Child benefit

[seahorsescanfly]

What do you do with the standard child benefit you're entitled to?
Do you use it towards something? Save it?

Unfortunately it’s mostly used on bills with us, and food shopping. The odd time have gotten the children clothes with it. Would LOVE to save it and fair due to the people who can!

It juts goes in the bank and gets used the same way any other money does. A friend of mine many years ago, back when it was a book you took to the post office for payment, used to keep hers in a separate purse and buy the baby things with it. I found it utterly weird that the baby was not treated as part of the family when it came to shopping.

General pot.

I could easily say it goes on extracurricular activities,or in the holiday fund, on the food bil or the mortgage... but it one general pot.

Thank you for your replies. After rent/utility bills we have approx £25k left and was thinking of putting it in savings for DC

25.000 left per month? wow..

It's a great idea to put it in a savings account for your child if you don't need it to pay your own bills x

Is that per year after spending money and own savings?

If you have £25k left each month after bills you are not entitled to Child Benefit or should at least be paying it back each year when you do a tax return.

Goes in the bank for the general pot. I can categorically say that I spend more than that each month on my children!

Actually I guess you don’t mean 25k per year, as you also say you rent. What do you mean OP?

£25k left??

Surely it's just a typo- £2.5k

lol sorry for confusion didn't realise need to clarify it's what's left annually after total annual rent/utility bills

Oh ignore me I thought it was a typo for a monthly figure

Yeah, like others just goes into the bill account and gets used to pay towards those.

Planning to give it to dc when they start secondary school to teach budgeting and money management.

So DC should have about 400k by the time they're 18? Hmmm

And what about after food, general spends etc? This is a really odd way of budgeting.

I don't get it as my husband earns over 60k even though I work very little as carer for our son who is autistic and we live in London... Bit annoying really

Where on earth are you getting that figure from?

Don't forget that you're not entitled when one of you earns more than 65k x

It's 60k and tapered from 50k but if both earn 49k, that's just over 6k take home/mth so could easily have left over funds

@RooneysHairTransplant thank you. I always thought it's 65k as we never received any x

25k x 16 years

@WhistPie

OP was referring to the CB when she talked about saving 'it', not the money they have left over. Merely it is affordable to save the CB because they have plenty left over

The op said some not all they still have to buy food, travel, hair cuts Christmas, birthdays, holidays , days out etc etc