This past weekend, while we were browsing around the Easter Festival, we stumbled upon the credit union booth. They were setting up savings accounts for children with no start up fee, no monthly fees, and as an added incentive, if you completed the paperwork then, they would put $5 in the account. How could I say no to that? We've been toying around with the idea of doing this since before Adelei was born, but kept putting it off for one reason or another. Seeing how easy it was to get started, though, allowed me to fully commit and get the ball rolling. Now that it's opened, we're looking at our monthly budget to see how much we feel comfortable depositing each month. We are hoping that this account will be untouched over the next 16 years, so that Adelei will have money to use to pay for college/living expenses.
For those of you who have kids, do you have savings for them? What other options have you found to help them become financially stable?