Investment Plan to pay for daughters weddings?!

[Rosscow]

Hi all,

We are lucky enough to have 2 beautiful daughters, aged nearly 6 and nearly 3.

My in-laws keep on at us saying we should do some kind of investment plan which expires when they are 21 to help towards the cost of weddings.

They did this and when we got married we had a fantastic wedding and they had no financial worry with regards the cost.

All sounds like a good idea, and with 2 daughters probably a sensible one! Of course they may never marry, may turn into lesbians, etc. etc. but at least we'll be covered and will always have a nice cash lump to spend as we wish (on the girls or not!).

So, financial hotshots, what would be the best way to achieve this?

I'm thinking we would need a sum of £20k per daughter (which probably wont seem like a lot of money in 2030!).

Thanks in advance!!

Ross

[megaphone]

Junior ISAs? Tax efficient, although they won't pay tax any way until they're working. You'll need to look at stocks and shares if you want any reasonable growth, so there is an element of risk.

[Rosscow]

Thanks, Megaphone. They already have their own Junior ISA's but I'd rather have something separate if possible.

I was hoping (maybe naively!) that there would be some long term options that would pay more than the 3.25% a Junior ISA does.

[superkartracer]

I think giving kids pots of cash is a really bad idea, kills drive.

Personally paid for my wedding , and covered the cost of taking 25 people to the arctic ( paid for parents too ) .

[Rosscow]

superkartracer said:

I think giving kids pots of cash is a really bad idea, kills drive.

Personally paid for my wedding , and covered the cost of taking 25 people to the arctic ( paid for parents too ) .

I'm not planning on giving them anything (apart from their own ISA's which we can't touch anyway).

This is about covering our own arses, weddings are expensive things and we both like the idea of paying for our daughters weddings like both of our parents have done.
And like I said, if they don't get married then at least we'll have a little pot of cash to do what we wish with!

[CaptainSlow]

Lesbians can get married btw. Will only cost you half though.

[CaptainSensib1e]

Any kind of investment regular savings plan would do the job, the fact its for a wedding is academic.

Do you have Stocks & Shares ISA of your own? If so I'd just increase your monthly savings (assuming you're not maxing out the allowance already).

[Mattt]

You basically, so just want a savings pot.

Are you maxing your ISA allowances?