Savings for your child...??

[aliss]

I might be alone in my approach, but I don't plan to save anything for Alex for when he's older.

My OH and I have managed ok without any lump sums from our parents, and in fact I think it has helped to shape who we are and our appreciation for the value of things that we both worked our way through University etc.

Laura x

I am doing this as well. I do not plan to create any sort of savings account for him for the same reason.

 

[AlwaysPraying]

He has a Child Trust Fund which is worth about £400 at the moment. We also pay £10pm a month into a cash account that pays 6%. Once our finances get better we will increase this and pay into the CTF too.

My parents never saved for me so I had no cash lump sum and it never bothered me and I've managed fine without but I doubt things will be the same when Ellis gets to 21 like it was when I was 21!

6%?!?! WOW, that's great!! The best I can find right now is 1.75%, and that's generous. It's almost worth not saving here because the fees take up the interest rate, it's sickening. I bought a 4% GIC three years ago, and people are shocked I found something with such a high rate.

 

[Gingerspice]

We do intend to save but haven't put anything specifically aside yet. We just have general family saving which will first be to get a deposit for a mortgage. Then it'll be savings for everything else in life. Neither hubs or I got a lump sum however both our parents did help out where they could.

The thing to remember about the student fees is that its is all a loan. They may not even pay it back depending what job/career they go into and it gets wiped out later in lfe. Essentially its another tax unless you're earning mega money and then may pay it back. A lot of people misunderstand the student loan system. It doesn't reflect badly on you as its not a 'true' debt. Think of it as a mortgage for education that may just dissapear.

Anyway, back on topic, as such I'm not worried about the whole student ting as they will get by just lke hubs and I did.

I would like to think we will be able to pay for a nice wedding etc for them but a lot of things can happen in life so will take it as it comes.

 

[Lara310809]

You've saved more than we have for our daughter. You should just put aside whatever you can, and be content with that. There's no point in going without now for the sake of saving for the future of your child. if you need the money now, use it.

My MIL opened an account for our daughter, and she put a small amount in there. We save £30 per month for her (it's taken by my OH's employer and kept in a high interest account for the calendar year) and at the end of October it's paid out. At that point we pay it into her account.

Once we can afford more, we will save more for them, but until then we just do what we can. We also pay monetary gifts into the account as and when we get them, unless we need something specific for her that we otherwise couldn't pay for (e.g. a cot)

 

[Embovstar]

Currently I save our child benefit of £81.20 every 4 weeks, in Isaac's very own savings acct. Also any money he gets as gifts will go into this acct. It's in my name until Isaac turns 18 and is at Barclays.

He has the trust fund in some other acct..the gvnmt deposited into an acct of their choice, since it took me soooo long

From 2013, we'll not receive child benefit, but will continue to save the equivalent.

Nicola xx

 

[vaniilla]

we put £1200 (or thereabouts )into his mutual fund account a year and the same amount goes into a halifax savings account for children, my parents and oh's parents have each opened separate savings accounts for him

we started when lo was a few weeks old, and the money will go towards something useful for him in the future - maybe a deposit towards a place, car, etc we'll probably pay for his university fees. my parents paid for my sisters and will be paying for mine, we both know the value of money and are not spoilt

 

[RachA]

We got the government given £250 lump sum for both of ours and put it straight into a savings account. We don't add to it though. I don't like the idea that when they get to 18 that money is legally theirs. Not that's we'd be able to save that much but it's a scary thought that at 18 our children could suddenly be given say £30,000 in a lump sum which they could just blow on drugs.
Any money we do save will be to either help them through uni or to pay for a wedding. We won't be advertising this to them though.

We do have savings accounts for them where money they are given for birthday/Christmas goes. I'm anticipating that as they get older that money will soon disappear. Some will be going at Christmas as the present we bought them both was more than we would normally spend so we have taken the excess from their money.

 

[sun]

He has a Child Trust Fund which is worth about £400 at the moment. We also pay £10pm a month into a cash account that pays 6%. Once our finances get better we will increase this and pay into the CTF too.

My parents never saved for me so I had no cash lump sum and it never bothered me and I've managed fine without but I doubt things will be the same when Ellis gets to 21 like it was when I was 21!

