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

(minimum 6 characters)

The question about getting $500 to a baby born being put in a savings account got me wondering. How many of you had started a savings account for you little one?

As for me, yes I have. A little money is set aside for my little one saving every month. When we get a tax refund, we try to put 1/3 of it in her savings too.

Answer Question

Asked by Anonymous at 6:25 PM on Nov. 10, 2009 in General Parenting

Answers (9)
  • we get $100 from the gov't for each kid under 6. and the child tax credits and stuff....

    for all three of mine I put $40 a month into their savings from themoney we get from gov't.

    Answer by hypermamaz at 8:09 PM on Nov. 10, 2009

  • I put birthday money the children get in theirs, but I don't just put my money into their savings account. I put their gifts in it. I do have college accounts for each, but they can only use that for college. Which is why it's in my name. If they don't go to college, that's fine, too. We'll have a nicer retirement.

    Answer by apexmommy at 8:13 PM on Nov. 10, 2009

  • My daughter is 16 months old, and so far, I've managed to put $1500 in her savings account ($100 per month).

    Answer by Anonymous at 8:24 PM on Nov. 10, 2009

  • Yeah, right. We barely have money in our own savings account let alone accounts for all 4 kids. We live paycheck to paycheck. There is none left over for savings.

    Answer by justanotherjen at 8:38 PM on Nov. 10, 2009

  • yes, i started a prepaid college fund. I also split my cell phone bill with my mom (it's cheaper overall) and send her a check each month. Rathern than keeping it, she opened an account for my daughter with it. So she has a small savings started. At 2 1/2 she has about $1,000. My grand mother in law is big on savings bonds, so she gives my daughter one for christmas and birthday. It's the first grandchild. I hope any others doesn't get overlooked :)

    Answer by Anonymous at 9:13 PM on Nov. 10, 2009

  • we started one when our son was 6 weeks old, a huge portion of it was a roll over from my husbands last job but he has ober $3000 in that plus the education fun we set up for him

    Answer by maxsmom11807 at 10:57 PM on Nov. 10, 2009

  • We opened a savings account (an investment account) about a week after our daughter was born.

    Answer by rkoloms at 9:25 AM on Nov. 11, 2009

  • We have a trust for him, only to be used for college tuition. And a mutual fund for when he turns 25, it should be enough for the DP on a small house by then. my husbands older, and we are not expecting him to be bringing in money until then so we have to think ahead.

    Answer by Christina2135 at 9:37 AM on Nov. 11, 2009

  • No, I haven't. I found out when I went to college that because my parents scrimped and saved putting away money in my account that it counted against me for FAFSA. Had they just spent the money, on say, clothes for me then I could have gotten grants and money from the federal government to pay for my education and had nicer clothes and other fun stuff growing up.

    Answer by Anonymous at 10:32 AM on Nov. 11, 2009

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