Tuesday, April 3, 2012
The one with (Children's finances... so many options!)
So David and I made the decision to try and save all of Oliver's child benefit in an ISA. The account is in my name for two reasons, one being that child benefit cannot be paid into an account in the child's own name. Of course you could just transfer it but that brings us to reason number two - if it goes into an account in Oliver's name, he gains control of it when he turns 18 in most cases. We worked out the Oliver's child benefit could be worth about £17,000 by then (assuming it isn't reduced or taken away entirely in the near future, as I've heard rumour of!) and would you want to let an 18 year old loose with money like that? I think not!
He also has an ISA in his name which I pay a small sum into each month. I am the type of person who saves better (ie. misses it less) if it's lot of little amounts going to different places rather than some huge sum disappearing once a month into the banking ether. Don't put all your eggs in one basket right?? (This does however, conflict terribly with my desperate OCDish need to keep things all in one place haha!)
What sort of things do other people have (or plan to have!) in place for their children's futures, far away as they may seem now!? Or am I the only one who is this control freakish ;-)