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Kids Savings Accounts

Posted by on Jul. 30, 2013 at 12:11 PM
  • 20 Replies

Do you have one for your kid(s)? 

How much do you set aside for themeach week/paycheck? 

What is their balance? 

What is your goal amount for when they take control of it?

What age will they gain control?

by on Jul. 30, 2013 at 12:11 PM
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Replies (1-10):
mickstinator
by on Jul. 30, 2013 at 12:16 PM

ugh, we've been through all the hoops with this issue this year. 

my boys have a very small account with a credit union that my aunt set up for them. it doesn't have a lot in it right now. ideally, by the time they graduate high school, that account will provide them with perhaps a down payment on a car or something similar. 

we set up accounts intended to be a college fund earlier this year, with prodding from my in-laws who wanted to contribute. then, my FIL discovered he has prostate cancer and needs quite a bit of treatment, so we stalled out. i really, REALLY want to get this up and running, but we are trying to put ourselves through college right now (without any parental help, mind you), so we're really stretched at this point in time. 

the3Rs
by Platinum Member on Jul. 30, 2013 at 12:31 PM

Each kid has their own savings account at the bank.  I don't set aside money for them regularly.  I transfer over a bit here and there when I think of it or have some extra funds.  Otherwise, they put their gift money there plus 1/2 of any allowance they earn.

I do have a separate college fund for each kid as well.  I started out in Kindergarten with a small amount ($25/month) and I increase it at each school change (from primary to elementary - elementary starts in 3rd grade; to junior high; to high school).  Which reminds me I need to bump up my oldest son's amount now that he's going to be in high school.  Eek!

adamsmom0116
by Gold Member on Jul. 30, 2013 at 12:31 PM

My son has a savings account at the bank. He has about $800 or so dollars in it. He also owns quite a bit of silver (bars and coins) that he bought with some of his savings account money. We put money in there randomly, especially after Christmas or birthday.

I opened a 529 savings plan for his college. I only put $100/month in there right now.

He is in much better financial shape than my stepkids. Well, except the oldest one who is 20, in the Navy, with a paycheck and probably the first penny he ever had.....He's a tightwad, that one! :)

andrea96
by Bronze Member on Jul. 30, 2013 at 12:58 PM

They each have one. We don't set aside money from our paychecks. They deposit their calf money into it each year, and they have the option to deposit part of their allowance. I honestly don't know the balances at the moment; I don't handle the banking for us. We don't have a goal amount, but they will take control when they go to college.

Nighttiger
by Ashley on Jul. 30, 2013 at 3:15 PM
No account yet.
arthistmom
by Bronze Member on Jul. 30, 2013 at 3:38 PM

Not a savings account but the boys have a piggy bank that they put money in. They dip into it when they want to get something special. Their grandparents (my inlaws) started college funds for each them with and we'll add to them when we're not quite stretched so thin.

rissarin
by Gold Member on Jul. 30, 2013 at 4:14 PM
She has a savings account that she'll be using for college, hopefully.
When her piggy bank gets full it goes into savings, when she gets Christmas money, birthday money, etc, it goes into savings. At some point she'll want to use her birthday money, but until then, it goes into safe keeping.
She has more money than hubby and I do. :-/
deccaf
by Platinum Member on Jul. 30, 2013 at 4:38 PM

I realized I didn't answer my own questions!

1. She has an account and has since a couple weeks after she was born.

2. I deposit $25-$50 every two weeks and any money she gets for birthdays/Christmas, etc.  I also randomly deposit if I have a little extra. 

3. She currently has $3050. 

4. I want her to have $20000-$25000 when she takes control

5. She will take control when she is 18.

leahbeah143
by Leah on Jul. 30, 2013 at 4:47 PM

I had an account for her but her dad was using the monies in it :-(

I think my mom has a savings account for her but I have no idea what the balance is. I'm hoping to take her to the local credit union before the summer is up to open up a checking/savings for her.

cjsmom1
by Platinum Member on Jul. 30, 2013 at 9:10 PM

I opened one for ds and it has about $500 in it. I haven't had money going into in since January when I was laid off from one of my jobs. I don't have a set amount I want in it.

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