Did you use your child trust fund voucher and do you pay into the account?

[milliec]

Message withdrawn

I did but I only pay £10 each into it, all their birthday and xmas money goes into a seperate account in their name so they can buy big things in the future if they want to.

milliec we feel exactly the same as you. We did use it but will not add to it. However sensible DS may be when he's 18, that could potentially be a huge amount of money and I don't know anyone that would have spent it entirely wisely at that age.

We will save for him separately in our name, and he'll have to spend it on something proper, like a house deposit, musical instrument, car, wedding or whatever. Not in the pub!

I used ours and I pay £20 a month into each

We too have 'written off' the trust fund money as it is dds to do with what she will. Any other money gets put into another account which she will get when it will go to something useful or of which I will approve (). She also has a fund set up by her godmother who pays into it on christmas and birthday so she can go travelling when she's 18 (Or 40 if I have my way). That too I will have little control over as long as her godmother approves !

We pay £30 a month into my son's. Also have another account we pay £40 a month into which we control

I used the voucher and put £20 a month into the ctf account, but also have a separate account that I control that I also put £20 into.

Wouldn't want dd to grow up and waste my hard-earned cash on shite!

I have enough money to save a little for my children but not enough to save for them to blow as they see fit at 18. So I too pay nothing extra into the CTF, although I have obviously used the free bit.

I can't see what benefit it is that is tax free if they spend it all on a party in 14 years time! If you've got enough, as Mrs M has, to save £70 a month, then I can see the point, but at £20 a month it seems a bad plan to me.

Yes, ds2 and ds3 have one but I only put £10 a month in them.
Ds1 doesn't have one so he just has a tenner going into his account.

Don't know why I bother really - they aren't going to go short.

i was under the illusion it was to be spent on their education, uni,no?

It only goes on education if your DC decides that it's for education. We've done the same as most people here - we used the free bit (put it into shares) and then we have another regular savings account that her birthday and Christmas money goes into.

Oh blimey I had forgotten about the fact that they decide what to spend it on.

We used ours for both DSs and pay £25 per month into each.

I think I'll stop now and put extra into their savings accounts (which are in my name!)

just checked, they can go out and get pissed on it.

Popped them into a trust fund account and have "forgotten" about them. The DTs regularly get statements and voting cards. Still trying to work out how they'll be signing their names for the proxy votes!

To be honest, I think that it's much better that we save for our pensions so that we're not a financial worry for them when we retire. We weren't able to save into pensions before (for various reasons) and now I'm a SAHM, so there just isn't the money to do both if we're going to do the pension thing properly.

Birthday, easter, christmas, granny and grandad money all goes in there, as well as a small direct debit, (?20 a month) which will be reviewed if the fund is getting too big!

We put most of our savings for her into a separate (tragically performing) stocks and shares account, good job shes only 15 months, to allow it to recover.

No way shes having 30 grand to drink/snort/buy an overpowered motorbike with.

Seems I'm in the minority. I pay regularly into dd's and she can have it at 18. I hope that she will be mature enough to spend it the right way.

DH and I both had trust funds that were released to us at 18 and we spent some on education/driving lessons etc and have saved the majority for a house deposit. I trust that dd will be as considered in her spending.

She has another account too for birthday money that I opened so she could start banking at a younger age and appreciate the value of money.

I nearly didn't invest the DDs CTF voucher as I totally disagree with it.

But then we decided to just invest the original voucher and the girls have Children's Bonus Bonds and Premium Bonds that family add to, as well as any Christmas and birthday money.

Yes we used the voucher, and have so far paid the maximum allowable into the account each year (some from us and a bit from grandparents).

yes we used the voucher and yes, we pay in and so do dds gp's and ggp on dhs side.

i do worry that dd will go wild with it at 18 though, even though shes a butter wouldnt melt baby.....at the moment !

I didn't use it but the government opened a NatWest account for her anyway which suits me fine. Once they did that I topped up with £100/month from when she was 1 when the account opened.
I'm not sure what she'll spend it on - uni, driving, car, that sort of thing is the intention at least... it just made sense to take advantage of the tax free interest and put a bit by for her rather than not.
I think it is a pretty stupid idea to give everyone £250. A lot of people just don't need it and more should go to those who do.

I invested their CTF's in shares accounts, I don't add to it - although my mum puts in something - £25pm I think.
I would rather any savings I have, which I may give to them, or use for their benefit, are in my name!

We pay the max into DS's, but did have a big fight debate about it for the very reasons outlined here (i.e. he could blow it on anything). My feeling is that it's our job to make sure that he spends it wisely . We have other savings too but I see this as a 'bonus' , an opportunity that I never had.

i have, and i put in a small amount each month at the moment.

as they approach 18, they'll both be told it's to go towards a first car / uni / travelling / whatever they're into, but if they pee it up the wall, we won't be compensating them.

i hope they can see a bit of the world with it