How much are you putting away for your children?

[Pinkdreams]

I have a 10 month old, I've recently opened an NS&I account and have started depositing small amounts in here, my plan is to continue to do this every month and then give it to my daughter when she's older. At the minute I can only afford to put £50 a month, which would work out around £10,000 when she is 18 (probably won't give it her until she's older), this got me thinking, besides inheritance, how much if anything are you planning to give your DC's when they're older to purchase a house etc.

I've managed to save £5k for ds who is currently a toddler. My circumstances have changed a lot so my priority will be saving to move over the next while and then I'll need to see what way my bills are but I'd be hoping to still contribute £100 a month into a savings account for him which would roughly leave me with £25k to help him with a car/ house deposit etc. Then when I die the house I'm hoping to purchase will hopefully go to him.

I can only afford to save £20 a month for my DD. My thinking is something is better than nothing and I’m hoping at some point I’ll be able to increase this.

It's great that you are able to put money away for your dc .
When the time arrives to pass it over , be very cautious on the timing .
I had what I thought was a very sensible 18 year old.
Turns out she was very easily led by her friends ( I typo'd fiends initially , and that's more apt ! )
She went through hers very quickly by paying for friends train tickets into London for days out , all taxi fares , lunches & treats to venues .
Yes she probably loved being Miss Bountiful but her fiends ( friends ! ) loved it more !

£25/month here and I didn't start that until a few years ago (they are early teens). As @ShyCrab says, something is better than nothing.

I don't save specifically for my children. We will give them money from our saving as we see fit.

I think that's great you're saving for them no matter the amount , from little acorns etc and it'll grow over the years . I'm sure your child will be thrilled .

We have some savings in our children's names - money from grandparents that they want to be separately kept for education - in S&S ISAs.

But mostly I prefer to save generally and see how things go - I don't want the kids to have too much to squander and I also want the flexibility.

We save about 20k a year into S&S (which on average will give much better returns than NS&I btw) but as I say that's for all of us

I'm saving for my children but not in their names. I'm planning to use it towards university but won't hand it out. I'll use it to pay for accommodation or monthly money to support.

DS is 11 and we'd not managed to save a thing for him until last few years. He's now got about 4K in an ISA. But basically there's little benefit in comparing yourself to others because everyone's resources are different. Just do what you can....

I saved £30 a month for 18 years, as did DD's father, firstly in a CTF then in a Junior ISA. We came out with about £13k. It's going to help her with her university course.

My DD is 18 in the summer. I have put away 30 a month since she was born and it's now at 10k. What I regret is it being legally hers at 18 and that she knows about it!

We have put bits away since she was born. She will have 35K by 21 for deposit for house (wont tell her though until she wants to buy + then we will just match whatever she saves up herself) but we are also paying school fees Yr 7-11 and will probably fund uni too to prevent her having to take loans out. Separate pot put aside for driving lessons + 1st car.

I started saving for ds but just yesterday I tipped it all in with my own savings
It wasn't actually in his name anyway
I figure if I keep my own finances healthy I can help him with things when he's an adult rather have a big lump sum in his name that he could possibly just waste

Only £10 per month per child (2 children)

Even if we never increase this, they will have a little something when they're older which is more than me or DH ever had.

We put their child benefit into a savings account & then put £150 ourselves in on top of that each month.

Then save separately for other things, really that money will probably be house deposit money.

I've calculated how much it'll cost (with inflation) to cover driving lessons, Uni costs, and help with a wedding/house deposit and put that aside every month - roughly £400. My caveat is that it is in my name, DS won't know about it and if I don't think he'll appreciate it/also work towards his own goals, or if I lose my ability to work and need it myself, he won't be getting it. Also only have one child, which obviously helps 😂

Nothing in their name. Yes one hopes they are sensible, but if they waste that money we cannot replace it.

we have prioritised recently overpaying the mortgage with interest rates. And putting extra into our smallish pensions.

£200 a month total, 2 kids. Not in their names though, for reasons pp have highlighted! Plan is it will support in education, deposits, travel - we'll see when they get there. Oldest is currently 6.

DS is six.

I put £50 a month in a Cash ISA, £25 in Premium Bonds, and £15 Pocket Money into his Bank Account.

I haven't been doing this from birth, only over the last year, so not much saved yet, but hopefully, by the time he's older, it'll be a nice sum for him.

Also, considering setting up a JSIPP for him.

The amount we have saved has gone up and down, never that much though. But it does build up.
Sometimes I've only managed £5 a month sometimes £20. Grandparents started us off with a bit when they were born.
Both kids will have around £6000 towards a house deposit (not much I know in today's market!) and we will buy them their 1st car and driving lessons.
My dh thinks it's really important they can drive as soon as possible as it opens up so many more employment opportunities.
When dd turned 18 I also encouraged her to get a Lisa savings account by starting it off with £100. She's been adding to it every month. I've also said she doesn't have to pay any house keep as long as she adds a decent amount to it every month. She's adding £150 a month at the moment.

We started at £50 a month too and have increased over the years as our salaries grew

they will each have about £30k by age 18

we use children’s investment ISAs
they have a better return

I never saved, I'm asset rich but cash poor. I will be gifting my son one of these (s small house) once I pay off the mortgage.
Most people I know have not so much saved as given their kids lumps here and there when they can.

Thank you for your kind comment. I know it isn’t much but hopefully she will be happy with having a little something for herself one day.

We didn’t save anything for our DC, but we are gifting one 10k to help with her first flat purchase. We also paid for driving lessons for both and paid for some private schooling.

We have saved roughly £100 a month for the DC so they get £25k at 21 plus interest

They also have £27k inheritance each from a deceased relative which is in trust. So with the two added together they will have a house deposit.