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 

£10. But I often have to take DD's tenner back to replace damaged items.

All their birthday and xmas money was saved for years, until approx age 10. They didn't want anything. Sadly I've had to save it in their name or else it would affect my tax credits. I just have to pray they don't go off the rails at 18 and waste it.

We don't save per child. We save a lot per month and intend to help our children when they need it not a set amount at 18

We have 2 children. They get £100 each per month into personal bank accounts. They won’t be getting the cards for the accounts though until I can trust them not to blow it. I blew mine at 18 ad I wasn’t mature enough for it.

I don’t take their birthday and Christmas money though. I think that’s joyless, let them spend it.

Are the accounts in your kids' names?

6% of income.

@Kindfulness definitely put the money in a S&S ISA in your name then if you don't want to use a JISA. Atm whatever money you've put in a regular savings account will be worth less and less due to inflation.

I opened a CTF account when each child was born. Since then, I've put £10 per month, per child into it. Sometimes I've added the odd extra tenner into them but as a general rule, it's £10 monthly and they understand it's to be used on a car/life improvement/travelling etc... Saying that as a friend got hers at 18 and absolutely wasted it all on sweets and takeaways.

I save the child benefit so 140 per child per month.

That is the most sensible comment so far

£5 per month into S&S ISA's - keen for them to look at how it's performed and understand compound interest.

Grandparents £75 per month into junior ISA which I think is excessive!

We have regular saving for them of £30 a month. We've added some larger amounts over the years when we have had tax rebates or small inheritances. We have some relatives that give them around £50 each on birthdays - till recently we would give them £15 or so for a toy or a book and put the rest in their savings, but they're getting older now and have more expensive tastes so they usually keep it all!

Nothing. Can't afford to.

Nothing, but have some general savings that can use to help out if needed. Remember that young people can save money too. My teenager has an after school job and a holiday job and has recently paid for their own holiday with friends. Independence is very empowering.

1 set of grandparents gave £1000 other gave £500 when they were born. I've saved £10 each permonth since then. Eldest dd has turned 18 now and has a job so I don't save for her now although we did buy most of her first car and will do same for ds.
Eldest is going to start paying a bit of rent soon so will probably save a bit of that for her.

I save all the child benefit I get about £140 per month For 2 kids so top it up by £60 And they get £100 per month paid into their premium bonds and I save some Christmas and birthday money and let them spend some of it.

I have a theory child that benefit isn't sustainable and at some point it'll
Be stopped or The threshold lowered and so I would never rely on it.

I have 2 children and currently save £200 for each of them. Some of it is in their name and some in my name. This will form the student loan top-up of £500 per month if they go to uni, or go towards a deposit for a house if they don't.

We don't save specifically for the kids. They have ISAs that birthday/Christmas/random gifts from grandparents go into, but we will give from our own savings for uni/houses etc if we can.

We do it this way because I have seen a close friend struggle as a single parent while her kids have tens of thousands in savings. She/ex need to jointly agree to withdraw their money, so she can't use it to support them, so the family are skint while the kids have money

Disclaimer: not in the uk.
Save approx:
Confirmation £20 each
Boarding school 60 + 70

But nothing for them personally. Thats about 8% of take home pay.

I save £50 per month per child. It’s just in a child’s saver. I do want to move it before it becomes theirs as ideally I want it to be used for a house deposit etc. it’s my savings for that purpose. Not to be spent going to Ibiza when they hit 18.

We don't save a set amount every month but every now and then we put a few thousand in, in the past from inheritances, previous bonuses, extra investment gains of ours, etc. they also have their accounts with an investment company. Before child benefit was stopped we paid that in as well.

I'm not sure I understand the reasons for saving in a child's name.
It is certainly a good marketing ploy for banks- young people with existing accounts are more likely to stick with that bank for their future adult needs.

Those who have saved in their child's name- can you explain the benefits?
OH and I save generally, and use that money in part to help our ( now adult) kids. Driving lessons, a gap year, helping with univeristy costs, first car etc.
Why would you save in a child's name particulary?
Isn't it better to hold on to savings in parent's name - and give when the need arises?

To protect them from divorce. My parents are paying a lot of money in to DD’s account. She’ll have about £50k eventually. They wouldn’t be happy risking that as a marital asset. In our family everyone is divorced at least once. Whilst I am happily married now I don’t take that for granted.

Whyareblokesonhere
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

It must upset you very much you can only save £500,000 a month

We don't get child benefit anymore, but when we did we saved that for her. Now we put £100 a month at a minimum into her junior ISA.