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Original poster

Teen savings for future

15 replies

LadyWentworth · 07/04/2023 22:48

How much have you got saved for your teenagers? Either in their name or in your account but set aside for them? Trying to work out what would be a reasonable target to try to aim for on a fairly average income. Uni is possible in the future but not a certainty and would like to think savings would be separate from uni costs,

OP posts:
mycatsanutter · 07/04/2023 22:57

My youngest will probably have about £5k by the time he turns 18 my oldest 3 had nothing ( I was a single mum to them and couldn't afford to save ) 2 went to uni and managed just fine without a lump sum

eastereggs12 · 07/04/2023 23:11

Nothing. My DH and I had nothing from our parents when we started out and I think it was good for us. We have both worked since we were 16 and once our parents were in a better financial position they helped us but we were late 20's by then

We hopefully will be able to help our children when they need us

Sweet89 · 08/04/2023 00:06

Mine will have about £8000 by the time he's 18

Beepbeepenergy · 09/04/2023 22:10

My daughter will have about £15,000

Ted27 · 09/04/2023 22:20

0
I'm taking redundancy in two months. I will buy 18 year old a car and insure it.
In two years I get a pension with a lump sum. He will get a chunk of it towards a house deposit.
I may be able to save a few thousand more in the next few years as my mortgage was paid off last year.

Girliefriendlikespuppies · 09/04/2023 22:55

Dd has a child trust fund that has over ten grand in it 😳 I wasn't expecting it to have that much tbh but her grandads put a bit in each month as have I.

It's a good amount and dd is sensible (most of the time) so is aware it's for her future not for frittering.

shivawn · 10/04/2023 09:39

I don't think there is any reasonable amount, it just depends what suits your circumstances and what you can afford to put away.

I didn't get any lump sum from my parents when I became an adult and managed fine. However, life is much harder for young people today, rent and housing costs take up a much bigger percentage of income than they did when I was moving out on my own. I'm aiming to save a nice sum for my son but I won't give it to him until he is 22+ and finished schooling.

Amboseli · 10/04/2023 12:47

We're not saving anything apart from paying into JSIPPs for them up to the maximum allowed.

We'll support them through uni and give them a lump sum for a house deposit by selling our house and/or taking money out of our pensions.

I had been saving into JISAs for both of them but didn't like the fact they'll have full control over them when they turn 18 although they are both sensible and probably wouldn't splurge.

I'm not sure why you'd save specifically for DCs? Is it for something like a car?

Mine will have to get jobs during uni holidays. DD is at uni and has a term time job and always works for some of the summer holidays.

DS is 16 and sells stuff on eBay to make money.

I don't believe in handing money to them unless it's a house deposit which would take them years to save for. They need to learn to be financially independent although we'll always provide a safety net in an emergency.

iusedtobeasize8 · 10/04/2023 17:38

My Dc's will get their child trust funds and a small inheritance from their grandmother. We will help them financially through uni though if they choose to go.

Overthebow · 10/04/2023 17:42

My DC is still a toddler so a long way off yet but we are aiming for at least £30k per child saved for them to go towards house deposits.

ShanghaiDiva · 10/04/2023 17:42

dd is 17 and has over 30k. We lived overseas for most of her life so grandparents gave cash gifts for birthdays etc.

Original poster
LadyWentworth · 10/04/2023 18:22

I guess I’m thinking of savings so I can contribute to cars, house deposits, things like that. We’ve just had a small inheritance so will set some aside for the DC and then keep saving as much as we can. They have CTF which will hopefully have around £4k so that should help towards a first car. I had a little help from my parents towards my first deposit - about £2k I think- but everything seemed more affordable back then.

OP posts:
FerbiousandPhin · 10/04/2023 18:57

About £60k for each of them in a trust fund and a property that they can sell or move into as they wish when the time comes.
We will pay off their student loans when/if they start earning enough to pay them back or give a similar amount to assist with setting up a business or similar if they don't go to university.
They don't know any of this, even the older DC at university.
They all just think they have a couple of grand.

Bbq1 · 10/04/2023 19:11

Two houses worth half a million when the time comes. That won't be the case for many years though hopefully. Actually the first house we will gift to them if they ever need it before we die. There will a small inheritance from dm but again hopefully not for a good many years. Very small amount in ctf. We will support ds through uni or at home as long as he needs us too.

cptartapp · 10/04/2023 19:21

DC1 had about £10k at 18 and DC2 is on track for the same. That's in an ISA for them. Combination of us saving a little every month since birth and child trust funds.
They both worked too since 16 and wages go into a current account which they can spend or save as they wish.
Luckily, GP are paying their uni tuition fees. We might pay off their maintenance loan when they turn 21 - not sure yet.

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