What kind of savings do you do for your LO?

jldittber · November 2009

My family did an awful job of giving me any kind of financial security, so I will not make that mistake w/my LO.

Right now, I'm just doing a savings acct that is attached to ours with a little bit out of each check going into it. Plus, there is a grandparent tax, each grandparents has to contribute 20 bucks per holiday (flag day...all of them LOL!!)

Curious as to what others are doing?

AJluvsLI · November 2009

I haven't really set anything up yet but for the most part I will just be helping teach our children financial responsibility by encouraging them to save their allowance, money they get from gifts etc.,

Growing up we didn't have a lot of money and I saved for college myself, got a job, bought my own car. If our kids are financially responsible DH and I will always help them pay for school and other things they may need but if they don't make the effort I don't think they really deserve any hand outs.

Cullum13 · November 2009

Right now I am lucky to throw some spare change in her piggy bank. lol. But once we have the medical bills paid off and our emergency fund built back up ( we did not have any maternity insurance) then I plan to start contributing to her savings account. And I plan to put at least half of all birthday and holiday money in savings as she grows up.

Tonya_G · November 2009

This probably sounds cheesy, but we save all our loose change and every few months, roll it up and deposit it in DS's acct- we'll now be splitting that between DS and DD. We put all their birthday/holiday money into savings as well, and as they get an allowance, we will train them to save back part of it (DS is actually just starting to get a dollar a week allowance- we talked to him about saving one quarter of that, then he can use the rest as he see's fit, or put it in a piggy bank to buy something bigger after awhile- he seemed to understand, surprisingly.) and put that into savings as well periodically.

Aside from that, we don't put a whole lot else away. I paid for my own college, and DH joined the Nat'l Guard to pay for his- we'll help as much as we can, but will expect our kids to go for scholarships and pay some of their own way. I didn't have a lot of financial security from my family, persay, but I did have knowledge of how to manage my money, and I feel that's a far better gift to give to my children than a financial security blanket.

JandR07 · November 2009

We started a savings acct and will put money in it for her bday and xmas every year. We also keep all our extra change and will throw that in. My parents and siblings also give checks or bonds for major occasions. This money is not for fun. It is to be used for college and maybe a car/wedding.