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?
4 comments:
We don't have an account for munchkin yet but it's on our to do list. She does have a sheep bank. Her nana got it for her and started it off. She puts change in it whenever she's here. I put change in the plastic Easter eggs and that got put in her bank too. We're also going to open another account for college.
I opened a savings account for Ev in my hometown last summer. So far she's just got $30 haha. But I'm not there so I can't deposit anything. We decided what would work for us right now is Evelyn has a piggy bank here and we give her all the change and random cash we find in the house. When I go home in May we are going to deposit all of the money and add what we can to it. Last time I counted it had $60 in it, and that was a few months ago. Hopefully we can add at least $100 on top of that. It's not the best plan but its a start since we are working on getting us on track and are still able to give her money for her future.
We haven't started an account for our little girl yet - we keep talking about it though. I wish that our bank had an incentive to sign up like yours did.
We have a savings account for both kids. I started them with $5 each and every time they get money for birthdays/holidays, half goes into their savings account. Then they get $1/week for allowance (it'll eventually go up) and once they have $10 they want to deposit, we do that. We are not paying for their college because I feel like kids will take it seriously when it's coming out of their own pocket. Matt's siblings all had their college paid for, nobody took it seriously and his parents are out easily $50,000 between the 3 kids. I worked three jobs and went to school full time and I got it right the first time. :)
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