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  • Writer's pictureJoe Woodhouse

Saving for Your Children: Their Name or Yours?

A question I regularly get asked is; "if I’m investing for the kids, should I put it in their name or mine?"

First of all. What are you investing for? Actually thats irrelevant. But let's say for arguments sake it's for your kids to go to university. 

The problem with putting it in the kids name is that legally when they hit 18 year old, it’s their money so they have access. 

I’m sure most of us can visualise our children being model citizens and little angels at this age, but think back to what you were like. Personally, I was moody, impulsive, and always knew best. And to be honest if I’d have access to a big pot of cash it wouldn’t have lasted me very long!

If it’s in your name you have control over it

And keep it separate from your own money, that way you know where you are and the water doesn’t get muddied along the way.

But the most important thing: know what you're investing for. There is no point chucking a few pounds or dollars in a pot every now and again.

Is it for Uni? How much do you need? How long have you got left and then work out how much you need to be putting away. and stick to it. No ifs, ands or buts.

So to summarise.

  • Put it in your name

  • Know why you're doing it

  • Know the amount you need and stick to it

  • Make sure it’s in the right place. Don’t give the kids the opportunity to do something stupid!

Thanks for reading.


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