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None of the above. IMO children's savings accounts are the children's savings, not savings made by parents.
It's their money. I wouldn't touch it. I haven't dictated it.
I encouraged them to put away a percentage of any money they've received. When they were old enough, I taught them how to use the bank account. When they started to work, it's the account they used to manage their money prior to opening a checking account.
BTW, if anyone wants to give a gift of money and make certain the money goes to the child, buy a US Savings Bond. Only the child can cash it, not the parents. It matures when they are young adults and the parents don't have influence.
Growing up (im 34 yo now) I had a savings account from as early as I recall. I think at least by age 5. My parents set up an account for each of my siblings and it was up to us to save/spend. Basically when we got birthday money from a grandparent, or if we did special chores and got $5 or whatever we either could save it or spend it. I remember those old savings books and putting $5 in them and heading to the bank occasionally with my mom to deposit it. I was buying myself my own underwear/clothes--well pretty much everything except rent and food at least by the time I was 12. I am astonished at what parents just throw at kids. Anyhow...when I was 18 obviously the saved money was mine. In fact I used alot of it at that age to buy my first car. I already had to use saved babysitting money to pay for my portion of my car insurance and gas for my parents car from age 16-18 and so the first thing I wanted was a car of my own. I paid cash for it.
Now that I have kids, I am trying to teach them the same. From the day they were born they have a savings account. We have put in baptism monetary gifts, just money gifts from their birth that people sent us, their birthday/xmas money if relatives send any (typically it is like $20-$50). They are 5 and 6 and they have $4000 of their own saved money. Then of course we have a 549 account in each of them names with like $3000 on so far. My parents never did any sort of college savings plan for us, and although Im dead set on having my kids at the very least HELP pay for part of their college expenses I did want to help somewhat. My parents did pay for my books, I did my tuition both times.
My 5 and 6 yr olds do earn money now. They take out the trash for me, they clean, they make their beds, and they have the chance to earn a quarter. Its cool how fast they earn money to go shopping for a new lego set or whatever. Occasionally they do request that I put it in their "big bank" meaning the actual bank and not their small little coin bank beside their beds. I think they 'get it'. Im so happy my parents helped us learn the value of money early. My kids can count money, they know whose on the bills and how to pay at the store.
Just wondering if a child doesn't have an account til their 16 yo, where the heck does all his money go? I just wonder when people send a baptism gift for instance of say $50 did the parents just keep it? I just have always looked at as though that was theirs and I cannot spend it. When their 18 of course its THEIR Money otherwise why the separate account???
I don't plan on having a specified savings account at all for my son. He has a 529 and he has some money of his own that he will get at 18 from the death of his father but unless something happens between now and then and I make a buttload of money, I don't even plan on paying for college. I will help him all I can with financial aid and I will push for scholarships but I don't think parents have to pay for college, even if they can afford it.
ya know, that is a good idea. I never in a million years would have thought about opening a savings account for my son yet, he's 7. How does that work? Do I maintain control of it? Surely yes?
my 7 yr olds have savings accounts where all their birthday and holiday checks/money will go. I'd like them to have a couple of thousand in there as a start when they are older, to help with car, college or whatever. It's a Vautma account, which is in both my name and my kids. There are no fees or minimum balances while they are under 18.
I opened bank accounts for my kids once they became teens and they could put gift money or earned money into them. My parents bought them both US Savings Bonds each year on their birthdays until they were 18 but I never planned on setting aside money for them to have. I pay their living expenses and college tuition and have even funded some pretty pricey social activities/excursions. That's more than enough.
Growing up (im 34 yo now) I had a savings account from as early as I recall. I think at least by age 5. My parents set up an account for each of my siblings and it was up to us to save/spend. Basically when we got birthday money from a grandparent, or if we did special chores and got $5 or whatever we either could save it or spend it. I remember those old savings books and putting $5 in them and heading to the bank occasionally with my mom to deposit it. I was buying myself my own underwear/clothes--well pretty much everything except rent and food at least by the time I was 12. I am astonished at what parents just throw at kids. Anyhow...when I was 18 obviously the saved money was mine. In fact I used alot of it at that age to buy my first car. I already had to use saved babysitting money to pay for my portion of my car insurance and gas for my parents car from age 16-18 and so the first thing I wanted was a car of my own. I paid cash for it.
Now that I have kids, I am trying to teach them the same. From the day they were born they have a savings account. We have put in baptism monetary gifts, just money gifts from their birth that people sent us, their birthday/xmas money if relatives send any (typically it is like $20-$50). They are 5 and 6 and they have $4000 of their own saved money. Then of course we have a 549 account in each of them names with like $3000 on so far. My parents never did any sort of college savings plan for us, and although Im dead set on having my kids at the very least HELP pay for part of their college expenses I did want to help somewhat. My parents did pay for my books, I did my tuition both times.
My 5 and 6 yr olds do earn money now. They take out the trash for me, they clean, they make their beds, and they have the chance to earn a quarter. Its cool how fast they earn money to go shopping for a new lego set or whatever. Occasionally they do request that I put it in their "big bank" meaning the actual bank and not their small little coin bank beside their beds. I think they 'get it'. Im so happy my parents helped us learn the value of money early. My kids can count money, they know whose on the bills and how to pay at the store.
Just wondering if a child doesn't have an account til their 16 yo, where the heck does all his money go? I just wonder when people send a baptism gift for instance of say $50 did the parents just keep it? I just have always looked at as though that was theirs and I cannot spend it. When their 18 of course its THEIR Money otherwise why the separate account???
I am assuming I never got any money for early birthdays or baptism. The money I got later on was spending money - it was never much - or went in a piggybank I suppose. My kids are 4 and 6 and their b-day and baptism money only totals about $600 so far.
My parents opened a savings account from me when I was young and all birthday and christmas money was put in there. When I was in middle school and needed money for going to the movies/mall/whatever, my mom would supply me with that money (no more than $20 every few weeks or so!). When I was 16 I started to work and thus provided my own money for those activities. By the time I graduated college, I probably had a little over $10,000 saved. When I was in college my parents would give me about $200 a semester to support myself and I worked all summers. Now that I am a few years out of college and am working to support myself, I have a good amount of savings to rely on. While I feel fortunate that my parents supported me, I do not consider myself spoiled by any means. In the summers between semmesters I would often work two jobs. I think having that support in college (and obviously the lifelong planning) really set me off to a good start!
ya know, that is a good idea. I never in a million years would have thought about opening a savings account for my son yet, he's 7. How does that work? Do I maintain control of it? Surely yes?
Yes, especially credit unions allow you to have separate but joint accounts with minor age children.
I had enough money when I was 7 to have an account opened, money from gifts was all, it was around $25 and I decided to save for a kind of dog I had seen. When I had enough for the dog, I changed my mind and decided to save more for a pony.
My DD11 has her own account from the acting/modeling work she's done. She can do what she pleases with it once she turns 18 (although I told her 21. LOL!) Hopefully, she'll get lots more work and will have a nice tidy sum to help her with college expenses, etc.
I also bought her a few savings bonds when she was a baby so she'll have those also.
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