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 

150 euro per child (280 per month is what we get in non means tested child benefit here and I add 20)

Its I'm my name though so if the shit hits the fan we will use it.

We put £100 per month into a savings account for our only child. I was very lucky in that my parents were able to support me financially throughout university and I would love to be able to do that for DS (if he wants to go to uni!).

Nothing yet and the eldest is 9! But we’re coming up to ending nursery fees and that means we will have £700 a month which we will earmark for them. We know we’re lucky but we want to invest it now so there is something for university tuition or apprenticeships

We save nothing for them in their own accounts. I can't guarantee that when they are given control at 16 or 18 they won't piss it away. They choose to save some of their birthday and Christmas money.

I do plan on helping them from own savings towards driving lessons, first car and house deposit. They don't know that yet though.

£50 ea per month per child (2) into savings accounts; birthday & Christmas money goes into the savings accounts or Premium Bonds. DDs account will soon it its max where it won't earn interest so then we're planning to move some of it over to either a JISA or a private pension, or both. Need to look into it further.

We put £40 a month in their ISA (junior) from birth. When they turned 18 they had about 9k each.

Unfortunately nothing, alththey both have 1 years is allowance ticking over for a while back when we had a windfall. It's always the plan to save more, but it never happens. There is never really any birthday money and it hasn't occurred to the grandparents that they could be putting some of their wealth aside for future generations.

Crikey times have changed…child benefit, I thought was to help pay for their food etc ! Not be used as a child savings account!

We don’t save anything at the moment as paying high nursery fees and currently going into savings each month. When DC2 gets 30 free hours it’ll make a huge difference. My parents are v wealthy though and I think have a trust fund put away for all their GC so I don’t have too much pressure to save. Very grateful.

£25 a month per child. The money goes into each of their savings accounts each month.

That's great! Can I ask what happened when they turned 18? What advice did they get? What did you hope they'd do with it or learn?

We save £20 a month each for them in a junior ISA. All we can afford really. I was hoping at 18 I could get them some professional financial advice and they might invest half, spend a quarter and use the rest wisely! Kind of a life lesson.

My son is five and a half and I save the full junior isa and junior sipp for him. JISA is £750 and JSIPP £240 a month (which is topped up to £300 by HMRC). I guess I'm fortunate that I can do that, and I must admit it makes me feel good to be able to give him a good start in life.

We're supposed to be saving for them?? Jesus, can barely afford them as it is!!

Spend the money on their development so they can afford not to need savings when they're of age because they can earn it themselves.

We don't save specifically into accounts for the DC but will give them some of our own savings at appropriate times.

I received a sizable inheritance in my teens and blew the lot in a matter of months. Depsite parental advice and guidance. No house deposit, no car, no university costs covered, as the relative would have wanted the money spent. I don't want my DC to have full access to savings in their name when they turn 18 and do the same.

DH parents offered money for a house deposit which has benefited us enormously. That money 10 years earlier would also have been pissed up against a wall too.

These are all really useful suggestions, thank you.

I am 100% not taking out a junior ISA as I don't know how responsible my little gremlin will be in 16 years time.

So I'm just using a savings account with a decent interest rate.

To the person who asked, financially we're doing well. Both my husband and I max out our pension contributions & have cleared all our debt. Since having my daughter, we've struggled financially with my mat pay. But now I'm working full time in a new career, we're in a position to start saving.

We haven't been in this fortunate position for 2.5 years, so it's felt like a long slog.

And whoever said give them the skills they need so they won't need our money. I completely get what you're saying, my mum did a good job of this with me. But if I could be in the position to help with driving lessons / putting half towards her first car, I want to do that

Between about 200-500 per month for DD, age 11.
I’ve only started saving for her in the last 2 years, but she’s got more in savings than I have now. £10k as of today.
my mum saved for me and was able to give me a deposit to buy my first flat, and I’d like to be able to do the same for DD when the time comes.

£70 per month, per child into 'secret savings' that we'll give them when they need it.
Then any birthday money from grandparents, great aunt etc into an easy access young saver that they can access and learn to save with.

I never saved anything for mine. I let them spend their gifted money too.

We save £60 a month per child. £100 in to an isa in my name, and £10 each into a JISA in their name. Won’t amount to much when they turn 18, (maybe 3 grand?) but it’ll pay for driving lessons or some epic nights out I guess!

I want to set them up with a pension each, filled out all the forms then got stuck on what fund to invest in and didn’t go any further.

I didn't save anything for mine, I am saving at the moment to pay my share towards their university maintenance loan top up, but didn't start doing that until the eldest was 17. If they desperately needed it, I would be able to help them out, but I'd rather save for myself!

🤣

@Sconebutterjamcream thankfully both sensible kids. One did driving lessons and bought a car, the other saved it, added to it for a deposit for mortgage.

We save a little bit in their accounts each month, but mostly pay into general savings for the whole family in mine or DH name. We'll help them out from those pots if they need anything in the future.

I save their child benefit for their future university costs/car, etc.
In Ireland child benefit is €210 a month each for twins, so I save €420 a month. Also €100 a month to Prize Bonds.

They're only 2 now, but I don't want them wasting the money once they're 18, so not sure how I'll manage that! I don't plan to even tell them about the savings.