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 

Nothing directly.
We used to save any money they had for birthdays and Christmas in their accounts, and a small amount my Mum gave me for them as babies bought them some Premium Bonds.
We directed any spare money (once we got to the position where we weren't balancing the books at the end of each month) into paying down the mortgage. That way, by the time they got to University, we had more disposable income to be able to support them, but had things gone pear shaped before then, the total debt we had was still less than it would otherwise have been.
Once you put it in your child's account, it is theirs, and there are many circumstances where it can be more prudent for it still to be yours.

Agree! I spend the majority of my daughters child benefit on extra curricular activities that develop her academically (which she enjoys)

I did save my child benefit for my first, had a few thousand built up - then had to use it when dd 2 came along.

We have a small pot of family savings, I do not agree with saving birthday/ Christmas money gifted from others, obviously when they are very small they don't know, but my 9yo would be really upset if I took her birthday money away to save it!

I have a junior ISA in DDs name that I put £25 a month into and she'll automatically get access when she's old enough, then I have a stocks and shares ISA that I put £150 a month into which will be for her, either Uni costs or house deposit or whatever is needed. That's in my name as it should be a pretty big pot by the time she's 18 and I want to be able to choose whether to hand it over or hold into it for a bit longer dependant on whether she's sensible enough to be given a big load of money.

I do not agree with saving birthday/ Christmas money gifted from others, obviously when they are very small they don't know, but my 9yo would be really upset if I took her birthday money away to save it!

Whereas mine were really appreciative when they received enough at 18 to insure their first car, or whatever their choice was, and all were really grateful that's what we had done, rather than letting them blow it on something at a time when they had also just been given other presents too. It's not like £20 from Grandparents was the only thing they received on their birthdays, or at Christmas.

@Readtheroom I get your sentamance, but some are able to do both.

We save nothing at the moment as we don’t have anything surplus but she gets a lot from family and has about £7k so far (she’s 2) in a mix of ISA, Premium Bonds and normal savings accounts. She’s also the only grandchild and will inherit at least £50k from them as she’s named in wills.

When we no longer have nursery to pay for we will save too but can’t manage it yet, but because our family is I’m not worried. She’s a very lucky girl. I am hoping we can fund university fully for her and a house deposit as that’s what I had.

Mine are 5 and 5 months. From birth we’ve saved £10 a month each in a s&s ISA in their names (<1% of income), and my DM does the same in a separate savings account each. I’d hope they’ll use the two amounts sensibly - driving lessons, car, uni or whatever m, and will start discussing it beforehand to plant that seed. Ultimately though it will be their money and I’m accepting it might not be spent how I’d like. My DM did similar for me and I spent a decent chunk on a boozy holiday with friends. Not sure she was happy with that, but nothing was said. I have no regrets, and the rest I did use wisely towards uni. DD1 also has some birthday/Christmas money from the last few years but I still consider this as hers to spend if there was something she really wanted. When they are old enough to decide I’ll encourage them to save some of their birthday and pocket money, but they can choose whether to or not. I considered buying premium bonds for them but worry that one would end up with significantly more than the other.

We are currently saving for an extension, but once that’s done and there are no longer any childcare fees we plan to save quite heavily to help with uni, weddings and hopefully a house deposit. This will remain in our names to give to them when we choose, and they won’t know about it so if something goes tits up and we can’t give what we hope they won’t be any the wiser. We’ve also factored rainy day savings and pension for ourselves as I do think our own financial security has to come first.

I do not agree with saving birthday/ Christmas money gifted from others, obviously when they are very small they don't know, but my 9yo would be really upset if I took her birthday money away to save it!

I guess when they're old enough to have an opinion, it becomes much harder. Fortunately mine are 4 and 2 and haven't a clue. Even if they did have a clue, they don't really have wants.
When they do have wants, there'll be a small pot for them to be able to access (within reason I'm sure).

It’s not an either/or scenario for many parents @Readtheroom - many are able to do both - ie enrich the child in the here and now and save for them too.

I always ask my DC what they want to do with their gifted money and most of the time it goes to their savings account. My teen splits it between her savings and current accounts. They have plenty of gifts at Xmas and Birthday so the money is excess.

160 per child, per month into a an investment account in my name. Done since birth so depending on stock market they should each have 40/45k when I decide to hand it over.

However I also reserve the right to use it as my parental contribution to university if my income is lower when they go.

