Hi there,
Just wanna see how much people put away weekly or fornightly for there kids trust funds ?? as i would really like to open on up for my kids, also what age do you think is a good age for them to have it. And are they aloud to spend it on anything or do you have a set set of things they need to use it for ??
Thank you heaps
6 Replies
We put away $7-$10 a week in each child's account (we have 3 kids) Once they hit around 15-16 we will let them know about their trust and for every dollar they save we will match it. We want our children to have the incentive to save. Ideally the money will be put towards a house deposit, I think it will be tough for our children's generation to get ahead in the future so we will help as best we can.
Speak to your bank about them, and if you have a decent accountant, speak to them too. There can be certain tax implications on these types of accounts (depending on the balance) so you need to get the full story before you open one.
We have one for our daughter and any financial gifts she receives from relatives (usually only my parents on her birthday) and we put a bit away each fortnight. We haven't decided what we'd like her to use it on - it might be a little nest-egg she can build on when she gets to working age or something.
I have one for my kids that I add to when I can ideally is $5 a week, they also have a joint high interest account that just sits there growing that I don't have to touch. They will get it all when they are responsible enough to use it wisely or when they get their licence and need a car.
We have one child and put away $20 every week with $200 initial deposit and spare change from her piggy bank into a commonwealth youth saver account. I hold this account in trust for my daughter so it is declared on my tax return until such time it is transferred directly in her name. We made this decision (bank ac) based on how simple it was to startup and has minimal tax implications (this was our focus as well as the growth as I'm a tax accountant and wanted to ensure we chose the most tax effective and simplistic investment). The amount was determined based on what we thought we could put away for four kids (or max amount you want per week). It was under my name as I am the lower income earner (as on mat leave) therefore pay less tax than hubby. Also have family trust where bubba is beneficiary. Depends on how much you are talking about. If lots of money you should consult tax accountant and financial planner.
Hi, my husband and I opened an account with a $500 minimum deposit (that was our choice) and put in $10 every week. We are currently awaiting a new baby and will be doing the same for this one and any others that come along. We are planning on giving it to them when they each reach 21, but they can have the option to use some to buy a car or for uni fees, something sensible. The account is currently linked to our names and our sons, and is a 'locked' account that can only be touched if we sign for it, but once they are old enough it will become linked only with one parent and the child and still must be signed for.
I save $15 a week for each daughter, it will depend on their personalities when it is given. My oldest daughter was given her money on her 18th birthday but she is very responsible and has her own money in the bank. I explained to her that the money is to put away and forget so if she is ever in a relationship she needs to get away from then the money is there. I have told her that this is between her and I and to always keep it to herself. Hopefully she she will never have to use it for that reason and can take her partner away for lovely trip for when they are old and gray.