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...savings,...

Posted by on Jul. 12, 2010 at 5:54 PM
  • 12 Replies

hi...do you save something for your kids at the bank for thier future?do you have any tips on how to be a smart buyer mom and not to spend too much...

angel minineng

nengyou rock

by on Jul. 12, 2010 at 5:54 PM
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Replies (1-10):
mumsy2three
by Shauna on Jul. 12, 2010 at 8:01 PM

My MIL started a savings account for each of her grand kids when they were born. At this point that is the only account they have. At home they have penny banks. When my kids have jobs I will have them open a bank account.

I am a frugal shopper and have worked in retail. I will never buy anything full price. My kids know to always check the sales racks first. When we are shopping I also tell them how much they have to spend and they know they need to stay with in that amount.

tammers8
by on Jul. 12, 2010 at 8:06 PM

While we fully intend to do a savings account at the bank, all we currently have for our daughter is a piggy bank and several savings bonds that she has recieved as gifts.

mamivon2
by on Jul. 12, 2010 at 8:10 PM

My kids are very fortunate to have grandparents who live in Switzerland. Both have a swiss bank account. My dad puts every months 100 swiss francs (not sure how much USA dollar that is). They wont get that money until they either 16 or 18. I think we (the parents) can decided when. That will depends how mature they are. They will have to use it for either school, car, apartement etc.

KylesMom409
by Linnette on Jul. 12, 2010 at 10:35 PM

I have a custodial savings acct for Kyle; I am the only one that can withdraw from it and when he turns 18, if I want to, I can convert it to a regular savings so he can have access to it.  As for my own savings, I have money automatically transferred over from my checking acct twice a month so I'm really not thinking about it being withdrawn.

heybooboo
by on Jul. 12, 2010 at 10:40 PM

We have a set amount that goes into savings for our kids each month.  

hopelessdork
by on Jul. 12, 2010 at 10:40 PM

 I have a savings account for my daughter, haven't started on for the baby yet. I have $10 a paycheck direct deposited into it and I try to put a little extra for bday or christmas if we have some money to spare. The both have piggy banks at home that we or if the inlaws stop by drop change in. I believe my mother in law has an account for my daughter too and she says she'll do the same for all the grandchildren.

AMom29
by on Jul. 13, 2010 at 11:14 PM

No.  I always thought I would, but I just haven't done it yet.

owensmom34
by on Jul. 14, 2010 at 9:26 AM

We have savings accounts for all of our kids.  We put aside money for their futures but I believe in kids working at a certain point and helping pay for college. 

TigerofMu
by on Jul. 14, 2010 at 10:57 AM

I do have a savings account for my youngest.  We just became a blended family last year, so we are still putting things in order, but plan to start savings accounts/plans for each of our children.  

Saving/cutting spending can be challenging.  I make sure I keep accurate records and budget, try to avoid impulse purchases unless I have the cash set aside to do it, don't use credit cards...EVER...

The best thing I ever did for my financial health was attend "Financial Peace University" by Dave Ramsey.  You can read the book, order the program,, take classes at a local church or community center, or even  catch his show on Fox Business or on the radio for tips.  daveramsey.com

lalasmama2007
by on Jul. 14, 2010 at 11:18 AM

My dd is three and she has her own bank account.  The account has all the money she received as gifts since she was born in it. 

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