December 2011 Moms

Saving for LO?

I was wondering what everyone is doing to save for their little one? Are you opening a savings account or college savings? We have started a savings account for E. So far we only have a few hundred in it but we are going to look into some options once we have more saved.


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Re: Saving for LO?

  • Right now just a savings account..we were looking at CD's, but they are not earning much at all.
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  • We opened up a traditional savings account at our bank for LO. We get a small amount autodrafted each month from our account. Like you, we are only up to a few hundred dollars, but figure we can decide what to do next once we accrue a little more. 



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    February 2011- M/C
    March 2011- BFP resulting in... 12/2011 bouncing baby boy! 
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  • We started a savings account for him with every cash gift he's ever received.

    We also have a upromise account to start saving for college.

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  • Same as others, we opened a savings account for him and will look into other types of long-term savings soon.
    BFP #1 on 11/19/10, m/c 12/5/10
    BFP #2 on 4/12/11, J born on 12/14/11

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  • We have an investment account and have the money in several mutual funds.

    Eta: this account is not necessarily all for LO though. We have money in a savings account for emergencies. The investment account is money we've been saving since we got married and also inheritance money. It will be used for college for our kids and also be part of our retirement in addition to our 401ks and pensions. 

  • Thanks for posting this! It was a great kick-in-the-rear for me to get a savings plan in action for LO!

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    When DS was born, people donated us money for medial expenses. He qualifies for SSI for disability which qualifies him for Medicaid for now so we honestly haven't had to pay out of pocket too much. We have all that money, $1000, in a regular savings account for now. As soon as life settles down a little, we will decide what to do with it. I would like to save it for him for future use, but if we have to use it for medical expenses sooner rather than later, so be it.
  • We have a savings account for LO that we put $10 into a week. Any future monetary gifts will go here as well (until he is old enough to realize that he is getting cash for his birthday, haha). We will start a college savings within a couple of months, probably a 529.

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  • we just put gift money into his savings account, which i need to start a 529 for him. 

    like someone else mentioned though, saving for our retirement comes first. when we max that out, we will then start putting contributions in for DS' schooling. until then, it will just be gift money. 

    Baby Charchie born 12/22/2011
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