Child Trust Fund

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askbabyjm4596
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Posted: Tue Jul 01, 2008 7:10 pm 
Post subject: Child Trust Fund
Confused

I don't know whether it's just me that thinks like this, but when I was 18, my head was full of nonsense. I didn't know what I wanted to do with my life, except go out with my friends to different bars and buy lots of clothes.

It's great that the Government will give us a voucher for 250 to put into a CTF account, but the thought of topping up the money over the years, just to hand over to my child when they are 18 seems crazy! What if they have the same mentality as I did at that age and just simply squander the money. I would be really upset if my child was to spend thousands of pounds on nothing.

On the other hand, if they use the money sensibly then it's great, but who can predict the future.

Am I the only person who thinks along these lines??

J
mylillamb
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Posted: Tue Jul 01, 2008 7:13 pm 
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hi hun...im 18 and b 4 i fell pregnant was the same as u desicbed...i think its a good idear aswell but like u sed 2 just give it them wen there 18 wen they might not b ready...im ganna do my own that way i can put what i can offord in....and give it 2 bubba when i see is ready x
wapster
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Posted: Tue Jul 01, 2008 7:42 pm 
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hi
when i set up my little girls ctf the lady told me that when she was 18 that i could not stop her from going in to the bank and taking it all out as it is her money
anyway i have decided not to tell her about the money lol untill i think she will use it for somat good
lets hope she dunt find out lol
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Bazzle
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Posted: Wed Jul 02, 2008 7:28 am 
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I thought about not telling my boy too but I figured that it is probably something that all kids will know about when they get older and no doubt someone will tell him!! I think I am going to do the same as lillamb and open another account that I will add to myself, and the CTF will only have the money given to him by the government and any interest earned.

xxx
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DevonMum
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Posted: Wed Jul 02, 2008 9:07 am 
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Hey J

we thought the same, so have set up the normal CTF account for the govt money, and a separaate savings account for him, with me and his Dad as the trustees, until he is 21. That way he can have the govt 500 to spend on beer and fast women at 18, and will have a decent sum from us for a house deposit or whatever when he really needs it Very Happy
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LauraG
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Posted: Mon Jul 07, 2008 12:58 pm 
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yer i no wot u mean. hoep she is mature enough to use the money wisely. wudnt be gd if she just wasted it all.

my daughter gt 250 wen she was born then a further 250 and shes arned bit of interested. so shes got 500 already and wudnt like to think she wud just blow it all.

think if she is mature at that age i will tell her about the money and if not i will try and kept it a secret till i think she willuse it wisely.

my nan set up a savings account and wen i was 17 there was over 1,000 in there i thought i had one the lottery lol. and she said i cud use the money on wotever i like. so i used it to buy my first car and pay for my driving lessons which i think was a wise idea coz i dont no how i wud have been able to afford it myself.
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