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How much are you saving each month for kids?

28 replies

Realdeal1 · 21/04/2024 07:34

My children are 7 and 8 and I havent had a chance to set up any sort of savings pot (though have pots myself). I can afford to put down decent lump sums into a junior ISA but I'm not sure how much, plus what monthly payment. Is there any way to work out how much it may be worth at the end of the term?

Currently thinking 5k lump sum each, then 100 a month for both?

OP posts:
Jmaho · 22/04/2024 16:58

Our eldest received the child trust fund thing and got £250 I think it was paid in by the government. We have been paying £25 a month into this although the amount we actually pay is about £33 a month now if I remember correctly.
We will see how much is in there once he is 18. Hoping enough for a cheap first car and a years insurance
We will pay for driving lessons at 17.
Then my younger 3 will get the exact same amount that he does. We aren't specifically saving in individual pots for them but we do save in our own names so will just take it out of that
Separate plan in place for deposits on property We hope
Don't intend to fund uni aside from topping up loans/accommodation as in they will need to take loans out to cover fees and living costs and we will make up the difference

Lovelydovey · 22/04/2024 17:01

We save around £100 per DC into a pension.

We also save anything we win on premium bonds (2 x full holdings) into the DC's premium bonds.

We also ask them to save at least £20 of their pocket money per month - though typically that is more short term savings for when they want to spend more on something bc.

Oblomov24 · 22/04/2024 17:28

£50 a month.

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