April 2013 Moms

Savings for LO

Just curious, what (if anything) have you decided to do about starting a Savings for LO?  A traditional savings account, bonds, CD's, Gerber Grow up plan, 529, etc.. ? We haven't settled yet... What was your decision and what made you choose it?
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Re: Savings for LO

  • We have a 529 started for his college fund. MH and I feel very strongly that we want to provide higher education for our kids, because our parents did for us so we will pay it forward.

    I'm also opening a credit union account for him. We have gotten a few checks for him that we will put in aCD and turn it over to him when we think he is ready. It won't be huge, but will be a good way to teach him about money at a young age.

  • My brother started a traditional savings account for her when she was born. Any money she has received has been put in that so far. I believe we'll take the minimum required to start a 529 from that so we can also start saving for college.

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  • I work for an employee benefits firm where we do everything from healthcare to retirement accounts. My coworkers opened up a 529 for B through my job & put $500 in it as a gift. I'm going to put money in it every paycheck when I get back to work.


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  • MIL set up Gerber Grow Up plans for both kids. We have savings accounts for them to put monetary gifts and random contributions in over time.

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  • We started an RESP savings plan with an education savings company...We're Canadian it is a type of account where the government adds in a certain amount each year if you contribute to it. We will contribute to this account every month till she finishes high school. We also opened a savings account with ING Direct for any monetary gifts etc.
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  • Ann003Ann003
    Long-Lasting Membership 1000 Comments 100 Love Its Combo Breaker
    Washington state has a prepaid college savings plan, so we opened one for each baby. We will also open 529s and long term savings for each baby.
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  • Right now, we have a regular savings account for both but we plan on going to a financial advisor sometime soon for advice on how to maximize the money. My dad is also setting up some kind of account...I forget what it's called lol...for them for college that he's going to contribute to.

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  • We have a 529 set up for college expenses, but I also have a Custodian Roth IRA set up for her in case she decides college isn't for her.
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  • DunkinDunkin
    250 Answers Sixth Anniversary 500 Comments Combo Breaker
    We have 3 different accounts for each kid. A savings account at the local bank to deposit gifts from people. We have a 529 for each one that we fund, and also split larger gifts (christening money, etc), and mutual funds for longer term savings. Their longer term savings should come in handy when they are old enough to get a car, etc, but they still have their savings to get smaller things when they want. I wanted college funds, hence the 529. But for savings, I did not want the gifts people gave them to just sit there for 10 - 15 years earning minimal interest. So I opened custodial accounts for them so we can grow their money long term.
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  • Right now just a 529 for each girl.  At some point ill set them each up with a savings account to deposit any gifts they get.  We had a rule growing up that if I got money for anything, earned or as a gift, half went to a savings account I couldn't access until I was 18, and half I got to keep and spend as I wanted. I'll probably do that as they get a little older and get the concept of money.  

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  • We started a 529 and have money automatically put in it from our paychecks every month. 
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