JimmyCorkhill
Registered User
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- 117
I have come across some older threads but it seems the advice can change over time.
6 month old, first born. Currently children’s allowance is going into our joint account which we use for mortgage payments, bills etc.
I was planning to redirect it to overpay the mortgage each year but wife doesn’t get paid maternity leave from workplace, so for now we need the money till she goes back to work.
However, grandparents want to gift the newborn c. €6,000, except we have no account set up for them yet.
Thereafter I suspect the baby will receive between €300 - €600 (conservative estimate) annually in gifts from grandparents & godparents. Of course they may decide to give more but not sure.
I don’t think we (parents will make regular contributions to an account for them) as priority will be to pay down mortgage/move house in the next few years. We will likely just deal with any expenses for child when they crop up and hopefully buy them a car etc. when the time comes.
Should we just put the initial €6,000 and any annual top ups into a kids deposit account with hopefully no fees or are we better off putting it into some sort of investment that potentially may give a better return than bank interest?
And on a related note, are we being naive not making any regular weekly/monthly contributions into an account for newborn?
All thoughts, opinions and experiences welcomed.
Thanks.
6 month old, first born. Currently children’s allowance is going into our joint account which we use for mortgage payments, bills etc.
I was planning to redirect it to overpay the mortgage each year but wife doesn’t get paid maternity leave from workplace, so for now we need the money till she goes back to work.
However, grandparents want to gift the newborn c. €6,000, except we have no account set up for them yet.
Thereafter I suspect the baby will receive between €300 - €600 (conservative estimate) annually in gifts from grandparents & godparents. Of course they may decide to give more but not sure.
I don’t think we (parents will make regular contributions to an account for them) as priority will be to pay down mortgage/move house in the next few years. We will likely just deal with any expenses for child when they crop up and hopefully buy them a car etc. when the time comes.
Should we just put the initial €6,000 and any annual top ups into a kids deposit account with hopefully no fees or are we better off putting it into some sort of investment that potentially may give a better return than bank interest?
And on a related note, are we being naive not making any regular weekly/monthly contributions into an account for newborn?
All thoughts, opinions and experiences welcomed.
Thanks.