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Do you save money for your children?

i set 5 per kid in there saving each week plus they save money too


Asked by rinamomof2 at 10:33 AM on Jun. 9, 2011 in Money & Work

Level 21 (11,629 Credits)
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Answers (10)
  • Yes. We started saving for our son the month he was born. Have saved for 20 years. That money is paying for his college education at this time.That's including his place to live, tuition, books..etc since he lives out of state for school.

    Answer by pixie_trix at 12:47 PM on Jun. 9, 2011

  • We started savings accounts for each child. Most of the money added to them now is their money.

    Answer by andrea96 at 12:10 PM on Jun. 9, 2011

  • I have a college savings plan. But no, I don't set aside money for them just for whatever. They could share all of my retirement money when I die.


    Answer by Candi1024 at 10:37 AM on Jun. 9, 2011

  • My kids get allowance and have the opportunity to save some or all of that, in fact my husband has set up a deal with them that if they will deposit at least 10% into savings and leave it there (no withdrawls allowed) until they are 18 he will match them dollar for dollar for all that they have saved.

    Answer by scout_mom at 10:42 AM on Jun. 9, 2011

  • Yes, I try. On bdays and holidays where they get money from relatives I stick it in my locked box. I also try to add 5 or 10 dollars here and there.

    Answer by smushy79 at 10:48 AM on Jun. 9, 2011

  • We have in the past. He's got about $400 in an ESA. But right now we're working on building our emergency fund, then starting our own retirement. Once we've done that, then we'll start saving regularly for him.

    Answer by Erica_Smerica at 1:36 PM on Jun. 9, 2011

  • Yes, we do. They're almost 4 years old, and 2 years old. They love putting money in their piggy bank too.

    Answer by mommy2joeynabby at 1:57 PM on Jun. 9, 2011

  • They earn $4/week for allowance doing chores - $2 to spend and $2 to put in their savings accounts at the credit union. Those are their accounts, but they are not allowed (by me) to withdraw any of that money until they are 16. The idea is that they will use that money, plus any additional money they save from odd jobs, birthday money, etc. to pay for 1/2 of a used car (we will be purchasing the other 1/2) for them. These are separate from their college accounts.

    Answer by missanc at 2:24 PM on Jun. 9, 2011

  • No, they've saved their own money from the time they started earning it at 3. They started doing chores at that age and received allowance, which they were required to save. Also, any birthday money or xmas money that came their way, they were required to save 100% of it up until age 13, at which point I required them to save a minimum of half (though they often saved more). They sometimes didn't like my rule but I kept telling them that they'd thank me some day. Once they started working outside the home, they already established great savings habits and continued w/this trend. My son was able to buy his own car at 17 (that's when I got my biggest "thank you's" yet) that will easily take him to his first job out of college, and my daughter is on track with her savings goals. The savings that I did for them were for their college funds, which are funded 100% at this point.

    Answer by Anonymous at 9:17 AM on Jun. 10, 2011

  • No, I give my daughter an allowence when she does small chores for me, but I figured this way she knows how to earn the money, it also seems to give her an idea of what I have to do to get that money, and she doesn't ask for as much because she knows she has to earn it!

    Answer by babygrlsmommy at 2:07 PM on Jun. 10, 2011