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Original poster

How much do you save per month per child?

137 replies

Kindfulness · 25/05/2022 15:44

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 

OP posts:
mowglika · 22/06/2022 12:05

We save into ISAs and SIPPs for my dc, 3.3% of my DH income

SummerLobelia · 22/06/2022 12:09

£40.00 per child per month. (2 children). It's in a bank account where they are the beneficairies but cannot access it. Since birth so they are 12 and 10 respectively. So they have a very nice amount for some stage when they might need it. (Plus they do not know a thing about it so cannot agitate for it!).

twistyizzy · 23/06/2022 14:13

1 DD. We pay £150 pm into a JISA then my parents pay £50 per month into NSI (which I categorically am not going to tell her about until she needs a deposit for a car/flat). When my parents die we will take over paying into the NSI. She will inherit any of their savings as I am inheriting their bungalow (they downsized to a bungalow to hopefully stave off potential care home fees until the very last minute) so those savings (if any) will go into a ISA that she won't know about (towards deposit for a house). We also have an additional savings account for her that she is currently unaware of and will only tell her about if she proves to be financially responsible.

Cherryblossoms85 · 23/06/2022 14:16

£100 per child/month into their junior ISAs. SHould probably look at saving in another way as well to avoid them getting it at 18.

twistyizzy · 23/06/2022 14:17

speakout · 21/06/2022 17:15

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 prevent us going over our tax free ISA allowance per year. If her savings were in our name then that would prevent us saving as much for ourselves.

SummerLobelia · 23/06/2022 14:31

For me it means the savings are my DCs and not mine to use when in lean times - otherwise it would be too easy to mentally justify dipping into them when feeling stretched. I will not steal from my children so the money that is earmarked for them is defined as for them with no blurred boundaries.

SummerLobelia · 23/06/2022 14:32

if that makes sense. (Explianed badly probably). But we have had very very lean times in the past 12 years and if the money was not in their names but part of a general family pot of savings it would have gone by now.

SpinningTheSeedsOfLove · 23/06/2022 14:48

Whyareblokesonhere · 25/05/2022 16:18

£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

Wow that's tight

Piester · 28/12/2022 11:07

We pay £100 per month (inc child benefit of £70) into junior cash isa and £100 per month into stocks and shares isa for each child. We have also invested in a buy to let property for each child.

LadyLapsang · 28/12/2022 11:43

Nothing. I stayed part-time until DC went to university and we paid school fees, extra curricular etc., driving lessons and generous contribution to five years university, and some help for flat deposit and now for wedding.My DF saved his small change and DC counted it and had it in a child account at the building society, not sure if that counts!

speakout · 28/12/2022 13:16

I saved, but not specifically for my children, and certainly not in their names.
Only one has chosen the University route ( so far) and that cost us very little.
My DD recieved a generous non means tested yearly bursary,no university fees and has a very well paid part time job.
She didn't rely on us at all as an undergraduate- despite living in a city flat.
In fact she graduated with savings in her bank.
I realise we got off lightly.

GoldenFarfalle · 28/12/2022 19:01

Whyareblokesonhere · 25/05/2022 16:18

£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

can I ask what type of job do you have as 500K is less than 0.1% of your salary only wrking one day per week?

jannier · 28/12/2022 19:22

I don't think most people struggling for food heat and bills can put aside anything each month.....bit of an incentive question really....put away what you feel you can doesn't have to match anyone else's anyway.

Sunsetintheeast · 28/12/2022 22:08

GoldenFarfalle · 28/12/2022 19:01

can I ask what type of job do you have as 500K is less than 0.1% of your salary only wrking one day per week?

Show quote history

I think that’s sarcasm

mobear · 28/12/2022 22:12

£75, we could afford to save substantially more but I don’t want DC to get too much money in his late teens. He’s 2, and we have no clue yet how sensible he’s going to be.

WorrieaboutFIL · 28/12/2022 23:01

Whyareblokesonhere · 25/05/2022 16:18

£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

Haha 😂

OhIdoLike2bBesideTheSeaside · 31/12/2022 08:30

We get £140 for 2 children child benefit and we top it up with £60 of our own money and save them £100 each a month for things like expensive school trips, driving lessons when they are older etc....

OhIdoLike2bBesideTheSeaside · 05/01/2023 19:42

mobear · 28/12/2022 22:12

£75, we could afford to save substantially more but I don’t want DC to get too much money in his late teens. He’s 2, and we have no clue yet how sensible he’s going to be.

My kids savings are in an account in my name they won't physically be able to get their hands on it!!! As you say we have no idea what they will do as teens or how sensible and it's for their future

MargieReen · 05/01/2023 19:48

All our savings and investments are in our names. Slight tax risk (IHT but we're fit and well and quite young) and possibility of paying a bit of tax on interest or gains (won't apply for most people) is more than offset by the fact that we can keep control of the money. I have heard too many stories of parents saving carefully for years only for the child to spend every penny on partying etc within 6 months.

speakout · 06/01/2023 06:17

MargieReen · 05/01/2023 19:48

All our savings and investments are in our names. Slight tax risk (IHT but we're fit and well and quite young) and possibility of paying a bit of tax on interest or gains (won't apply for most people) is more than offset by the fact that we can keep control of the money. I have heard too many stories of parents saving carefully for years only for the child to spend every penny on partying etc within 6 months.

That happened to my DS's friend.
His grandfather opened an account for him when he was a baby.
By the time he was 18 there was £35K in the account.
Four months later it was spent. He travelled, paid for friends to travel, he visited Bangkok and Ibiza, paid for flights, hotels, parties, fags and booze.
His mother urged him to think sensibly, but he ignored her.

I saved for my children but the money remained in my name- that was I could decide how best to help them when they were older.

MintJulia · 06/01/2023 06:29

Nothing at the moment but ds goes to an independent school because of its maths department (his subject and his choice) so I'm paying a lot in fees. I'm viewing that as my investment in his future.

I'm a single mum and there are limits on what I can provide.

Noicant · 06/01/2023 06:33

Nothing except cash gifts which are in her own account. We should be able to give her a deposit pay, for her education to whatever point she wants to stop and she will either be gifted/inherit a small property portfolio at some point depending on circumstances.

I have no idea what kind of person DD will be by the time she’s 18 or 21 there is absolutely no way I’m going to save a lump sum for her and hand it over. We are generous parents but it would kill me to see her pissing up carefully saved money up the wall, I could have done that myself.

Wazzzzzuuuuuuup · 06/01/2023 06:55

My 3 are late teens now, but we have been saving £20pm each since they were born for each of them. We chose the investment plans to mature at 21. This should give them enough to buy a car, pay for postgrad education, go travelling or give them the start of a house deposit. They also had government trust funds which matured at age 18.

We saved birthday and Christmas money but these went on big purchases when they were older such as concert tickets, games consoles and spending money on camps and school trips abroad, skiing etc.

I could have upped the contribution as £20 is not worth nearly so much now as it was in 2002. However they have other short term needs such as driving lessons which we also pay for as they crop up , and then our parental contribution towards uni. Also two of our dcs had savings plans set up by their godparents worth around 2k each when they hit 18.

MissTakenForAnother · 09/01/2023 07:56

Zero

MissTakenForAnother · 09/01/2023 08:02

I don't know if I'm in the minority, but I never realised saving for your kids was a thing! My parents never saved for me.

We have two relatively expensive holidays abroad each year (a summer holiday and then skiing). We also eat out a lot as a family.

I'll pay their driving lessons.

They can get a student loan for Uni.

They'll have to wait until I pop my clogs before they get a big lump sum from me!