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Old 01-01-2010, 07:43 PM
 
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My kids have savings accounts at our local bank where I put the money they get for gifts. They also have mutual fund accounts in their own names. Once the balance gets to $500 I take it out of the bank and invest it for them. Hopefully they will have enough money to buy a cool car when they turn 18.

The only thing we add to these accounts out of our pocket is the change we collect in a huge jar. When it's full we take it to the change machine and deposit that money in our kid's account (alternating between them). Last time it was $488!

We do fund 529s for the kids and plan on paying for college fully. (However depending on how my kids are acting at that age - I might not tell them we have college covered and might make them work for it / get loans and then suprise them by paying off the loan after they graduate...)
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Old 01-02-2010, 02:34 PM
 
Location: Right where I want to be.
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Quote:
Originally Posted by maciesmom View Post
Whatever they have saved.....
This is my answer too.

The kids each have accounts that they deposit into but I don't deposit into it. They save a portion of all they earn and sometimes deposit gift money, although they don't get much in the way of gifts.
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Old 01-03-2010, 10:38 AM
 
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I have been thinking about opening up a savings account for my daughter. People sent her money for her birthday and for Christmas and it's sitting in her baby book box. She is almost 2. I was thinking about putting maybe $50/month in it and then giving it to her when she graduates college. Who knows what the future is going to be like for our kids. I figure this way she'll have some money to help her get started.
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Old 01-03-2010, 06:08 PM
 
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mine both have accounts with about $100,000(all from grandparents) for college- anything not used will be theirs after graduation from college-

Last edited by hlsess; 01-03-2010 at 06:45 PM..
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Old 01-05-2010, 10:51 AM
 
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My kids both have Cutma accounts, so I am the custodian, but I have no access to the money. I have had$50 a month automatically going into each acct for about 5 yrs now. They were originally set up to be accessible at 18. I have since moved it up to 21 (many of you who have 17 yr olds know why!)

I set these accts up so my ex could contribute to them and not have to worry about me spending the money. Of course, he hasn't put in a dime, but he can't use the excuse that he is afraid I will spend the money!
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Old 01-05-2010, 02:44 PM
 
Location: Kansas
3,855 posts, read 11,312,261 times
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Quote:
Originally Posted by tamitrail View Post
Aside from any college funds (529, prepaid college funds, etc.), how much money do you think/plan on having in your child's savings account by the time they reach 18?

A. My children do/will not have any savings account
B. Whatever we can manage
C. Less than $10,000
D. $10,001-$50,0000
E. $50,000 +
B. Really I have no idea. They all three have savings accounts with less than $10k atm. Given the rate of growth (contributions + interest) they will likely exceed $10k by the time they are 18yrs old. That should make for good seed money at graduation.

We all know that it's going to cost more than that to put them through college. But hey....I barely had two nickels to rub together when I graduated high school. And who's to say they will even go to college? I'm hopefull but I wouldn't bet the farm on all three of mine going to school.
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