How much do you save per month per child?

[Kindfulness]

Hey everyone.

Can I just ask roughly how much per month you save for each child? Or what percentage of your wages you save for them?

And how do you save? ISA? Pension? Savings account?

We have one child; and it will stay that way!

I'm thinking of saving the £83 we get from the gov per month for her.

I also understand this is so personal and depends on your circumstance. Hence why I added in the percentage of your wages as that's probably more appropriate?

I literally had nothing given to me growing up, I worked for every penny. I don't want that for my daughter though and would love to help her out where I can 

We save any birthday & christmas money in premium bonds in her name. Thats the only savings in her name we have.

We do save the child benefit money in a S&S ISA, but that's in DH's name, just in case shit hits the fan for us in the next 18 years :)

We save nothing specifically for each child. We do have savings though. All birthday money goes into the kids bank accounts so they have about £1000 each in there.

But for uni etc, house deposits we will rely on our own savings to help out.

We save £70 per child per month. That’s about 1.3% of our joint income per child.

We can manage about £20 per month for the younger two DDs savings accounts, plus £30 per month to DSD's savings and £40 per month to her current account. DSD is 8 years older than DD1 and DH and I both agreed she needs a bit more money that's easily accessible just now. She's also 16 and the next step after S6 will be upon her in no time, whereas we have a bit longer to build up savings for the younger two. Most of DSD's debit card money is spent on lunch and books.

When DSD was younger, and a bit too young for a debit card, I think we managed around £30 a month into her savings. Maybe more. It's easier to set more money aside when there are fewer kids to spend your wage on.

£70 per child per month, easily accessible so it doubles up as our "if the shit hits the fan" fund.

I do £50 each per month from the maintenance I get from their dad. I plan to use it for things like big school trips etc in the future as well as giving them a boost when they are adults.

£500k per month, which is less than 0.1% of my income but it's only so low as I only work 1 day a week now, ah the joys of my Mumsnet life

We used to get them to save birthday and Christmas money with a small amount taken from it before deposit, we also saved about £15 a month all we could afford at the time and when they turned 18 hey presto driving lessons and lots of them.

Thank you for all the useful replies!

I might save half of birthday / Christmas money in the future too!

This is amazing!

I put £5 per week of the CB and ask for money towards xmas and birthdays. All go into a kids saver.
He won't be a millionaire but he'll have a good little chunk towards driving or a deposit.

They are currently 6 and 2 -

1. they get £1000 each of them, each year for birthday from a set of grandparents which have so far been £8000 sitting in a S&S ISA in my name, not their, although earmarked for them
2. Second set of GPs doing £25 for each of them each month in an S&S ISA that is in their name.
3. spouse and I also doing £25 each for each of them each month

that is the bit we have earmarked for them. We are also saving generally from which we absolutely plan to help them with all the major milestones.

Hi,

We have two children (3 &1) and they both have a savers account.

We currently deposit £100 each into those accounts plus any birthday money etc. I am tempted to change them over to a S&S ISA in our name so we have control of them when they turn 18.

DH and I each pay in £20 per month plus the £80+ child benefit goes in there so just over £120 per month. We also pay in any birthday and Christmas money that DD receives.

I save £25 pet month for foster son. He also contributes as does not always spend pocket money so every so often there is an extra £20.

Grandparents pay £100pm in to S&S isas and we save their CB money in a savings account we can easily access.

Once we are past the point of paying childcare I hope to be able to add monthly to their ISA's ourselves too.

Birthday money just goes in the piggy bank!

We save 1.5% take home pay into a pension and an additional 1% into a JISA.

Youngest is almost ready to receive JISA now and the others had decent pots as started saving from birth.

£10 per child per month into their junior ISAs

£100 a month just one dc, we just top up the CB money. The account is in my name though, I don't want him just handed a lump sum at eighteen. Once we stop paying for nursery we will probably increase this to £150.
Left over birthday money goes into a different account he can spend when there's something he wants, to me that were gifts for his pleasure but for us to use as investments.

My eldest (13) was the only one of my children to get the government trust fund. Think it was £250. We have paid in £25 a month since so will see what it amounts to when he's 18. We have 3 other children and they will get the exact same that he gets but we're not saving monthly for it. It will just come from our own savings when they turn 18

Nothing!! Our kids are small (one not yet born) and we have a lot of expenses at the moment which we won’t have moving forward, so I plan to start saving once we rein our spending in.

I save £100 a month for yearly costs eg clothes, sports, school trips. For uni- I think it will cost me less than I currently spend because no music lessons , trip etc , so I'm not saving for it, I'm reckoning on £200 a month on top of her loan.

How is your own financial security OP? Are you maxing your pension? Have you your own home? Do you have a rainy day fund? You’re better off getting yourself in to a secure position rather than saving for very young children.

I save £25 a month per child into their JISAs so that they'll have a lump sum on their 18th birthday for a car/gap year.

I also save £100 a month into separate accounts (in my name) for each of them as a university fund.