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Saving my baby's money...

So I had an idea to start a savings account for my son. (His MomMom just sent him 5 dollars for Holloween)
I'm thinking of putting all the money he gets into the account until he is old enough to understand what money is, which should be around 5, right? Then after that, 50% goes to savings and he can spend the other part.
Anyone else do this? How does it work when you explain it to your child?
I've already run into problems with my motherinlaw about this. I think its a good idea...

 
MommaWoods

Asked by MommaWoods at 2:01 PM on Oct. 30, 2008 in Money & Work

Level 13 (1,103 Credits)
This question is closed.
Answers (7)
  • It's a great idea. my husband has put away 1,000 for our daughter already. but my sister has twin boys that are now 9. she does the same for them. any money they get, they get 1/2 and the other half goes to their savings. they each have nearly 3000 in their accounts. it's for when they turn 18 and then they can have it. my sisters grandmother (we have dif dads) did the same for her, she only had 2000 but it was a down payment on their house when she turned 19
    SMWOODS

    Answer by SMWOODS at 2:06 PM on Oct. 30, 2008

  • What would your mother in law rather you do with the money? Good greif, it's not millions. I think having a savings account is fine, maybe even look into a money market account or something else, to start saving for college.
    feesharose

    Answer by feesharose at 2:04 PM on Oct. 30, 2008

  • My mil said the money she gives him, is his money to buy whatever he wants with it. I said he will, when wants his 1st truck.
    MommaWoods

    Answer by MommaWoods at 2:18 PM on Oct. 30, 2008

  • I see where you and your MIL are comming from. SO start the account and let EVERYONE know that if they give him money it will go in to the account and that if she wishes to get him gifts instead that's find but money is different...
    Personally, I gave my god daughter $10 for her birthday and told her we would go to the store and spend it. Her mother took in and put it in a savings account... I was very offended. This was a gift not only for her but for me to beable to take her shopping... NOW, not in the future. So now I take her shopping and she gets whatever she wants but I don't give her the money, or I order her stuff instead of taking her if I can't... I know that her mother will just take the money for "savings" I want my gifts to be enjoied NOW, not in 16 years... If I wanted my gifts to be enjoyed in 16 years I would save it myself...
    SabrinaMBowen

    Answer by SabrinaMBowen at 2:39 PM on Oct. 30, 2008

  • That's what I do as well, I opened an account for my girls and I put money in there every month or whatever money they receive from aunts, uncles or grandparents.
    SaferAtHome

    Answer by SaferAtHome at 2:55 PM on Oct. 30, 2008

  • well a giftcard is a different thing but every knew before I even had Gauge that any cash he gets goes into a savings...
    MommaWoods

    Answer by MommaWoods at 4:50 PM on Oct. 30, 2008

  • we save the kids money at home till their 5th bday. then they get to go to the bank and open the account themselves. they get to see the vault where the bank 'holds' their money for them, and sign the signature card themselves. the bank gives them a little young savers package, its all very cute.


    then when they earn or receive money, they get to keep half and deposit half. i tell my son who is 7 that if he thinks he's getting a car when he turns 16, he's going to be buying it himself so he better start saving now. and that when he moves into his own home he will need money to buy furniture and stuff.


    sometimes he asks me how much he has and says "mom, will $130 buy me a couch? "rofl

    teri4lance

    Answer by teri4lance at 5:21 PM on Oct. 30, 2008