Saving for your baby

[Char&Bump-x]

I'm planning on saving £10 a week (half of CB) and £20 each birthday and xmas untill she is 18 years old. Without interest that adds up to over £10,000

How much do you save for your LO, or how much are you planning to save?
What type of account do you have?

Also, i have no idea what to do with the £250 CTF voucher, can i put that in a normal savings account?

 

[Sarahkka]

We have a really great government savings program for education in Canada. Basically you can put up to $50,000 away for your child's education and you are eligible for around $7200 in matching grants from the government. To recieve the maximum amount of government $$, I put away approx.$2500 CAD a year. So just over $200/month.
One of the big hurdles many people in my generation have faced coming out of school were crippling student loan repayments. We'd like to help ease that pressure for Simon. We can't pay for school outright, but through this savings plan, we can give him a big boost.
The education calculators I've used estimate that a basic undergrad degree (living at home, so no living expenses) will cost someone of Simon's generation about $130k+. This is based on current rates of tuition increases. My husband and I feel that if we don't put this money away for Simon, he won't even have a choice about going to school or not.
As for other things like travel, a wedding, etc, Simon will need to do the bulk of that himself. Those things are very variable, expense-wise, and will be great ways for him to live within his means and save for things that matter to him.
The education one is the priority for us.

 

[xJG30]

I saved up just over £1000 when I was pregnant and my dad gave us £100 as well.

I tend to just add money when I can afford to but so far he has £1,441 saved up and its in a halifax saver account for children.. its set up as a 'rainy day' fund.

 

[Lucy_lu_84]

I'm confused about the £250 pound thing to... we asked in my bank and they didn't really explain LOL

We're thinking of either putting £5 or £10 away a week for LO. We thought about more but figured if we have more children we'd want to do the same... so need something affordable

 

[aimee-lou]

We're going to do something very similar. About £5-£10 a week and then a bigger amount for birthdays, christmas etc. We're putting that £250 CTF into a trust account (all the banks supply them as do the post office) alongside all the gifts we get of money from friends/family, the baby collection (does anyone still do this?) and we'll make it up to the nearest £100. My Dad has asked to give £25 each birthday into it, which you can do as a bank transfer. (I don't want to put all the money into this as I don't want them to fritter the money away- they'll get a couple of grand on their 18th then the savings wil pay for uni etc.)

 

[tasha41]

I toss money here and there into her bank account. Usually at least $50/month, plus the money we got when she was born, will get for her baptism and birthdays and such. And also save $50/month in her RESP. I'll add more eventually.. I could afford much more ATM but I don't know what the story will be when we first move out into our own place so I left it low for now..

 

[mama2b]

https://www.thechildrensmutual.co.uk/

I invested my £250 voucher with them and got £30 mothercare vouchers for setting up a regular direct debit with them.

My dad has also opened a premium bond account for Lucas, haven't read all the info about that but there is a monthly draw and you can win cash prizes etc. the big one is a million !!

 

[K1nS]

When we have our little one, we are deffiantly going to do something similar I think its great that you have worked everything out hun

 

[FierceAngel]

we opened luisa a nationwide smart account wen she was 4 days old we put all the money we were given wen she was born into it and have since used it for things she needs: travel cot etc...

i also add 5 pounds a week to it

we put her trust fund voucher in a cash one with nationwide and the money she got for her baptism (600 pounds ) went in there she also has another 200 to go in from family tht have just sent their gift so tht will be 800...

planning on putting any money she gets for christmas into the trust fund up to its 1200 limit (so a further 400)

im hoping to put the max 1200 in for a few years at least depending how things go...


so bascially we use the 5 pound per week we save in her smart account for things she needs as and wen and the ctf is there for wen she is older


i have also just opened her a barclays saver account so i can save seperatly for her 1st bday lol

xx