I have never been very good at saving money. It is not that I have not tried in the past, but I seem to have only ever earnt enough to live on and therefore, never had enough to put some away each month. Goodness knows what I will live on when I am of a pensionable age because I only had a work pension for about two years in a previous job, and I have not had one since! When I was a baby my grandparents opened a savings account for me (and then did the same for my brother 2 1/2 years later), and I was allowed to have it when I turned 18. I expect my grandparents had plans of me spending it on my first car or maybe towards a deposit on a first home, however, I went off to university a year later and the money subsidised that because I was not entitled to much of a grant (I think I was given £20 a term just enough to buy a book!). It is a shame that I had to use my savings on that (I did have a summer job too, and got some bar work during my first year) , because when the time came to buy a car a few years later I had to save up all over again. My brother did put his towards his first car, because by the time he went off to uni my parents split up so he, of course, was awarded a full grant!
My brother and I also had a regular savings account when we were children with a building society (possibly Abbey national) and I remember paying in birthday money at the counter. Later as a teen I did have a post office savings account but I don’t think I ever got rich from that money saved! My brother did the Natwest piggy bank saving scheme and I think he got all of the pigs, so he is clearly a better saver upper!
Now as a parent, I am keen to have savings accounts for each of the boys, and they have one witha building society which I pay birthday and Chirstmas money into. When they were born they were given some money too from my grandparents which I opened the accounts with. They have more than me saved up that is for sure! I am hpoping that by the time they are 18 they will have a tidy sum put away which will pay for their first car or a desposit on a house, I mean I love them dearly but I dont think I will want them living with me still when they are 30! I also wamt them to understand the importance of saving a little every month, even if I have not been good in my life I want to pass on a better example to them. To be fair their Daddy is much better at this so at least they will have a pro active and positive money saving role model. It may be a good idea for the boys to invest their savings in cash ISA’s eventually, so they can make their money go even further , again Daddy will be offer some good advice as he already has his own set up.
I asked some other Mum’s what their thoughts are on saving and whether they have thought about future proofing their children’s tomorrow, and what savings experiences they recall from their own childhoods
My parents opened accounts for my 3 & J&H have child trust funds too – hopefully they will use it towards uni fees or a car or something equally as sensible. I had savings but I don’t think it was much & I have no idea what I spent it on – my first tv was £175 & my first car was £50 so it was probably put towards the tv!
Helen
I was given £1000 when I was 18 & went to Uni & it foolishly got wasted on fun living! We opened accounts for our kids when they were born & pay in £10 a month. They will be given the money when they are older but we intend to guide what the money can bd spent on, something like Uni, travel, car, deposit etc
Michelle
Yep. Ronnie has a trust fund and a bank account. Hoping that these will be for university if he wants to go or maybe first car or maybe a start for a deposit for a flat. Who knows!
I didn’t have savings as a child as I didn’t get pocket money/allowance and neither will Ronnie.
Vanessa
My two have a CTF (LMC) and an child ISA (Master C – as CTFs didn’t exist any more) and when they get given money – like when my dad died or when their great grandparents died (four of them in their lifetime!) – it all goes in there. We’d like to put in a regular amount each month, but can’t afford to. I used money that my parents had saved for me to make a deposit on my first home with Mr C
Penny
Yup, mine all have savings and money in those locked away can’t touch it for 10yrs accounts. I don’t really mind what it will be spent on but I’m sure it’ll make a difference. Hopefully for uni, a car or a deposit. But to me the choice is theirs. My grandad gave me a bank account at 18 he told me he’d watch how I spent it as my inheritance will be dependent on me not wasting it!, it got me through uni and he is still going strong at 90 but says I did good with it!!
Emma
Mine have the CTF and a savings account. They are encouraged to save and love going to the Metro Bank and using the magic money machines. One is saving for a Guinea Pig, the other for a sheep dog (?) but we ultimately hope that the funds will help with big purchases down the line: car, university, deposit for a home..
Kelly
How will you future proof your child’s tomorrow?