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if you have a savings account for your kids

Anonymous
Posted by Anonymous
  • 6 Replies
How much do you put in their account compared to how much you put in your own savings account? I'm not asking specific numbers..I'm just asking if you put a lot more in your own savings account, about the same in both?

This is the first time I've had a good job. I worked my ass off and went to school in a 32 hour per week full time program along with working full time as a waitress,while being a single mom.

My issue is that I've never not been broke.lol that may sound stupid But I've never had savings habits because I've never been able to save. I have three accounts.checking, savings, and holiday savings. And my son has his account.right now I'm putting more money into the holiday account because Christmas is coming up and I've only had this job for the past couple months to try and save.

Back to my original question. Comparatively, how much do you put in your savings and your children's accounts per month/paycheck?
Posted by Anonymous on Oct. 8, 2015 at 3:20 AM
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Replies (1-6):
supermama322
by Kaylee on Oct. 8, 2015 at 3:25 AM
We have RESPs for our girls. They can choose to use them for school or just take the money out and use it for whatever when they're old enough. Because they're RESPs, the government matches our contribution up to 500$ per kid, per year (i think it's 500). We put in 100/month per kid.
Anonymous
by Anonymous 2 on Oct. 8, 2015 at 3:25 AM
10% of our income goes into our savings. The kids monthly deposits are 2% each.
Anonymous
by Anonymous 1 - Original Poster on Oct. 8, 2015 at 3:33 AM
What is an resp?

Quoting supermama322: We have RESPs for our girls. They can choose to use them for school or just take the money out and use it for whatever when they're old enough. Because they're RESPs, the government matches our contribution up to 500$ per kid, per year (i think it's 500). We put in 100/month per kid.
mummyoftwins92
by Silver Member on Oct. 8, 2015 at 3:35 AM
I haven't started on yet but want to.
supermama322
by Kaylee on Oct. 8, 2015 at 3:37 AM
Registered Education Savings Plan

Quoting Anonymous 1: What is an resp?

Quoting supermama322: We have RESPs for our girls. They can choose to use them for school or just take the money out and use it for whatever when they're old enough. Because they're RESPs, the government matches our contribution up to 500$ per kid, per year (i think it's 500). We put in 100/month per kid.
Anonymous
by Anonymous 3 on Oct. 8, 2015 at 3:40 AM

18% of DH's salary goes into a retirement account.  All monies I earn go into a joint savings and investment account.  We have two kids and since the day they were born, we have put $10 for every year of age per month into a savings account for them.  We set up deposits to occur automatically so we are not tempted to dig into one or reduce payments into another. 

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