Savings for baby? — The Bump
October 2012 Moms

Savings for baby?

Yesterday we finally opened a savings account for DD. We put a good chunk in right off the bat, and have it set to be added to weekly.  We will also put any money that she gets for holidays/etc into the account.

How are you saving for your LO? Can I ask how much you are setting aside?

image
DD 11/1/12
DS 7/16/14
DD Free from FPIES triggers as of 18 months! 
Sweet potato, avocado, banana, mango, oats, wheat & rice outgrown.
Dairy, soy, and peanut allergies outgrown! Allergic to eggs.
DS MSPI, egg allergy

Re: Savings for baby?

  • We haven't opened a savings account yet, but we will soon. I will also be opening a 529 College Savings Account. We will put birthday and holiday money in the savings account and my husband and I will put a thousand a year in his college account. There is a great program in Maine where when you open a 529 there is an organization that donates $500 to it.
  • We opened a saving account when Ashley was born and put a little chunk of money in it and will add little bits over the years. We also have a whole life insurance plan so when she is older she can borrow against if she ever needs money in a pinch.

  • RayT1RayT1 member
    100 Comments Second Anniversary 25 Love Its Photogenic

    In BC (I'm assuming across Canada) we receive two monthly government cheques per child. One is $100 for childcare until they turn 5 and the other is a child benefit tax cheque ranging from $100-200 depending on income until they are 18.  DH and I have been putting both of R's monthly cheques in to savings since he was born.  We plan on doing that for all of our children.  


    image
    image
    October 1st, 2012. 9lbs 2 oz

    Jude - 8lbs 1 oz
    August 15th, 2014. 




                                      
  • image mbm1983:
    image RayT1:

    In BC (I'm assuming across Canada) we receive two monthly government cheques per child. One is $100 for childcare until they turn 5 and the other is a child benefit tax cheque ranging from $100-200 depending on income until they are 18.  DH and I have been putting both of R's monthly cheques in to savings since he was born.  We plan on doing that for all of our children.  

    another Yes for Canada!

    We haven't been saving for our kid yet. and we probably won't for a while. It doesn't really make sense to us until a.) we increase our retirement contributions b.) beef up our own savings account, and c.) pay off credit card debt.

    being a low income family it's gonna be a long road but oh well.

     

     Yeah, we are on a tight budget too with me SAH. We put 500 into her account now, and are putting 10 bucks in a week until we pay off our car which will probably be in 2 years.. then we can definitely do more (car payment is $500/month for our nissan xterra).

    RayT, that is a pretty sweet deal!

    image
    DD 11/1/12
    DS 7/16/14
    DD Free from FPIES triggers as of 18 months! 
    Sweet potato, avocado, banana, mango, oats, wheat & rice outgrown.
    Dairy, soy, and peanut allergies outgrown! Allergic to eggs.
    DS MSPI, egg allergy
  • image mbm1983:

    $500/month!?!? holy sh!t.

     

    Haha.  Yeah... it was definitely a mistake.  We got it when I was still working, and before we were expecting DD, so we really didn't have many expenses at the time.  

    image
    DD 11/1/12
    DS 7/16/14
    DD Free from FPIES triggers as of 18 months! 
    Sweet potato, avocado, banana, mango, oats, wheat & rice outgrown.
    Dairy, soy, and peanut allergies outgrown! Allergic to eggs.
    DS MSPI, egg allergy
  • We set up an account when DS was born, we put his Christmas, Baptism and all other gifts he has received in there.

    I only put in $5 per paycheck, it's not much but it's something.  When we get a few bills paid off we will bump that amount up.

    Lilypie Fifth Birthday tickersLilypie First Birthday tickers
  • We opened her savings account with our spare change jar. 537!

    No set amount, but it's online with our other two accounts so we'll add to it whenever we can/want.

    As far as birthdays, until she's old enough to realize about money, it will all go into her savings account. Then when she's older, she will be allowed to spend half and must save half of whatever she gets. That was my rule growing up, and I think it's fair and helped me learn to spend wisely and save.
    [IMG]http://i47.tinypic.com/350rxx5.jpg[/IMG]
  • image hboo2011:
    We opened her savings account with our spare change jar. 537! No set amount, but it's online with our other two accounts so we'll add to it whenever we can/want. As far as birthdays, until she's old enough to realize about money, it will all go into her savings account. Then when she's older, she will be allowed to spend half and must save half of whatever she gets. That was my rule growing up, and I think it's fair and helped me learn to spend wisely and save.

    That is a good idea.... we were trying to decide what to do.  We were thinking of taking all the money and putting it in her savings, and then just letting her get something small with our money.

    image
    DD 11/1/12
    DS 7/16/14
    DD Free from FPIES triggers as of 18 months! 
    Sweet potato, avocado, banana, mango, oats, wheat & rice outgrown.
    Dairy, soy, and peanut allergies outgrown! Allergic to eggs.
    DS MSPI, egg allergy
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