He is about to turn 18 and has £11k in his government trust fund and around £7k which is currently in his current and linked savings account- his dgm recently gave him £5k 'for university.'
I'm wondering what is the best thing for him to do with this money. I'm divorced and he will get the minimum loan for university. I will be topping this up and think I could comfortably manage £500 per month but also worry that this could be tight, for me and him. I have another ds at home who plans to also go to university so I'm thinking ahead to that too and the need to save.
I'd like ds to therefore have access to some of his money for emergencies/top-ups and also don't really want to be handing over £500 for the months he'll be at home, when I plan to feed him of course but not much else! His dad is very low income and has never been eligible for child support though he has access to money for all sorts somehow. He's made noises about contributing but can't be relied upon.
Basically, I'd like ds's money to grow but not be completely inaccessible. Any advice would be amazing!