What are you doing with your child trust funds?

To those of you who have child trust funds which have/are going to mature, how are you spending it?
I want to spend some of it to go on holiday/festivals/etc but I feel guilty about 'wasting' it on stuff like that, when I know it could be better spent on investing in an ISA for my future.
Anyone in a similar position?

Reply 1

spill_the_tea

15

Original post by AlexStricklin12

To those of you who have child trust funds which have/are going to mature, how are you spending it?
I want to spend some of it to go on holiday/festivals/etc but I feel guilty about 'wasting' it on stuff like that, when I know it could be better spent on investing in an ISA for my future.
Anyone in a similar position?

Honestly, I haven't even got my child trust fund yet or heard anything about it which is weird bc I'm pretty sure as a 2004 baby I should have? Idk tho lol

Reply 2

artful_lounger

Universities Forum Helper

(edited 1 year ago)

Original post by AlexStricklin12

To those of you who have child trust funds which have/are going to mature, how are you spending it?
I want to spend some of it to go on holiday/festivals/etc but I feel guilty about 'wasting' it on stuff like that, when I know it could be better spent on investing in an ISA for my future.
Anyone in a similar position?

I had about £500 in mine, which I withdrew and spent as I wished. I wouldn't be too guilty about spending it or "being frivolous" by not putting it in an ISA. In the grand scheme of things, it's not that much, and it's certainly not going to grow substantially in an ISA, given the current economic climate (my own ISA will attest to that!). You have plenty of time to save money later on; go enjoy yourself.

Reply 4

BarnabyK

15

Original post by spill_the_tea

Honestly, I haven't even got my child trust fund yet or heard anything about it which is weird bc I'm pretty sure as a 2004 baby I should have? Idk tho lol

You should have unless your parents didn't claim the vouchers to set it up (in which case they declined free money...).

It's possible that your provider has lost contact with you, especially if you've moved your address and haven't told them. There's a tracing service online which should help you out, took me about 2 weeks to track down mine!

Reply 5

replaythat

13

I had over 1k I used it to buy an iPad for uni don't regret it -> you'll make more money later in life go enjoy it rn

Original post by AlexStricklin12

To those of you who have child trust funds which have/are going to mature, how are you spending it?
I want to spend some of it to go on holiday/festivals/etc but I feel guilty about 'wasting' it on stuff like that, when I know it could be better spent on investing in an ISA for my future.
Anyone in a similar position?

Reply 6

poppy2022

21

Original post by AlexStricklin12

To those of you who have child trust funds which have/are going to mature, how are you spending it?
I want to spend some of it to go on holiday/festivals/etc but I feel guilty about 'wasting' it on stuff like that, when I know it could be better spent on investing in an ISA for my future.
Anyone in a similar position?

I guess it depends on how much you have in it. If you only have the amount given by the government (less than £1000) then as the others said, you may as well spend it on what you want. Obviously if you have substantially more than that then yeah, an ISA would be good. For those who have quite a bit in their trust fund, what have you guys done with it/plan to do with it?

Reply 7

AlexStricklin12

OP

12

Original post by BarnabyK

I had about £500 in mine, which I withdrew and spent as I wished. I wouldn't be too guilty about spending it or "being frivolous" by not putting it in an ISA. In the grand scheme of things, it's not that much, and it's certainly not going to grow substantially in an ISA, given the current economic climate (my own ISA will attest to that!). You have plenty of time to save money later on; go enjoy yourself.

Good point! I'll use the crazy inflation as an excuse to make myself feel better about it XD

Thanks everyone! I feel a bit less bad about spending it now, time to get some wireless tickets lmao

(edited 1 year ago)

Reply 8

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by spill_the_tea

Honestly, I haven't even got my child trust fund yet or heard anything about it which is weird bc I'm pretty sure as a 2004 baby I should have? Idk tho lol

It will have been managed by your parents until you turned 18, then the provider should have contacted you. Have you asked your parents about it?

Reply 9

spill_the_tea

15

Original post by BarnabyK

You should have unless your parents didn't claim the vouchers to set it up (in which case they declined free money...).

It's possible that your provider has lost contact with you, especially if you've moved your address and haven't told them. There's a tracing service online which should help you out, took me about 2 weeks to track down mine!

Yes I have moved address several times over the years and when I asked my parents about it several months ago, they didn't have much to say - tho that may be because they forgot or they didn't want me to take free money, I'm not sure.

Could you please link the online tracking service or let me know the name?

Reply 10

spill_the_tea

15

Original post by normaw

It will have been managed by your parents until you turned 18, then the provider should have contacted you. Have you asked your parents about it?

When I asked my parents about it several months ago, they didn't have much to say - tho that may be because they forgot or they didn't want me to take free money, I'm not sure. I'm not in need of this money, but I don't see why it should go to waste if it's there for me either.

Reply 11

nopey123

16

I have a very decent amount, I guess I'm lucky. Some to premium bonds and the rest to my uni accommodation as maintenance loan did me dirty

Reply 12

normaw

Clearing and Applications Advisor, Universities Forum Helper

19

Original post by spill_the_tea

When I asked my parents about it several months ago, they didn't have much to say - tho that may be because they forgot or they didn't want me to take free money, I'm not sure. I'm not in need of this money, but I don't see why it should go to waste if it's there for me either.

If your parents can't help, then you will need to contact HMRC to find it. Details here:

https://www.gov.uk/child-trust-funds/find-a-child-trust-fund

Reply 13

poppy2022

21

Original post by nopey123

I have a very decent amount, I guess I'm lucky. Some to premium bonds and the rest to my uni accommodation as maintenance loan did me dirty