• This is a stand-to for an incoming competition, one of our most expensive yet.
    Later this week we're going to be offering the opportunity to Win £270 Rab Neutrino Pro military down jacket
    Visit the thread at that link above and Watch it to be notified as soon as the competition goes live

What to do with Sprog`s savings?

#1
Sprog No1 has around £10k in savings that they dont know about , as they are soon 16 I understand they have a right to their money at 16 ? I was thinking of putting it into some sort of long term savings scheme where they can only get at it at say 25 years old or if me and the missus kark it ? I dont want them to piss it up the wall or hand it over to a devious partner , ideas ?
 
#3
Give the money to sprog and them give a bill for £10K as full and final payment for all the food, clothes, arse-wiping, etc that you have provided since they were born.
 
#4
Sprog No1 has around £10k in savings that they dont know about , as they are soon 16 I understand they have a right to their money at 16 ? I was thinking of putting it into some sort of long term savings scheme where they can only get at it at say 25 years old or if me and the missus kark it ? I dont want them to piss it up the wall or hand it over to a devious partner , ideas ?
I think that the money becomes theirs at 16 but they can't start spending it until they're 18. If you don't want them to be able to spend the money until they're older (25?) you'd need to talk to a financial guru about some kind of trust, I think.
 
#5
I'll write further but there is an ISA product that is of use here...
 
#6
I spent some of the similar amount we had put away for sprog 1 on his first car.

If you want longer term savings then there are several savings plans which will give a better growth than ISAs.

I use an IFA. It will cost a couple of hundred for the advice but will be worth it depending on how long you wish the scheme to go on for.

Investments of this type are generally best for the medium term (5 - 10 years).
 
#8
Sprog No1 has around £10k in savings that they dont know about , as they are soon 16 I understand they have a right to their money at 16 ? I was thinking of putting it into some sort of long term savings scheme where they can only get at it at say 25 years old or if me and the missus kark it ? I dont want them to piss it up the wall or hand it over to a devious partner , ideas ?
SKI.
Spend
Kids
Inheritance.


CFB
 
#9
Sprog No1 has around £10k in savings that they dont know about , as they are soon 16 I understand they have a right to their money at 16 ? I was thinking of putting it into some sort of long term savings scheme where they can only get at it at say 25 years old or if me and the missus kark it ? I dont want them to piss it up the wall or hand it over to a devious partner , ideas ?
Do not tell sprog No1 about the savings, you state does not know about it anyway. If it's money you have put away for Sprog No1 ,then just move the Goal Posts to around 25.
However if it's from a Relative,then do you not have control till sprog No1 reaches 18?
I'm under the impression that at 16 you can only have a Junior/Child type account also cannot have any type of credit/Loan/Credit Card etc
 
#12
Buy Premium bonds for the sprog but don't tell him right away, let them be a surprize for some time in the future. Maybe an even bigger surprize if gets a big win along the way...
 
#13
Erm, I have a VERY reliable mate in Nigeria who can help out if you just pass me the details to pass on to him.

Otherwise consult an accountant and lock it away so the feckless twit can't spend it, or buy the bugger a car when he's 17. Tell him that's what it's for and he'll have to wait a year for it. He'll believe you.
 
#17
Depends on child.
Do you trust child to be sensible with the money?
Once turned 18, if sensible, hand it over.
Out of our 3 (1 mine, 2 nephews) 2 were fine.
Number 3 not to be trusted, bought him a car, but the rest in trust until he is 50.
We wish!
 
#18
Depends on child.
Do you trust child to be sensible with the money?
Once turned 18, if sensible, hand it over.
Out of our 3 (1 mine, 2 nephews) 2 were fine.
Number 3 not to be trusted, bought him a car, but the rest in trust until he is 50.
We wish!
The Sprog is quite sensible but one of my concerns is they may get into a relationship with a manipulative idiot / waster.
 
#19
The Sprog is quite sensible but one of my concerns is they may get into a relationship with a manipulative idiot / waster.
If sensible, then they won't.
If you are not sure, don't hand over the cash.
If not duffers, won't drown.....
(I have said it before, but it's very true)
Have a little faith.
 

Similar threads

New Posts

Top