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Do you have savings accounts for your kids (for college, headstart to adulthood, etc)? If so, how old were they when you opened them, how much do they have (if not too personal) and how much do you typically deposit (from you, gifts or family) each year?
My son was 10 when I opened it. Has about 500 in there. He gets $30 a week for allowance so some of that goes in there. He uses it for stuff when we go on vacations.
I have accounts in my name only which I intended to use for my kids college expenses. The accounts were actually started before my kids were conceived kind of as an extra savings account and separate from my regular accounts. Those accounts became the foundation of their college funds. I added to it throughout the years from my own income. They are in college now (son’s graduating in June) and the college fund account has been paying all expenses (tuition, books, housing, food, everything).
Both kids had one of those kids’ savings accounts, but none of us used it much. They opened checking accounts with their own money when they were in high school. During that gap in having accounts, both kids had allowances and received money from family and we probably had more money at home in their drawer than we should have. But it worked out and they deposited a good amount into their checking accounts when it was opened.
We do have a savings acct. separate from their respective 529 accounts. It consists of all gift money that they have received since their birth. Also, I deposit $25 a month and have since 2007. Finally, I only use my Upromise my credit card that auto deposits all reward cash earned directly into their sallie mae savings account. As of now, there is about $13k in there. I started in June 2007.
I had a savings account when I was little. Whenever I got money (birthdays, christmas, ...) My parents took me to the bank and deposited it and I got a print out and was super proud. Bought me my first car that way.
We opened a 529 account for our daughter when she was a few months old. We deposit any money given to her in it and plan to add at least $5000/year. DD is only 13 months old, but so far we are on plan.
We don't have accounts for the kids. We do have investments that can pay for their higher education when the time comes, but its in our names. It isn't earmarked for their college, but if they choose college, then that is the first place it will go.
My boys have a saving account since they were little. Each have a few thousand and it's solely their money from gifts or earning from chores. We also let them trade in all the coins around the house a few times a year. It's a few hundred each time.
No 529 for them. We do have investment properties. Our plan is to have them take out loan as needed for college. Will help them pay if off down the road.
Hmmm, several people have mentioned adding "all the money that the children receive for Christmas and their birthdays" to their accounts. Your family and friends must be a lot different than our family and friends.
I don't seem to recall our children receiving any money from others during their childhoods, certainly not enough to open a saving account for them. I do recall once or twice (not once or twice a year but once or twice ever)someone putting a five dollar bill in a birthday card for one of our children.
Now, my family and friends were/are excellent at sharing/giving experiences, going fishing together, baking with grandma, going on nature hikes & learning science with grandpa, going swimming & having picnics with Uncle & Aunt, phone calls & letters from out of town relatives, etc. but gifts of money, nope.
Of course, maybe when people mention the money that their children received it is similar to what happened at our house. The $5 on their 5th birthday added to the $5 on their 10th birthday or other small amounts. Or maybe their family has a tradition of giving cash to all of the nieces & nephews for birthdays. I know some families do that and that is OK if they do.
I just wanted to point out that not all families have savings accounts for their children funded by gifts from relatives and friends.
Last edited by germaine2626; 11-22-2016 at 06:58 AM..
Hmmm, several people have mentioned adding "all the money that the children receive for Christmas and their birthdays" to their accounts. Your family and friends must be a lot different than our family and friends.
I don't seem to recall our children receiving any money from others during their childhoods, certainly not enough to open a saving account for them. I do recall once or twice (not once or twice a year but once or twice ever)someone putting a five dollar bill in a birthday card for one of our children.
Now, my family and friends were/are excellent at sharing/giving experiences, going fishing together, baking with grandma, going on nature hikes & learning science with grandpa, going swimming & having picnics with Uncle & Aunt, phone calls & letters from out of town relatives, etc. but gifts of money, nope.
Of course, maybe when people mention the money that their children received it is similar to what happened at our house. The $5 on their 5th birthday added to the $5 on their 10th birthday or other small amounts. Or maybe their family has a tradition of giving cash to all of the nieces & nephews for birthdays. I know some families do that and that is OK if they do.
I just wanted to point out that not all families have savings accounts for their children funded by gifts from relatives and friends.
It depends on the culture. For some, giving cash is the norm.
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