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.

Some big savers here but if, like us, you are not in a position to contribute a lot, if is worth knowing what small savings can provide. We have invested £15.00 per month per child for years, moving to £25 per month and latterly for my eldest who is 15 £40 per month (to even things up with her younger brother). They should get around £7/8000 upon reaching 18. Not too much and not too little. I think that is a perfect amount and something that will be completely unexpected by my two! No contributions from anyone else either I should add apart from initial govt incentive.

I save child benefit up for DC, birthday money and extras, like any overtime I have done and been paid for. So bonus money goes DC's way.

It is in my S&S ISA Vanguard account (love Vanguard, so easy to use) on an ETF tracker, for all the reasons PPs mentioned. I knew a 19 yo blowing through a 50k inheritance. So not risking that. If my kid turns out to be terrible, I am going on the cruise of a lifetime or upgrading my future care home experience instead😂

Household income below 100k, so not in City careers or so. We also try to make sure we get the balance between enjoying life now and in the future right. DC only has one youth. We both want to be present for that, not in cut-throat jobs or living just for tomorrow.

I want to echo @SqueamishHamish, that even a little contribution over 18 years makes a difference and accumulates. I think any child would (eventually) value knowing their parents thought of their future, irrespective of how much they could financially contribute. Time, attention and emotional support all matter greatly as well and are key for giving kids a good start in the world.

Only some birthday money they receive.

I'm the child of low earning council tenants who are themselves the children of low earning council tenants - there's no inheritance coming my way so as selfish as it seems I have to save for my future rather than put savings into accounts for my dcs which they can access at 18 and blow. My dcs can live at home for as long as they wish but they won't be getting any significant sums of money from me until I die.

In their Halifax savings (most now transferred to their HSBC around 5k (this is from family / friends over 18yrs) plus DS had 1.5k and DD will have 3k in compensation after contracting E-coli from a local farm. Their dad (my ex) has saved 60k each for uni (he never gave any direct maintenance until this year when he gave me 15 after I had a go at him. He’s also going to help with house deposit in future (from inheritance). I can’t afford to do any of those things

About 4k per child, try to out away 100 a month each for them but often doesn't work out like that!

Our children currently have £100k each, and will inherit houses worth around £750k (today's market - no idea what the future holds)

They're 3 & 10 - I'm 34 so that sum will increase

We currently save around £3k per month, and still manage to holiday and dress well

We are very, very fortunate to be in the position we are in

My 3 year old DS has about £2500 in a Junior S&S ISA. We contribute £25 per month, plus he gets a small monthly amount off family. Any birthday / Xmas money goes in there too. I’d really recommend S&S over “normal” savings account, particularly when DC are small and the investments have plenty of time to grow over the long term.

Do you ask family for money for Xmas and birthdays? Ours kids just get presents - usually things they don’t want or need. I would much rather invest the money for them instead but I think people can be funny about giving cash to young kids.