What do you do with your child benefit?

[crocodial]

Unsure if I should put it in a separate account for DC or just to use it for his expenses such as baby classes, nappies etc? Financially we're ok so I don't rely on this payment to pay for his things so I see it as a bit of a bonus and think maybe I should set that aside for him?

Don’t get any

It goes on clothes, food, heating. Things are tight. I'd love to be able to put it away for the future but that's not possible at the moment.

We needed to use it for household expenses when the children were little, but once they were at school and I could work properly again it went into a savings account. There is about £6K each in there so far, which will be split and will pay for first cars.

I know people who still claim even when they earn over £50k - but then there’s something about getting taxed for it? I’m not sure how that works - can someone does explain?

We don't claim it. But when we did we needed it to pay for general family stuff. Couldn't afford to save it every month.
Now we are a bit more financially stable we don't claim it. Can't be bothered with sorting out all the paying back /tax

I'm in Ireland, and have twins, which means you get 50% extra, so €210 per child (instead of the normal €140 per child).
I save the €420 per month towards their university costs.

www.gov.uk/child-benefit-tax-charge

we dont get child benefit! How much do you all get?

@funnysinlajardin currently £21.15 for 1st child and £14 for each additional child per week.

We were able to save it and put it into a pension fund for our DS, people laugh but it's a great investment for his future.

I know there is an argument that if 'you can afford to save it you don't need it' but we were in the fortunate position that we could afford essentials without needing to use the CB. Older parents, mortgage practically paid off, living in a relatively cheap part of the country. And crucially- made the conscious decision to only have one child.

Same as others, it goes straight into the bank, can’t afford to save it. It helps pay for school trips, clothes, packed lunches etc

@FunnysInLaJardin

we dont get child benefit! How much do you all get?

£140 every 4 weeks for two children.

In the pot. Funds all of their various activities.

We have put it towards childcare costs.
Once nursery finishes we will save it for school trips, uniform etc

@user1471604848 snap!

Very fortunate to be able to save it now. When we were a one income household, it paid for baby classes and days out etc.

@FunnysInLaJardin

we dont get child benefit! How much do you all get?

You need to earn a fair bit to not qualify for child benefit. Count yourself lucky.

Mine is stolen by our greedy taxation system. The end.

@Longsight2019

Mine is stolen by our greedy taxation system. The end.

@LovelyYellowLabrador

Don’t get any

I’ve always wondered why people respond to questions like this. It’s like on Amazon someone will ask if a certain toy is good for six-year-old and someone takes the time to respond with “I don’t know, I’ve got a four-year-old” or “We haven’t tried it yet.” Is it not obvious that the question doesn’t apply to you? I’m not being snide, I truly don’t get it.

Child benefit from birth to 18 could be worth over 100k at retirement if put into Junior SIPP, definitely worth it if you won’t miss it.

Mine goes into a separate account and pays for Christmas and birthdays for the 3 kids. It's the only way I manage to save up to treat them

Because o don’t believe you should be able to have on household where the income is more than another and that house house still get cb

Just because the income is spread over two people who maybe work part time
Imo it’s not a fair system

At the moment as we are cash strapped we use it to cover DD’s expenses every month (clothes, toys, days out that are specifically for her eg soft play/role play/swimming etc). Some months I don’t need it and I save it up.
But she has premium bonds, cash ISA and a normal savings account and is in 5 figures already thanks to very generous grandparents so I don’t feel bad for not saving at the moment. She’s the only grandchild in the family so benefits from that. So right now, the “stuff” we buy is more necessary than the savings. Once we don’t have nursery costs we shouldn’t need to spend the CB often and will bank it instead.
We are fortunate that it is always ring fenced for DD though and not spent on the household, but I’d use it if we needed it to feed us.

I have to pay a tiny bit back, I’m right on the cusp with an income of just over £50k when pension deducted. As time goes on and my pay creeps up it will disappear unless
They raise the threshold. When I was full time I didn’t qualify at all as was over £60k.

When I was a teenager my Mum gave me
the CB as my allowance, if I still get it then I’ll
do the same.

@summerlovingvibes

Saving it in an account for DD - £84 ish a month for 18 years is about £18,000 so plan on saving it until she's 18 and then it'll be used for large things - car or uni if she goes or house deposit etc - what ever she needs help with.

And this is what is fundamentally wrong with the benefits system!!! Benefits are there to help those that genuinely need it not fund your child's uni fees or deposit on a flat. You're claiming tax payers money, that's for those who need help each month to feed their children & keep heating/electric on! Benefits are not there to fund your saving pot!!!