Blended families and savings for all children

[Im_trying]

Hi everyone. First time post here. 

I'm interested to know people's experiences or views on savings for children in a blended family. 

Is it typical for the bio parents of each child to keep up a combined savings account for their bio children that they contribute regularly too, or is more typical that the new blended relationship start new savings for each child in the blended family. 

My husband wants to continue saving into his bio children's account with his ex-wife also contributing, but I kind of feel like it would be nice for him and I to start new savings by ourselves for all our kids (including mine), separate to his wife. 

Im just interested how people manage savings for children in a blended family, and how you manage it, so its fair for each child?

Thanks  

[Portia_RO]

Hi @Im_trying and welcome to the online community 

I think that it's a lovely idea for you and your husband to start a savings account for all of your children. It's a great way of signalling to both your partner and your kids that you are one united family, regardless of who you are biologically connected to. How do you think your husband would respond to this idea? 

Looking forward to hearing from some other parents in blended families to see how they approach this! 

[Birdwings]

Hi I'm Trying,

You raised some interesting points here, which I've never considered or heard mentioned by my friends with blended families. I'm not sure if any of them have much left over at the end of the day, and a number of the dads don't contribute any child support, and there are custody arrangements that are messy and children refusing to see one parent. So, it seems like you have a much better situation. I personally wouldn't expect a step-parent to contribute to the financial upkeep of a child, especially if the other parent is contributing. However, to give is another story. Siblings are inclined to compare what each other is getting but different children have different requirements in any family and a onesize fits all doesn't necessarily work. 

I also just wondered whether the children should know how much is going into these accounts or whether it's done behind the scenes and they find out later. 

Anyway, that's just a few ideas and I'll be interested to hear what others have to say.

Best wishes,

Birdwings