Child benefit/tax credits - what do you do with yours??

[rosie272]

CTC pays nursery fees (some at least) and his CB I put half in a savings account and spend the rest on whatever we need that month (vests, pj's, whatever!)

 

[Feltzy]

I get them paid into my account and it goes towards shopping/bills/trips to soft play etc. I can't afford to save it but when I have a bit more money I will put more money into their trust funds, I've had to stop at the minute as I can't afford it as my maternity pay has stopped. Me and OH spend a lot more than what we get in tax credits/child benefit on the kids (we spent over £200 in winter clothes for them this past week) and I hardly have any money to spend on myself so it definitely serves its purpose iykwim.

 

[lea28]

I haven't claimed any yet but when I do it'll go into an account with her cb which I use at the moment as I'm on ma leave but once I go back to work we may save it?? Or use it towards child care costs.

 

[Fraggles]

My spending varies month to month, last month we had some day trips out, new slippers/shoes/clothes and birthday gifts were bought too. Then there are nappies/wipes/toiletries/milk etc.

Some goes towards other expenses like food and general living costs. I try to use my wage to pay bills/debts but will be saving some money to live off when mat pay drops.

I dont see the point in saving at the moment while I have debts as interest on those kind of balances out savings i'd make so makes more sense for me to clear debts so we can have a steadier future.

 

[lolababes]

Our just goes in with the rest of the money, if the kids need/want they get (within reason on the wants obviously!!!). We arent in a position to save anything at the moment as I was the main earner and Im now on SMP.

Im glad Im not the only one that does this as I was starting to feel a tad guilty reading how many of us save it

 

[maisiemoo]

We spend olivia's cb on her weekly classes and put it towards baby supplies. However, from april next year it will be going into her savings, or hopefully uni fund.

 

[cherryglitter]

Our just goes in with the rest of the money, if the kids need/want they get (within reason on the wants obviously!!!). We arent in a position to save anything at the moment as I was the main earner and Im now on SMP.

Im glad Im not the only one that does this as I was starting to feel a tad guilty reading how many of us save it

My Dad never had savings for me. All I had was the CTF he put in.
I funded myself to go to university as I think a lot of our children may have to do the way things are going at the moment!

 

[moomoo]

I use it to live.. Because of tax credits we can afford for me to go back to work for less hours than if we didn't.

Mostly food, nappies, fuel ect x

 

[Lu28]

Every last penny of both goes to paying the bills, we couldn't survive without it at the moment. I guess if we were in a position where we didn't need CTC to pay the bills then we shouldn't be entitled to claim it, I don't think it should be something to put towards savings, it's something to help people make ends meet. I would definitely put CB in her savings account though if we could afford it.

 

[rainbows_x]

We use it to live basically. Even though OH works 7 days I week he does not earn much and I am not working, or getting benefits. Her CB s all we are getting atm. CTC will be coming in soon, I think once we start getting that we will put he CB in a savings account for her.

 

[Natasha2605]

ATM it goes towards our monthly outgoings and everything else is put into a savings account. After xmas and our family holiday is paid for we'll start proper saving xx

 

[bubbles123]

All goes on living expenses as I'm not earning at the mo. Would love to save it but that's not possible.

 

[Rhiannon]

All our crc & cb gets spent, food nappies etc. I've worked since I was 16, not saving it, so it can be taxed a 2nd time!

its only the interest that gets taxed hun - not the capital...also if you put it into a childrens savings account its not taxable anyway until they turn 16...or 18 if still in education xx

 

[andbabymakes3]

Holly's child benefit goes into her trust fund, along with any money she is given for Xmas/birthday etc, in the hope that when she turns 18 she will have a nice big lump to go to uni, see the world, buy a car, deposit for a house....although I'm hoping she will use it for uni.

Once there is about 4k in her trust fund, I am going to open a separate account in my name for her - so that if she is like me at 18, she can't blow the whole lot!

I save quite a lot for her/us at the moment, so that if we have a rainy day, or if I am ill and can't work (I'm self employed), we have a buffer.

I don't think anybody should feel guilty if they spend the child benefit or tax credits - you live as a family, therefore the money coming into the household is for the family. Whether it goes into a savings acc, or on nappies, or on food, or on bills, or activities, makes no difference.

 

[Mrs Doddy]

As most things we have bought we have paid for out of our wages would it be wrong to use the money to go on holiday? She has her trust fund which dad will be paying into and another savings account we pay into so she is provided for ?

 

[emsiee]

Holly's child benefit goes into her trust fund, along with any money she is given for Xmas/birthday etc, in the hope that when she turns 18 she will have a nice big lump to go to uni, see the world, buy a car, deposit for a house....although I'm hoping she will use it for uni.

And shes gonna need it the way things are going! I dread to think what its gonna cost for my children to go to Uni, but I will do everything I can in order for it to be possible..especially my son, as hes only 5 years away from going!

 

[pinktaffy]

As most things we have bought we have paid for out of our wages would it be wrong to use the money to go on holiday? She has her trust fund which dad will be paying into and another savings account we pay into so she is provided for ?

its money for u and your famly she will get to go on holliday so therefor will benifit from it. the money isnt ment 2 be saved its gr8 if u can but for people like us who cant i say use it for whatever u like its your famly money.

i would sooner spend the money what we need now while we need it and when we can save for her future we will but for now we need her tax credits for her or she wouldnt have enough clothes pj's toys or anything.

so i say go for it xx

 

[leoniebabey]

I use it for bills, food shopping, baby essentials, nappys, formula, wipes, and baby clothes. If im buying things for myself ill spend my income support.

 

[annawrigley]

I spend it on whatever we need £20 a month goes to his savings as thats all i can afford atm. I dont feel guilty if i spend 'his' money on something for myself/food etc. He has everything he needs! Never really thought about it before this thread tbh x

 

[Drazic<3]

Half goes in her savings account (not her CTF, I don't trust that they are safe. Entirely my own paranoia! Also I don't want to be restricted if she needs it earlier.) and half goes on living.