We don’t get CB, so I save £10 pm for him plus birthday/Christmas money.

We’ll end up moving any significant sums of money into a trust that he can access in his 20s, and allow him access to this account for things like driving lessons, car etc.

We’re saving separately for university or house deposit.

Nothing. I fritter away our money on shoes for the kids, food and electricity instead.

They have accounts for Xmas/birthday money and PIL put in £10 a month each. Other than that we just save generally and we will see what we can do as and when they need help.

My finances have been on a tight rope for years so I’m starting slowly with just £10/month each into an ISA.

they are very lucky and have trust funds big enough to buy property when they’re older - but perhaps my small contribution will fund a blow-out to Malia after school.

We just put away the €140 per month that we get from the Irish child benefit, he's 7 months old now and has almost 1k. I'll probably start topping it up by a bit extra a month soon.

My mum saves €68 a month in an investment account in my son's name. I've asked her not to. We have a high household income so can easily put money away without missing it whereas my parents are living on their pensions - he's also the first grandchild so she'll struggle to do the same for future grandchildren. Anyway, she's stubborn so I've given up on arguing it.

We put £15 per month into a savings gs account for each child. It will only be a few £k by the time they reach 18, but I honestly think that's quite a bad time for people to receive large amounts of money they haven't worked for. They can spend that money on whatever they want but my hope is that they use it for education or car costs.

I've seen young people spend windfalls of 10's of thousands on partying, weed, impressing fake friends etc. I don't want money I've saved used that way. I would rather invest it myself or give it charity.

I am saving in my own name and hope to give them a good start by gifting them a deposit on their first house.
I came into an inheritance in my late twenties when I was really struggling to get onto the property ladder and had maternity leaves looming etc. It was a total game changer because it came at the right time and when I was mature enough to use it wisely. I wouldn't be telling the kids about the money set aside for them because I don't want any sort of expectation or entitlement.

A bit of time spent in your teens and early 20's being skint, learning the value of money and prioritising wants and desires does no harm. It is a valuable life skill and is priceless.

We have two DDs, age 5 and 3. They each have a standard children's saving account with a high street bank and we save half of any Christmas and birthday money they get in there, the other half they can spend.

We also save £100 a month for the both of them into a Stocks and Shares ISA in our name so they can't touch that money. This is earmarked to help them with house deposits.

We're on a joint household income of £100k for reference. We have other savings but prioritise either savings towards retirement and trying to overpay the mortgage.

I'm going to be a tad bit controversial here. I save DS's child benefits in a JISA and any money given for bday/Xmas.
I do so because I will be teaching him the skills he will need to manage money, invests, pensions etc...

Things like driving lessons etc... I will gift as a birthday present or some sorts.

And if and when I do plan to expand my
Family the same will go for future kids. There is no right or wrong answer. Just opinions.

In their names, nothing and I believe it’s foolhardy to do so.

as a family we have various investments in property, stocks and shares, and cash savings but it will be given as help when appropriate and required, not when they turn 18 or any other random date .

Nothing

I've been a single parent for the majority of their lives and lived pay check to pay check with their father contributing nothing

In that time I've had no pension and only paid the interest on my mortgage

I've only been in a financial position for the last 5 years where I've had a bit of something left over each month so this has gone into the mortgage and bumping up my pension

I top up their student loans but there will be no pot of money for them when they graduate

Nothing.
OH and I have a savings pot - in our names that is used to help our kids as and when they need it.
Nothing in their names.

Same here- and I think that is a sensible approach.
I watched a friend of my DS aged 18 fritter away £25K in 6 months.
His parents had saved for years and thought it may be a university fund, or help towards a flat.
He enjoyed spending it on fags, booze, tattoos and trips to Ibiza.

My MIL, who was a very wise woman, split her inheritance 50/50 between her kids (3 Ds) and her grandchildren. The grandchildren’s money has had to be put in trust until they are 26. I was a bit meh about it initially but thinking about it - 26 is a far better age than 18 or 21.

We are saving nothing for our DC. They stand to get about £25/30k when they hit 26 which will help towards various things and we will contribute when the time comes.

£100 each a month in a children's saving account

Interest used to be ok but planning on moving it - but not to anything they can automatically access and spend themselves.

It's more ready for car, house deposits, wedding, traveling maybe - we want to make sure it's spent on something worthwhile!