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Do you keep a savings account for your kids? how much do you put in it and how often? what is the savings for?

as my kids get older I am more concerned about college, cars, homes etc.. for them once they leave the house... just getting ideas thanks.

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JOR_HAIL

Asked by JOR_HAIL at 10:22 AM on Jan. 16, 2011 in General Parenting

Level 16 (2,503 Credits)
Answers (8)
  • We opened a savings account for each of our children when they were born. We just put in the money they received from relatives. We add to it at their birthday and Chrsitmas (money received as gifts). We haven't put any of our own money in at this point. Our oldest is 5 years old. When they are a few more years older, we will give the account to them and teach them to save their money.
    micheledo

    Answer by micheledo at 10:28 AM on Jan. 16, 2011

  • I will start an account for them very soon. I have money for them but it's not in the bank. Not sure what kind of account I want for them.
    Snewo

    Answer by Snewo at 10:28 AM on Jan. 16, 2011

  • Some accounts can save taxes.
    Some accounts are for future college or other future plans.
    I think it is important just to teach children the importance of putting aside and not just spending everything. It is important that they understand that things are not just always taken care of and preperation for unforeseen is essential.
    Parents should really see that with the present economy.
    tootoobusy

    Answer by tootoobusy at 10:28 AM on Jan. 16, 2011

  • My 16 year old son has one, but we go in it very often to buy him things. He's trying to save up for a car to have during his senior year.
    ambr2006

    Answer by ambr2006 at 10:30 AM on Jan. 16, 2011

  • Yes, however I put their Birthday money in it. Twice a year I add to it, sometimes more if I can. I also waited till they were older. I wish I would have started it when they where younger. When they ask I let them know the amounts that they have. I encourage them to leave it in their accounts so that they can save for their first car, college, etc. However it is their money so if they chose to spend it on a video game, then they do.

    sheer_heart

    Answer by sheer_heart at 10:31 AM on Jan. 16, 2011

  • I do not have a savings account for my 3 Y.O DD yet and want to start one real soon. I want to save for her sweet 16, car, college and out of college start fund. I know this will require alot and I really want to be able to do this for her.
    KayGia0704

    Answer by KayGia0704 at 10:54 AM on Jan. 16, 2011

  • im finally able to save a little now thats my kids are older and self supporting (20,21) so i decided to open an IRA for each of them and i do a direcr deposit each month. i figure by the time they are 40 and want to start their own business they can borrow from it and maybe they will also have a jump on retirement saving. compounded interest is the way to go! wish my parents would have done the same for me.putting a little away steadily it adds up.
    lillie70

    Answer by lillie70 at 11:15 AM on Jan. 16, 2011

  • My kids are 8,7,5,and 1. They all have savings accounts. Each kid has a different amount. Dh and I put money in them every week. The kids (8,7and 5) also put money in their accounts when they earn money each week. With the money from filing our tax return this year we're going to put 125 in each account.
    4xsthetrouble

    Answer by 4xsthetrouble at 11:45 PM on Jan. 17, 2011

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