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I decided something

Posted by on Oct. 31, 2013 at 9:04 AM
  • 40 Replies
With my taxes this yr I'm going to open a savings account for my children (sd inclued) I was thinking about putting in $25 each tax season plus every time my grandma sends them money I'm going to take half of it and put it in the account. My grandma has been begging me to do this for yrs but I haven't and I'd really like to do it. My only question is if it's a private credit union and sd lives with us full time do we have to tell bm about the account? Is there anyway for her to find out? I'm thinking if I do this by the time they graduate they can buy a car or when they get old enough for summer jobs I can tell them about the account and they can help save by putting half their check in the account.
by on Oct. 31, 2013 at 9:04 AM
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Replies (1-10):
packermom4ever
by Still The Queen on Oct. 31, 2013 at 9:22 AM
2 moms liked this

Why does it matter if she finds out?  She can't take anything out if it isn't in her name. 

OregonMom80
by on Oct. 31, 2013 at 9:28 AM
1 mom liked this
My DH has a custodian account or something along those lines. Money can't come out unless DH signs.
looneytunes290
by on Oct. 31, 2013 at 9:33 AM
Lol- I wouldn't assume that teens are going to want to out have their checks from summer jobs into the account. Other than that it should be safe. Just make sure when you open the account that you appoint a person to handle the money other than the kids in the event that something happens to you. That is the only way that bm could prob have access to it.
Derdriu
by Gold Member on Oct. 31, 2013 at 10:00 AM

She won't have access to the account unless you deliberately put her on it, so it really doesn't matter if she finds out about it or not.

DH and I have minor savings accounts for each child.  They know about it, so I'm sure BM knows about it.  She has never asked about it though, and it's really none of her business.  Every six months or so, SD will go on a tear about it, wanting access and arguing her right to spend the money on account of it being her money.  DH and I always find those arguments amusing.

Sondi7
by Sondra on Oct. 31, 2013 at 10:06 AM

You don't have to put BM on the account. If she's not on it, it doesn't matter if she finds out about it or not, she won't be able to access it. We have accounts like this too for our kids. We put money in monthly and extra money at Christmas and birthdays. 

iSMILEheCRIES
by Bronze Member on Oct. 31, 2013 at 10:19 AM
If you are worried about step kid pulling money out for step mom then you should be able to put an age limit on the account-like kid can't withdraw until age___. Or open a long term CD, one that rolls over every income tax so you can add more money and immediately roll it over for another year and no one can touch it. I'm sure they have "non withdrawal" options too so money can only go in. Btw- this is awesome what you are doing. This has the potential to create great little savers, let them help put the money in the bank, write it down in the little account book, roll loose change and take it to the bank... ahhhhh fond childhood memories!!!
pseudomamma
by Bronze Member on Oct. 31, 2013 at 12:34 PM

We opened accounts for all SKs, Jr, and even our granddaughter at the Credit Union where we bank.  They have their name, my name, and DH name on them.  I don't know if BM knows, but it doesn't matter because she can't touch it.

luckystars2012
by Gold Member on Oct. 31, 2013 at 6:42 PM
We have savings Accts for ss, dd, and unborn ds.. All the accounts are in my name so there's no way bm could ever touch them.
jules2boys
by Gold Member on Oct. 31, 2013 at 6:49 PM

You don't have to tell BM about the account regardless of where you open it, or who opens the account. 

mamaBerg85
by Silver Member on Oct. 31, 2013 at 9:17 PM
I'm not assuming anything lol I'm telling tHem uh want a summer job then u put half into the account if u don't then I'm sorry there goes u getting a car at 18 and u can kiss ur ride to work goodbye. I will support ur needs but not the extras u want so u want to have the nicest jeans ull need a summer job. All I'm asking is u put away half of ur check. If ur check is $100 a week $50 in savings if the jeans u want are $75 then put $100 in savings and next week when u get paid u can put in only $25. it's that easy I'm not telling my kids give me 50% of ur check I'm telling them saving money is important so u have nice things. I'm teaching them we work for our money but we also have to save money for big expenses. If they don't like my rules theb tough shit.


Quoting looneytunes290:

Lol- I wouldn't assume that teens are going to want to out have their checks from summer jobs into the account. Other than that it should be safe. Just make sure when you open the account that you appoint a person to handle the money other than the kids in the event that something happens to you. That is the only way that bm could prob have access to it.

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