How much saved for your kids?

[darada]

Could I get a sense check of how much money and where you have saved or invested for your kid(s)? I have a 7 year old and he has both a junior ISA and a junior SIPP.

I have a 9 month old and want to start saving for her - looking at putting £100 a month away in my name so she can't access it at 18. It's mainly so we have the funds if she wants to go to university. Can anyone advise where best to start saving? Stocks and shares ISA? Which one?
I am very new to saving!

£50 a month into JISA to give to him when he’s 18

None. And don't have any savings of our own either.

£10/week from birth, they're currently 4&7, but if we keep it up until 18 they will have 9k plus whatever interest they get in that time. A relative has also put £5k in, so hopefully they'll have around £15k.

@whatthejuice hi I know this post is months old, but can I ask what stocks and shares isa you use for your children please? I have a 5 year old and 2 year old, they currently have a couple of grand each in a regular Halifax junior ISA but I’m wanting to invest into a stocks and shares ISA for them . I just have no idea which one to choose.. thank you ❤️

@Cocopops22
I use Nutmeg. It was very easy and you say the amount of risk you're prepared to take.
Kids ones are consistently up over 12%- but of course this can change.

Thank you so much I’m going to check this out I was thinking about using Hargreaves Lansdown but I have seen people talk about nutmeg going to check them out thanks again ❤️ once you select risk do you leave it and keep adding to it ?

I use Vanguard which has very low fees. HL is notorious for high fees. Fidelity I gather is free for junior accounts. I like Vanguard because they are massive (ie here to stay) and also they are a mutual ie don't have shareholders and have a steward mentality as opposed to salesmen.

Put their money in global equity trackers within the junior ISA and SIPP and just let time and compounding do its thing. Good luck

I recommend Wealthify for kids S&S ISA. I moved a small pension pot I had to them a couple of years ago (£15k) and opened 2 kids ISAs. I have my pension at a 'higher risk' strategy - 5 - as I'm happy to take a risk on it; it's just one I put £50 a month in, and return so far is 12%. The kids ISAs I've taken a medium risk strategy on - 3 - and the return is 5.2%.
The app is really easy to use and customer service so far has been great.

1k per each year old.

I guess they can use it for uni, driving lessons or whatever they like at 18, although having not had that myself , or my husband, I'm now wondering if it's overkill. Hopefully I can demonstrate the power of compound interest which will be useful.

Ex and I put £25 (combined) a month into kids accounts. Birthday and Xmas money went in when they were younger and they have had a small inheritance so it’s added up nicely.

I’d imagine they’ll both go uni and I will encourage them to keep it until afterwards for travelling or setting themselves up. They are fortunate that they will
get grandparent support through uni.

None, there’s no way I’m handing over a wad of cash at 18 until I know what sort of 18 year old they’re going to be!

To add, mostly in Vanguard junior S&S isa, all equities. with some in NS&I jisa

After care fees I would assume very little inhertance.

We have’nt saved any. My Dad has started putting money into the grand children’s account. We’re focusing on the now and paying off the mortgage before they reach 18.

I have only recently started investment JISAs for our kids who are 3 & 6. Currently put in £150 a month each but expect to up that soon to around £300 each. They each have £1k in normal savings accounts and we’ve started putting £150 in a high interest regular saver that we will move around to keep at a good rate. We’d have started sooner but house renovations and paying off the mortgage as much as possible needed to come first.

The aim is to have a JISA amount that covers university fees for them both, and enough to contribute towards a wedding and help with a house deposit when they are adults.

I had absolutely nothing from my parents - I had to work to afford my bus fare to sixth form let alone get any support as an adult. Grew up with not very much and would like to make things different for my kids.

A word of caution: you need to consider what the money you put away now will be worth when your children receive it at eg 18 +., even in ISAs etc. My parents had small investments for us thinking it would help with uni / deposits etc but it was worth very little by the time we received it. Nothing like what it had cost them at the time.

We didn't put money away for our DC each month from being babies because of that but we paid off our mortgage early. That freed up money to save and invest later on and has been used to support the DC.

I'm not saying don't do it, I'm just saying make sure you've thought it through.

Enough to see them throughout university.

Money for uni in trust from grandparents for both kids.

Mine each have a savings account and a JISA that I put £50 and £25 in respectively for each. So £150 in total per month.
I started a few years ago and each has around £4K right now. When eldest is 18 I'll stop so they both have the same. It doesn't really bother me to hand the money over; it'll be around £12k each. They will be told they can use it for a car and driving lessons or travelling or uni costs. If they decide to piss it up the wall then they'll know that I won't be funding any of those things separately so this is their chance to use the money constructively.

A modest amount in JISAs, probably around £10,000-15,000 each when they reach the age they can access it. We will have a further sum held in our accounts to help with house deposits, further education costs if JISAs don't cover it, etc.

I do find it interesting the juxtaposition between the people complaining about cost of living and mortgage increases and the amount many people are able to save. I would restrict child benefit to only those who aren't able to save money in accounts for their children.

I imagine that's broadly the case anyway. We don't receive child benefit and save for our kids.

That's pretty much the case. We have never had anything from child benefit

But child benefit is for the benefit of the child in order to afford day-to-day expenses - it’s not a savings plan. The last Labour govt did try to kick start a national savings scheme for kids and maybe there is a place for that again for kids on FSM.

I don't think that many people receiving CB are saving large amounts for their kids.

We save monthly into an investment account and into JISAs for DC. We have never received child benefit.