Do you save for your little one/s?

[babydevil1989]

my parents didnt save for me (im one of 8!!)

but i was involved in a car accident when i was 12 so when i turned 18 i got £2000 compo which went on a car laptop and driving lessons x

 

[babydevil1989]

We put £10 a month away at the minute. If we can afford more in the future we will do.

TBH the child benefit shouldn't be going towards his savings.

can i just ask why? (in the nicest way possible!)

i think its because if its just being saved you obviously dont need it to live x

 

[cherryglitter]

yeah, see i think that as well. i do think it should be means tested. but at the same time i do see the other side to it.
i wouldn't like it if someone told me what i needed to do with my CB. iykwim?

 

[Rhio92]

I put Connor £20 a month away. Any money he gets given goes in too.
The amount might have to go down when I go to uni though

 

[Harveysmum369]

Isn't child benefit going to means tested anyway soon?Xx

 

[cherryglitter]

i dunno! might do a google

 

[cherryglitter]

2013 they recon.

https://www.guardian.co.uk/politics/2010/oct/06/ids-means-test-child-benefit

 

[Midnight_Fairy]

Yeah I thought it was April lol xx

 

[cherryglitter]

has the tax credit threshold already changed? i know that was going down to 40k.

 

[rosie272]

I save £10 a week in his Credit Union, £10 a month CTF and my sisters put £20 per month each in his savings account (£60). He has a few hundred quid of premium bonds that were gifts when he was born (Charlie officially has more dough than me )

 

[Natasha2605]

has the tax credit threshold already changed? i know that was going down to 40k.

Do you mean wtc or ctc? Cause the wtc is down to just over 19k after the changed this year. We're over the threashold by 600 a YEAR! Measly amount.

I know this will sound mega stupid by for those of you who are already saving where do you put it? Can you just open a normal bank account in a babies name or does it have to go somewhere specific. Obviously me being me, I didn't cash in her ctf voucher so it's not like I have a starting point that I know where to contribute to!

 

[sequeena]

I have an ISA for my son and a change tin which has about £46 in it.

 

[tina3747]

We bought property in Spain with the premise of giving it to our son (the only one at that time) to sell on or use for himself for rentals. The company went bust and we lost 90k.. Which was 50% deposit so thankfully not the full amount we paid. We've never saved any extra money on top of that, maybe we should think about starting something.

 

[ames_x]

has the tax credit threshold already changed? i know that was going down to 40k.

Do you mean wtc or ctc? Cause the wtc is down to just over 19k after the changed this year. We're over the threashold by 600 a YEAR! Measly amount.

I know this will sound mega stupid by for those of you who are already saving where do you put it? Can you just open a normal bank account in a babies name or does it have to go somewhere specific. Obviously me being me, I didn't cash in her ctf voucher so it's not like I have a starting point that I know where to contribute to!

Just go into a bank and open an account in your lo's name

LO has his trust fund which oh puts £30 in a month and he has a savings account where I put £30 a month in plus any money he gets for birthday/Christmas etc. He will also have a trust fund for a car accident we were involved.

 

[Harveysmum369]

I opened a bank account in Harvey's name with my bank..when Harvey is able to have the account in his name,i think age 13,the bulk of it,should be a few thousand will be moved to my savings account until we feel he is old enough to understand the value of money..

would you trust a 13 year old with a few thousand?

 

[Lauren25]

We save £20 for Bobby each month and he has a money tin aswel

 

[babydevil1989]

we have an account in tobys name that he will be given the stuff for when hes 18 x

 

[NIfirsttimer]

i save £50 a month for ruby, plus and bday or xmas money she gets

 

[xJG30]

We started a Rainy day account.. we just put money into it every month

 

[vhal_x]

We're struggling right now (due to Christmas, and paying off bills, etc), but my parents give LO £20 a month (£25 if it's a 5 week month) to go in his bank, but at the moment it gets used for new clothes as he's growing out of all of his old ones!

But next year, we are paying in £200 a month into his bank (every month we can for as long as we can afford it) so that he will have a good amount in it for when he's older.

We won't be giving him it until he's 21 though (so he doesn't just use it for shite!) unless he shows us that he can be trusted with it.

So by the time he's 21, if we save up that amount every month, he'll have around £50,000 in it, but I think we'll give him a chunk at 16 (not too much though, just a tiny bit) and throw him a nice party, then he'll get a slightly bigger chunk when he's 18 (and we'll throw him another party hopefully) and then he'll get the rest when he turns 21 XD xx