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 

I save £100 each into a jisa and £2600 into a pension for my daughters. That’s in their name and I’m saving in mine too.

My parents didn’t save for me but I want my kids to have a decent start in life. It’s very tough for young people who start with nothing- I know I was one.

£5 a month for each of my two kids into a savings account, plus the odd £10, £20 or £50 sent in birthday cards etc.

I know it's barely anything but it'll grow in time and actually I'd rather have my own savings that could be spent in the meantime if the roof leaks etc and that'd be good for them too.

We save most into a jisa (shares and cash). This is automatically set up as a trust therefore it will legally transfer to children at 18 but in the meantime we can only pay in and not take any out. BTL properties have to be in our names as they are not yet old enough to hold these. We intend to sell these when the time is right and then use to help them onto the property ladder

About 100/month, plus DH’s inheritance which we’ve locked away over time in an ISA and will dole out as needed when they hit the age of needing money for cars/driving lessons/university/weddings/house deposits.

We don't save anything for our DC. Will just give them money when they need it. They're older teens now and have jobs so fund themselves. Live at home so no bills.

We do put max allowable into JSIPPs for them.

It actually never occurred to me to save money specifically for them.

Ok this might be an unpopular view, - but anyone who can afford to save the child benefit just in case the shit hits the fan in the next 18 yrs, really shouldn't be entitled to or need child benefit.

Every single penny of mine goes on food.

@MissTakenForAnother same here! We pay for things they need out of our income.

We have investments we can sell when they need a deposit for a property, and then they'll have to work and support themselves until we pop our clogs and they inherit our investment portfolio.

If it makes you feel better I pay half of it back through a tax return every year.

Then again my DH doesn't work so our combined household income isn't amazingly high.

There are many things the child benefit system is, but fair isn't one of them.

@bellswithwhistles but just because yours goes on food doesn’t mean that everyone else’s should too! Maybe they don’t eat as much as you? Maybe they pay less rent/mortgage? Maybe they only buy clothes in charity shops in order to save it? Everyone spends their money differently. I’m in Ireland where child benefits are not means tested so a lot of ppl over certain income thresholds save it for university. There’s no student loans like there are in the U.K. student loans are direct from the banks. Low income families get a grant. Ppl use the saved child benefit to pay the 3k fees and 5k+ accommodation costs

We just have one easily accessible savings account which also doubles as our ‘if the shit hits the fan’ account - like that phrase! We put £50 a month minimum as a direct debit, plus any we managed to have left over at the end of the month (not much atm!) we also put any money from grandparents and relatives in there. We try and only dip into it for stuff that benefits the children, for example, I had to dip in a bit during Mat leave but it was for days out for the kids etc. in 18 years or so when they are off to uni (potentially) we hope to have saved up a lot to help out with uni fees, house deposits etc although I’ll also be encouraging them to get jobs etc

PS I used to save child benefit into that account as well, but realised I have to do a tax return at the end of each year and pay virtually all of it back! So I’m not going to bother receiving CB now, not worth the hassle of doing the tax return

Couldn't agree more. There are those that don't have a choice which I understand. Others have a choice...to buy a new car/phone/expensive clothes, eat out etc. You get the picture. Just because someone decides to spend all of their disposal income (including child benefit) each month has no right to say to others who are more frugal they are not entitled to it. We now pay all of ours back because we are above the threshold.