Savings for more than one child

[Savingsquestion]

Hello

I have a DS and am due DS2 soon. I currently save monthly for DS, but the amount varies depending on how the month has gone. I plan on doing the same for DS2.

They will be gifted this when they turn 21 if they are sensible enough not to waste it but will not know about the savings before then.

If you have more than 1 child you save for, how do you plan on seperating this?

A. In 1 account, which will then be split into however many children you have so they have the same amount gifted to them.
B. They each have their own accounts which will then be given to them regardless of whether they are different amounts.
C. Other. Please let me know!

It's because if you put money into an account in their name, they are legally entitled to it when they turn 18.

But you're right that they don't need a lot of money at that age assuming you're supporting them through university (if they go). In out case, we will probably give them the option of saving it or using it to pay some of their way through university.

Ds24 saved half what he had at 18 and has added into it as he was able and now at 24 along with his gf who did the same they have the deposit for their first home. The other half he enjoyed which we had wanted him to do. Ds18 will do the same. Ultimately it is their money and you have to trust them to make good decisions with your support.

I suppose I meant more fundamentally, setting aside whose name it is in, I don't earmark money separately for the kids. It's all just savings for all of us and we will see when the kids are adults what we have and what we can give them.

I think this is partly just because you don't know what's round the corner - if one of us became disabled or lost their job, we might use savings for that, though primarily our long term S&S are intended for the children

My boys are 10 years apart, one of them got the government child trust fund money, I've always saved monthly for them both in their own accounts and I've worked out how much extra I need to put in to make up the youngests account to the same amount.

Having said that, I will up my youngests payment in a few years when he's the only child at home as his brother has quite a lot to come from his father's side of the family, whilst my youngest does not (different dads)

I often wonder how best to do this, I'm saving for two nieces. I initially put into two separate accounts but different interest rates, bonuses etc mean they're growing at a different rate so I think I'm going to combine and then just split when the oldest turns 18