6%?!?! WOW, that's great!! The best I can find right now is 1.75%, and that's generous. It's almost worth not saving here because the fees take up the interest rate, it's sickening. I bought a 4% GIC three years ago, and people are shocked I found something with such a high rate.

Yes all savings accounts I can find are hardly worth it. I do have an education fund for university though (RESP).

 

[Mummy2B21]

My LO has a savings account we dont put a set amount in each month though just when we can afford it and also christmas/birthday money.

He also has a Trust fund worth £50k from an inheritance so im not too worried aboout saving for him as he will have that when he turns 21 or later depending on his level of responisbilty with money.

 

[aimee-lou]

Earl has his CTF - and I hope to basically 'match' this for the new one as I don't think it's very fair that Earl got his £250 but the new baby wont have this.

For the time being I have a book, and this has a tally in it on all the money that Earl has been given since birth - the tally is up to £450! I basically owe him this! We plan on starting a savings account as soon as we have this put aside, and then will just add to it as and when....no major plan apart from they wont get it until they are 25/married. Whichever happens first.

 

[Nats21]

We have the child trust fund that we opened when the government gave £250 to start it off, he can access it at 18. We put £120 a year in and then any birthday money/xmas money thats left over goes into it to xx

 

[hattiehippo]

Tom has the CTF that was openned when he was born and I usually put £25 a month in it when I get paid. Although the interest is pants I do like the fact that the money can't be touched till he's 18.

My parents did give me a savings account with £1000 in it when I was 18 which I really appreciated but much more useful than that, my mum took out a 10 yr tax free saving account for me at 15 which I took over paying (£25 a month) when I was about 22 and working. This paid out about £2,500 when I was 25 which was when I actually really needed the money rather than at 18.

I'm planning to do something similar for Tom when he's older.

 

[Pixxie]

I made her a regular childs account at the bank when she was born, it collects 4% interest a year. I put all my spare change in her money box and put it in her account when full and also any money she gets for special occasions goes in. She only has £60 so far, all of which is on loan to me so far (tough month!) but I imagine she will gradually get more as she gets older.

 

[babyblog]

We opened a savings account fo Ollie when he was born and money he got for his christening, birthdays and christmas has gone in, we haven't been able t afford to add to it ourselves but he has a fair amount saved already.My main concern is tha the nex baby won't be so lucky with their savings and I wouldnt give them different amounts when older so i will probably put more into that one!

 

[PinkEmily]

My LO has 2 saving accounts, one that we opened up and one that my MIL has opened. We pay any Christmas and Birthday money into it as well as £10-20 a month. OH and I have agreed to buy him his first car so he doesn't need to break into his savings. He can use them to go towards his first house or something. I wasted a lot of my savings which i regret a lot, The remainder i used to pay the solicitor fees for our house. I really really don't want Olly to waste his like i did.

 

[ames_x]

LO has a CTF and a savings account. I put £30 into his savings every month and OH puts £30 into his trust fund .

He will also have another trust fund in the next few months, but that's from an accident we were involved in and that will be his compensation.

 

[rosie272]

Charlie has his CTF which I put £10 a month into, premium bonds (gifts when he was born), I put £10 a week in a credit union account for him and my sisters put £20 each per month in a savings account for him (£60). I dread to think how much uni will cost when the time comes (if he chooses to go!). I use the credit union account for things like holidays and birthday parties (and have just bought all of his bedroom furniture with it)

 

[ginny]

Dan has about £2000 divided between a junior ISA and a junior savings account, the ISA cannot be touched until he's 18. We put £50 a month in each. It will be used for education/car/driving lessons etc, I was bought driving lessons and my first car by my parents and I know the value of money, that may come from working part time since I was 14 and not being given pocket money, everything I had, I earnt. Mum and Dad preferred to help us out with the big things and not buy us alot at birthdays and Christmas etc, this is what we want to do with Dan xxx

 

[_laura]

We opened an account and max's grandparents pay money into it, he also has birthday and xmas money in there along with early inheritance (he has just over £2k). We buy him enough day to day that I don't have enough to save for him and a house.
We are going to keep it under our name until he's 18 when we will let him decide what he wants to spend it on (car or uni or something)

 

[Peas]

No savings for LO at all but I am paying for his private education a year in advance which amounts to £600 a month.