Is this a good idea or not - savings for DSC

[chillipenguin]

I am in the very fortunate position of having some money to put into savings. I have one DC with my DH and am going to set up a JISA for them, they can have the money whatever happens when they are old enough.

For my DSC though I was going to put aside a smaller amount in a savings account and then give them a bit if they decide to go on to further training etc if I think it sounds sensible.

I'm a bit worried this would cause some sort of divide and I do feel a bit tight but I guess for DC the money is unconditional but for the DSC I dont want to give it to them until I know its for their education etc.

Does this sound OK?

Id save it in an account in your name in case you split up, also then you can give them the money for that specific purpose when the time comes.

They're not entitled to any of it, so anything you give them should be gratefully received.

I think that sound fair and nice and a lovely thing to do with DSC.

I would keep it your your name though. I have done similar for my DSC. Not that I have told a soul about it because otherwise people might have a sudden emergency which would spring up and ask to use the money and pay it back (this has happened in the past before)

Definitely this.

Yes I'm not telling a soul about it. Not even DH. I'll keep it in my name and see how the DSC turn out I guess! One of them seems keen on a career involving 5 years at uni so if they do go that route they'll need the support.

Thanks for your advice sometimes as a step parent I find I just need to talk things past someone to check I won't unleash a can of worms!

Only other problem I can see is that I have 2 DSC so if the other one doesn't need money for any thing I think is useful then they won't get it but I guess that's a bridge to cross then.

If these savings are from your personal spends, rather than family money, that sounds perfectly reasonable. In my book, savings come out of what is available to us first, before we allocation money for other things.

I think it would be fair to talk to DP/DH about savings overall.

Good shout. I will also consider what DH is going to give them when the time comes and perhaps wait until their parents have given their financial support first.

This is sensible advice

Is this true? It's an inheritance if that makes a difference.

Ah sorry that sounded a bit rude. I was just surprised! I may need legal advice I think.

Aw thank you but I'm good I know someone local.

It’s a lovely idea and I don’t think there is anything wrong with giving money for educational support only, as long as that is really clearly explained.

But….totally agree their parents should be primary sources of financial support. And it’s worth waiting to see what happens here. How old are DSC?

A good lawyer can advise you on perhaps putting a chunk of the inheritance in trust for your DC.

Your personal money, your choice what you spend it on… 💐

you are obviously thinking through the implications which is a good thing of course.

in this case I’d keep it in your name too

Got a good 5+ years to go for the eldest so I'm thinking ahead a lot. I'll definitely wait and see what their parents decide to do. It might turn out they are in more need of the money for deposit on their first rental or something.

It’s your money. You can give it to who and how you like. It’s very nice of you.