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Do you have a savings account for your kid(s)?

I have a 17 month old son, and I've never set up a savings account for him... actually, I've never even put aside money for him. The money just isn't there to save! I've started putting all my loose change into a jar for him, but it's not much and I feel like I'm not doing enough. Should I be trying to find ways to put more money away for my son?

Do you have a savings account for your little one(s)? How much do you put into it, and how often? When did you open the account?

Answer Question
 
oh__you

Asked by oh__you at 1:09 PM on Sep. 29, 2009 in General Parenting

Level 1 (0 Credits)
Answers (7)
  • I have a separate account where my car loan is paid from, each month I put in an extra $30-$60, depending on how much extra money we have, and when my car is paid off that money is going to be for my 16 month old DD. We use that account because it collects at a higher interest rate, and because I never withdraw money out of it, only deposit, so it makes it easier for me to save. Also she gets money from grandparents, and great aunts, uncles, etc. for birthdays and holidays, and that money all goes right into her account.
    Tiera12

    Answer by Tiera12 at 1:11 PM on Sep. 29, 2009

  • yes for both kids ... my son is 5 and has 7,000 so far ... and my daughter is 9 months and has 400 so far ... we put money out of each pay in there , than if they get bday money we split it (half they keep home to spend or save theirselves for something and the other half goes there)
    Anonymous

    Answer by Anonymous at 1:14 PM on Sep. 29, 2009

  • We have one for our son I have it taken right out of my paycheck. Right now not much is in there I take it out every so often and buy him savings bonds or CD's.(higher interest rate, plus the savings bonds can be used for college) When it gets built back up again I will do it again
    justgrape723

    Answer by justgrape723 at 1:19 PM on Sep. 29, 2009

  • We have a savings account for my 2 year old son, I haven't set one up yet for my 7 month old daughter. (what a bad Mom) My son also has two piggy banks that are full that need to be deposited in his bank account. We don't have a certain amount that we put in we just do it whenever we can. I also started working from home, because we want our children to have a good savings account when they get older. Hope this helps.
    mommy2joeynabby

    Answer by mommy2joeynabby at 1:20 PM on Sep. 29, 2009

  • Yes all 3 of my kids have savings accounts. My mom opened them for each child either as a Christmas or Birthday present (I can't remember which). My mom does put money in it for them as part of their holiday presents (like Christmas, birthday), and when the kids get money I do put it in their accounts.
    MizLee

    Answer by MizLee at 2:10 PM on Sep. 29, 2009

  • My daughter is 3 weeks old and we have already opened an account for her. We are going to start off putting $25 a paycheck into it and may save more or less depending on what we feel we can afford. I think it's worth it even if it means cutting out something else. Even as little as $5 a month is better than nothing.
    spbeta

    Answer by spbeta at 2:48 PM on Sep. 29, 2009

  • No, my son has a jar he puts earned money into when he does something good around the house.

    Otherwise, no we dont have anything set up. Must have basics before we can do the extras.
    Amaranth361

    Answer by Amaranth361 at 6:53 PM on Sep. 29, 2009

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