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kids savings accounts 2 part question

Does your child have their own savings accounts?

My kids got nice size amount of money for Christmas and Birthdays, and its ALL spent except for like 10 dollars, they got total atleast 200 dollars.

Im upset bc i should of put it in a savings account, sigh...

Next question...I have 2 boys ages 5 and 3, should my older son have more in his savings account bc he is older? or should they always have the same amount? I was thinking bc i WAS saving then i had stopped so i feel obligated to give him the amount that he had on top of what i want to start putting in there monthly.



 
camtri3

Asked by camtri3 at 11:35 AM on Mar. 29, 2009 in Money & Work

Level 8 (250 Credits)
This question is closed.
Answers (3)
  • I would keep saving at what ever amount possible--they don't always have to have the same--but get them involved. When they have enough, move the needed amount into a CD. Start NOW by telling them 1/2 of what they get will go to savings---ideally, 10% to charity of their choice, and the rest they can spend as they want. Kids can learn early on how to save. My daughter is really good at it and at 24 she has over $10,000 in savings, goes to school full time and works part time. It just takes discipline and a plan:-)
    Anonymous

    Answer by Anonymous at 12:47 PM on Mar. 29, 2009

  • my daughter has a savings account, shes only 22 months old,but ...she has quite a bit of money in there. everytime we go to the store we come home and put change and ones into a jar then take it to the bank. we also give her money from each pay check, just so she has it when shes older, and as she gets older and is able to understand, when someone gives her birthday money or something were gonna let her put it in the bank. its a good idea to save and show them how to save early.
    Anonymous

    Answer by Anonymous at 11:55 AM on Mar. 29, 2009

  • dont worry about who has how much now, just start now as you are putting $$ in if you put $20 in ones account then put $20 in the other ones
    i usually let my son spend $$ given to him for christmas ect
    but he does have an accont that i put $4 in to, it is for college, so i dont thin k he should have to put his christmas $$ in there
    mommymeg03

    Answer by mommymeg03 at 4:08 PM on Mar. 29, 2009

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