Do you save for your children's future?

[GreenTiles22]

Inspired by other threads, if you have any disposable income, do you put any into an account specifically for your children? Such as a trust fund or savings account?

I don't.

We have 2 healthy incomes, but also high outgoings - 2 new cars (leased, monthly payments), 30 year mortgage of £400k, 2 preschool kids with childcare costs each, usually 3 holidays abroad per year. We are fortunate to put savings aside and overpay our mortgage a bit each month. But I don't save for the kids. I figured that when they are older, we will assess our financial situation and gift them a sum of money when they are 21. We use most of our spare income to either build our savings or pay off the mortgage, which I thought would leave us in a healthy financial position in 15/20 years to gift any money.

What do others do?

Kids savings rates are often better than adults too so worth considering putting savings in their accounts.

Yes my son has a nationwide account plus premium bonds, he's 2 and think he has about £3500 in there. I'm going to use it for school trips etc or to help with driving lessons when he's older I think. We put a couple grand a year in at the moment.

We save £20 a month each into a pension for them. Any gift of money they get we encourage them to save but don't make them.

They each have about £800 in their pension, £2,500 in a bond and £1,000 in a savings account.

It's not much really. Wish it was more. However It's more than I ever had!

They both have a current account and "easy to reach" and "hard to reach" savings. When they build up a lump sum in their current account I sit done with them and ask them if they want to move any to savings, give any to charity or spend it.

We talk to them about income and outgoings all the time. Try to educate them a little.

Now my DD (10) has a contactless card she can spend when out (when allowed and not stay at home/lockdown)

We were at Tesco and she wanted something. It cost about £12 I think. I said you can buy that but you have to use YOUR money, not mine...suddenly she didn't want it anymore!