Child Trust Fund: money down the loo.
19 September 2008, 02:11 PM
#1
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Child Trust Fund: money down the loo.
Just got 1st statement from HSBC for the CTF for my 1 year old. Paid in at start: 250 quid from Govt + 760 quid from family = 1010 quid.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
19 September 2008, 02:18 PM
#2
I'd advise to continue adding, since the price of the unit trust funds go down in line with the market, your money can buy more units and spread over 18 years, this blip will be insignificant.
19 September 2008, 02:32 PM
#5
The problem from my point of view is that I have no say in how it is spent and the money belongs to the child.......I might want it put towards a university education and he might want to buy a scooby LOL
Shaun
PS I've put in the governments contribution to CTC and no more
Shaun
PS I've put in the governments contribution to CTC and no more
19 September 2008, 02:34 PM
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Seriously, if you're looking to invest money for your kid's future, why limit your options just based on where that first £250 went? Speak to an IFA, open an ISA, or a long-term savings bond, or buy copper pipe and stash it in the loft - there's no rule that says all your savings must, or should, be in the same place. Quite the opposite, in fact.
19 September 2008, 02:51 PM
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Don't worry too much about the relatively small loss - it's got years to get made up, and it will, as all investments do.
My son's one has gone down by about £300 and his is in a Balanced Managed Fund. I'm not bothered by the loss as it'll be in there for another 15 year (and don't forget there is another government £250 top-up somewhere along the line).
My son's one has gone down by about £300 and his is in a Balanced Managed Fund. I'm not bothered by the loss as it'll be in there for another 15 year (and don't forget there is another government £250 top-up somewhere along the line).
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19 September 2008, 06:03 PM
#9
i dont top our childrens up, i can see alot of 18 yr olds in a few yrs time screw u ma and pa, im spending ur hard saved cash on xxxx
its a good idea in principal,but how many 18 yr olds will listen to mum and dad on how to spend it, if ur adding to it they`ll have like 10k or so say, thats alot of ££ for them to thrivvle away,hopefully they wont but its a big chance.
its a good idea in principal,but how many 18 yr olds will listen to mum and dad on how to spend it, if ur adding to it they`ll have like 10k or so say, thats alot of ££ for them to thrivvle away,hopefully they wont but its a big chance.
19 September 2008, 06:13 PM
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Just got 1st statement from HSBC for the CTF for my 1 year old. Paid in at start: 250 quid from Govt + 760 quid from family = 1010 quid.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
Wish I could 'lose' money at that rate!!!!
19 September 2008, 06:23 PM
#11
...as will the initial £250.
Seriously, if you're looking to invest money for your kid's future, why limit your options just based on where that first £250 went? Speak to an IFA, open an ISA, or a long-term savings bond, or buy copper pipe and stash it in the loft - there's no rule that says all your savings must, or should, be in the same place. Quite the opposite, in fact.
Seriously, if you're looking to invest money for your kid's future, why limit your options just based on where that first £250 went? Speak to an IFA, open an ISA, or a long-term savings bond, or buy copper pipe and stash it in the loft - there's no rule that says all your savings must, or should, be in the same place. Quite the opposite, in fact.
19 September 2008, 07:59 PM
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Just common sense - some funds are higher risk with higher potential returns, some are lower risk but offer a lower return on average... and you never know if any one bank will even be in business at all next week!
19 September 2008, 10:19 PM
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20 September 2008, 10:47 PM
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20 September 2008, 11:08 PM
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Just got 1st statement from HSBC for the CTF for my 1 year old. Paid in at start: 250 quid from Govt + 760 quid from family = 1010 quid.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
Value as of 15 September 2008 = 951 quid
That's 59 quid (or 6%) down the toilet, and even before this week's further stock-market falls.
My advice: don't add to the 250 quid that the Govt give. It might just buy your kid a packet of Polos by the time he's old enough to get his hands on it.
21 September 2008, 12:17 PM
#23
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I must admit that it's 'nice' the gov. has given my lad £250 etc but I prefer to open, and save into, an account for him in my name. That way we decide when he gets it. As others have said, 18 may not be the best time to come into a wad of dosh!
Dave
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