Children’s savings account.

Nosymum

Member
Can I ask do you have a savings account for your kids, do you put set amount of money away a month or when kids get money as presents etc. Is it the ‘done’ thing now? A family member pays £75 a month into savings and I put £25 a month in because I want her to have a little nest egg, how much do you put aside if you do?
 

Death2unicorns

Well-known member
I pay in all of the child benefit payments - so 21 quid a week, once her childcare fees have reduced I will pay a bit more in, probably around 150 a month including the child benefit, I would like to build up a little nest egg too, she could use it for driving lessons and a car, or a property deposit, or living expenses for uni if she chooses to go

I’m not going to tell her about it though until she’s 18, she can probably have the money then

When would you hand the money over?
 

Nosymum

Member
I pay in all of the child benefit payments - so 21 quid a week, once her childcare fees have reduced I will pay a bit more in, probably around 150 a month including the child benefit, I would like to build up a little nest egg too, she could use it for driving lessons and a car, or a property deposit, or living expenses for uni if she chooses to go

I’m not going to tell her about it though until she’s 18, she can probably have the money then

When would you hand the money over?
I was thinking same as you not telling her and if she’s sensible at 18 then or if she’s not maybe 21 and not tell her until then, like most I don’t have the money ‘spare’ so I don’t want her to waste it. Same as you as well that’s why I’d lie it to be used for big things. her account is limited to £100 a month I can put in but I was thinking of opening a second one and seeing if somehow I could squeeze abit more for her, its Going to be so hard for the, to get on the property Marlet when they are older I’m desperate to help her xx
 

Lucyxxxx

Well-known member
I pay £10 a week direct debit in to my kids banks and on birthdays xmas etc I will put £100/£150 in each and whenever I have a bit of extra cash I will put £10/20 in their banks
 

Death2unicorns

Well-known member
I was thinking same as you not telling her and if she’s sensible at 18 then or if she’s not maybe 21 and not tell her until then, like most I don’t have the money ‘spare’ so I don’t want her to waste it. Same as you as well that’s why I’d lie it to be used for big things. her account is limited to £100 a month I can put in but I was thinking of opening a second one and seeing if somehow I could squeeze abit more for her, its Going to be so hard for the, to get on the property Marlet when they are older I’m desperate to help her xx
Yes same here - when she gets informed of it and money handed over depends largely on how sensible she is and what she wants to use it for! I would like her to use it for something big like property, we also have a rental property which the mortgage will be finished on in ten years and not planning on selling it so she will potentially get that too, we live in the north so it’s not worth that much, I don’t want people thinking she’s gonna be spoilt inheriting two properties and a savings account but me and my partner are from very deprived backgrounds so we want to give her a better start in life then what we had, we’ve had to scrabble for pennies to buy a house, any advantage I can give her in life I will! Xx
 

Keiffers pipe

Active member
Yes I put all Christmas and birthday money off family in the account, I top it up regularly and they also got some inheritance from another relative that has been added to it.
 

Suzesnooze

VIP Member
We don't live near our family so our kids always get money for their birthdays and mainly money at xmas so we have paid birthday/xmas money into their accounts since they were babies. When my daughter got to around 13, I started letting her keep some of it to spend on stuff. I let my daughter have her money when she turned 18 and was going to Uni but so far she hasn't touched it!

Her brothers have more in their accounts as they haven't had anything they wanted to spend the money on apart from money towards an xbox and playstation each.

I don't think my sons will be going to Uni but I will let them have the money when they're 18 and they can use it towards buying a car or whatever (we pay for driving lessons).
 

Scvee13

Well-known member
I put £50/month away for my daughter, she will get it when she turns 21. Some months I've put more away and if I get any maintenance from her dad I put it in there too
 

Aabbcc

Well-known member
I pay the child benefit into their accounts and any money received for gifts. They’re still only small though so they haven’t really received much money in gifts as yet.

I haven’t fully decided when I’d let them access the money. I think though that as currently the money being saved is from CB I’d rather it was used for something substantial like for a house rather than just giving them a pot of money.

I think once they’re old enough to understand money, any gifts they received would be up to them how they use it (I would attempt to teach them about saving) and it would just be the child benefit being saved.
 

Razzmatazz

Well-known member
I've been thinking about this recently as my little boy is only 2 weeks old but we recently got a card with £50 in it which got me thinking.

I think once I go back to work after maternity leave I will start paying the child benefit into a savings account for him but for now the extra cash will help with the cost of formula and nappies while my pay is reduced. Then any birthday or Christmas money will go in too until he's a bit older when I'll let him keep some to buy something and put the majority away. Then when he's old enough it can be up to him.

We've put the £50 we got to one side and if we need anything that is specifically for him we'll use it. It probably won't get touched for a while though because we can't get to the bank to pay it in and most things were buying for him are online at the minute.
 
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