
From last month I started saving it now that the house is done.

@TenOclock

It's intended to feed and clothe them. I'd argue that if people can save it, they don't need it and the taxpayer shouldn't be funding it.

Did your mother give you yours?

What a bold thing to say. Maybe some of us save the CB but spend more from our wage. Some people are not big spenders and are better at saving than others.

Some people simply cannot afford to save and that’s fine. These comments really grate on me though. Maybe someone has sky and that’s the reason why they can’t save meanwhile someone else just has Netflix.