How much do you hope to give?

[weewdy]

I know everyone has different financial situations but i am wondering how much money you hope to have to give you child when they turn 18/21?

I started off great when my daughter was born putting money in an isa, now ive kind on forgot a few weeks and want to set up a direct debit just dont know how much for.

 

[kerrie24]

I dont hope or plan to give them anything.I havent got money to put away,I spend it all on the kids present day needs.

Mine and ohs prents didnt give us anything,we got jobs and earned or own oney and Iexpect my kids will be the same.
That being said if I had the money I would buy them cars/flats stuff like that.In my opinion giving an 18 yr old money is just throwing it away because they will probably waste it on nights out or something.

 

[sue_88]

I should be able to manage a 6 figure sum, although hoping to give her over that depends if I delay her trust until age 25 instead of 18. I see no need to allow an 18 yr old a large sum of money & the 7 years extra savings will benefit her.

I get access to my trust age 25 in a couple of months from my parents.

 

[weewdy]

Thanks for replying. I plan on saving for my dd school fees or first car/house. She wont get it just to waste it.

 

[x Michelle x]

my 2 will have a substantial sum from their grandparents (6 figures)
Hopefully it wont be available to them at 18, if i had my way we would control it until they are 25 so we can give them it earlier for a flat/car etc or something responsible and hopefully by the time they turn 25 or whatever they are able to be sensible with it..

 

[Mazzy17]

Me and my brother got a lot of money when we turned 18...i wish it waited until we were 25.

i am going to start saving some money up and keep it until Amy is 25. Really cant say how much though.

 

[honey08]

i got nothing when i was 18 but a £200 bond to move out with my sons ive only manage to open one acc for the eledest but my youngest has yet to have a penny in his im hoping things will be different x

 

[RileysMummy]

We don't have a savings account for Millicent. My inlaws do though. x

 

[onetwothreebp]

OH's parents and my parents both set up a fund for LO when he was born, he can't touch it until he is 25. Since he was born, OH and I have been putting money into it monthly. Last time I checked (April), there was over 100,000 in it so I think by the time he is 30, he will have a good chunk of money to begin his life with.

 

[lau86]

Why does an 18/21 yr old need £100,000?!! What about working for your money?

 

[sue_88]

Why does an 18/21 yr old need £100,000?!! What about working for your money?

I would suggest you remove that snotty tone.

My father has worked all his life to provide 6 figure trust funds for myself and sisters which we get access too at 25. Has it stopped me working? No, I have a great degree and an incredibly well paid profession career. I appreciate my job more and now I am well on my way to providing exactly the same for my daughter. And I'll only be providing for her therefore hoping to give her access to 7 figures.

It's starting her well in life so she doesn't have any worries. Do I expect her to work absolutely. And as owner of the trust, it would be revoked or delayed until age 30/35 if still not deemed appropriate.

I personally couldn't wave my daughter off without giving her help, just how my family is raised to make sure we all have everything we need and want. You might not understand if not being in the position but that doesn't make it a subject to be frowned upon.

 

[topsy]

We have a junior isa, I have no idea how much will be in it by the time hes 18-when he can access to it it there's almost £2000 now, but most of that was gift from grandparents when LO was born.

I am thinking maybe a trust fund would be better, i am worried at 18 he might not be responsible and blow the money, where a trust fund looks like you can change the age? can anyone tell me who they have a trust fund with? Also do you have to pay a certian amount in each month-thanks xx

 

[stephx]

Nothing at the moment. I hope to be able to pay for her first house deposit (as a surprise) but I think it's really important to build your own future and not rely on your parents.

 

[emyandpotato]

Erm, nothing?! It'd be nice to give them a great birthday present for the special birthdays, and maybe help them pay for their wedding/first home, if such is still necessary in 30 years, but I certainly don't plan on giving a trust fund or similar; in my experience they only get blown on silly things.

 

[sue_88]

We have a junior isa, I have no idea how much will be in it by the time hes 18-when he can access to it it there's almost £2000 now, but most of that was gift from grandparents when LO was born.

I am thinking maybe a trust fund would be better, i am worried at 18 he might not be responsible and blow the money, where a trust fund looks like you can change the age? can anyone tell me who they have a trust fund with? Also do you have to pay a certian amount in each month-thanks xx

You'll need to see a solicitor to set up an official trust fund deed, with additional trustees (incase anything happens to you) and to name the beneficiary (your LO). My trust for Millie was expensive to set up (they should be if done correctly, about £1100, (my mum is the current beneficiary as LO isn't Earthside yet, I will have to pay to have this changed when she's here which I will tie in with writing my will). The money is in an account with a bank.

 

[topsy]

^^Thank you hun. xxx

 

[discoclare]

I'm not sure, I've never projected what they will have.

We put £100 per month into accounts for each of the girls. I have control over this money. We also put any money in which is given for birthdays etc. DD1 currently has about £5000 in savings. DD2 about £1500.

As an aside, I'm another one who doesn't understand the attitude on here that if you give your child free money then they won't work to earn a living. Both OH and I were given a small amount of money from our parents in our yoof. Neither of us blew it, I used some of mine to buy my first car and saved the rest. OH used his to start his business (along with other money he had saved himself from working). We are careful with money. Both of us attended state schools and worked part-time during our GCSEs and A levels. Both of us went to great universities and worked part-time while there. We have both had successful careers and have saved a lot of money.

 

[lau86]

Why does an 18/21 yr old need £100,000?!! What about working for your money?

I would suggest you remove that snotty tone.

My father has worked all his life to provide 6 figure trust funds for myself and sisters which we get access too at 25. Has it stopped me working? No, I have a great degree and an incredibly well paid profession career. I appreciate my job more and now I am well on my way to providing exactly the same for my daughter. And I'll only be providing for her therefore hoping to give her access to 7 figures.

It's starting her well in life so she doesn't have any worries. Do I expect her to work absolutely. And as owner of the trust, it would be revoked or delayed until age 30/35 if still not deemed appropriate.

I personally couldn't wave my daughter off without giving her help, just how my family is raised to make sure we all have everything we need and want. You might not understand if not being in the position but that doesn't make it a subject to be frowned upon.

Why are you always so rude?? There was no snotty tone I was genuinely quite flabbergasted that some people give their children £100,000!
It's different to providing an education/ car even a deposit for a home, its completely indulgent in my opinion.

In answer to the original question the answer is nothing!! I may pay for uni and contribute to a house/ car/ wedding but I want my children to feel what it's like to work for money without a great big cushion.

For what it's worth I don't have rich parents but I have a good career in the caring profession which everyone knows is not a lucrative place to be!

 

[sue_88]

Why am I always so rude? That's a new one

With excessive punctuation and the sentence "what about working for your money" that is not just being 'flabbergasted' at the amount some of us wish to give our children, it's being rude.

I've worked since the age of 13, did I need to? No probably not, I had all I needed from my folks. I wanted to though......i have been raised correctly by my parents to appreciate what I have and what I've worked for, and what they've worked for.

As I've already said, if you're not in the position you probably can't understand but that doesn't give any right to pass judgement on what some people will be offering their children just because you can't understand it.

 

[babycrazy1706]

My son has £90 in a bank account which was money given to him for xmas. I always save money given to him, never spend it on toys etc. My 2 brothers tend to give money every bday and xmas so that will always go in there. I also save £2 a week (don't laugh ) into a savings account. Its a measley (sp) amount but it all adds up and is better than nothing I guess. Xx