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Do you have a savings account for you child/children?

 
kjbennett26

Asked by kjbennett26 at 6:06 PM on Jun. 27, 2010 in Money & Work

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Answers (13)
  • i actually just started an retirement account for both of my kids. they are 19,20 and i have $50 a month automatically deducted. im hoping when they are late 40-50 they might want to tap into it and start their own business. if you start when their young they can really make $ off compound interest. they dont make enough now to save for their retirement and i wanted to give them a jump start. wish my parents had done this for me!
    lillie70

    Answer by lillie70 at 8:25 PM on Jun. 27, 2010

  • Yes. And all of their "gift money" from their Christening, birthdays, and such goes into it. My 8 year old is now taking an active role in his savings account, and saves whatever coins he comes across in his travels, then when his piggy bank fills up we take it the coin counter at the bank, and he gets to see how much money he saved...then we deposit it into his account. He is starting to grasp why money is valuable, and how long you have to save to get something you want! :o)

    LoriKeet

    Answer by LoriKeet at 6:29 PM on Jun. 27, 2010

  • Yes. I want to be able to give my son a nice lump sum when he is older. I never got this and would have liked it myself. I put away money every month for him.
    keyaziz

    Answer by keyaziz at 6:08 PM on Jun. 27, 2010

  • Instead of saving all this money for them we use it on giving them good child hood memories and take them places and do things with them all the time. Were not rich and cant afford to do both so we chose the piggy banks instead of a savings account.
    LANDENSMOMMYlmk

    Answer by LANDENSMOMMYlmk at 6:10 PM on Jun. 27, 2010

  • Yes, we have a separate savings account just for the kids. We put money in their as often as we can. They also have their own piggy banks, so they can start to learn how to save and manage money. If they want to buy something at the store, they know that they have to save their money to buy it.
    JeanetteRene

    Answer by JeanetteRene at 6:29 PM on Jun. 27, 2010

  • Yes we do. In about a year we will start an ESA (education savings account) for him, but for now all his money is just sitting in a savings account.
    Erica_Smerica

    Answer by Erica_Smerica at 6:49 PM on Jun. 27, 2010

  • They have a piggy bank thats it
    LANDENSMOMMYlmk

    Answer by LANDENSMOMMYlmk at 6:08 PM on Jun. 27, 2010

  • No, I don't. She does have an old sour creme bowl that she's decorated that she keeps half of her allowance in that she saves herself for the big stuff she wants.
    Kiwismommy19

    Answer by Kiwismommy19 at 6:11 PM on Jun. 27, 2010

  • yes - that's where there Christening money is right now. We have other savings accounts, but they are not specifically for the kids.
    ARmom

    Answer by ARmom at 6:12 PM on Jun. 27, 2010

  • yes. We have to. Otherwise the birthday/Christmas money wanders into the home budget.
    lovinangels

    Answer by lovinangels at 6:18 PM on Jun. 27, 2010