Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Would you put some of the money from your income tax away for your child if you get a large amount, like a savings or a trust fund?

Answer Question
 
Anonymous

Asked by Anonymous at 1:55 PM on Feb. 2, 2009 in Money & Work

Answers (4)
  • I dont know what you consider a large amount, but if we just got our tax's back and opened our daughter a cd account with $250.00. I would have loved to have put more in, but had to use the tax money for other stuff that needed to be paid. My daughter does already have a savings account though and we will keep taking money from her savings and putting it into her cd account, which she cant really touch until she is 18.
    asholan_07

    Answer by asholan_07 at 1:59 PM on Feb. 2, 2009

  • My credit union has a kids account/program called Captain Cash. It just introduces them to saving and all that. I will open him one of those with the money in his bank and maybe like $50 of mine. But not with my refund. We have been planning this anyway as soon as his bank is full.
    Anonymous

    Answer by Anonymous at 2:11 PM on Feb. 2, 2009

  • I always put back some for my savings,my childs savings,and an emergency fund. Her savings is what she can use for a car,college, etc. Its always good to save money,I'd hate for her to have any money problems. I learned the hard way,so I want her life to be far easier. I already teach her how to save,spend wisely and manage money.
    sweetest-sin7

    Answer by sweetest-sin7 at 2:23 PM on Feb. 2, 2009

  • No not yet.
    Next year we probably will though.
    We feel that it is important to take care of our family first including being debt free and having a fully funded emergency fund, before saving money for our child's college.
    Anonymous

    Answer by Anonymous at 12:06 AM on Feb. 9, 2010

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.