Kids banking poll

safy · June 2010

Do your kids have their own bank accounts? (Or accounts that are ear marked for them.)

If they do and if you have multiple kids, do you have an account for each kid?

If they do not have their own accounts, how do you keep track of money they get such as bday money, etc? Do you let them spend it all? Save some, spend some?

Ilumine · June 2010

My LO has a savings account and a moneymarket account (that is her college saving money).

DH has tried to get one started for SS, but neither have had the followthrough. So SS's money sits in a jar, not earning a cent. DH will put his allowance in the jar every week. SS is saving up for an IPOD touch, so he gets NO cash, per his request.

MY Daughter will have her allowance split up - savings, college, spending. I believe that if you have earned the money (and we WORK for our allowances) then you should feel some instant gratification - to help keep the earning part working.

littlemermaid · June 2010

Both my children have their own savings account. They are called custodial accounts. It's a joint account with a parent/guardian's name and the child. The parent/guardian is in charge of it until the child turns 18. I deposit all of their birthday, xmas..etc gift money into it.

taylormillgirl · June 2010

DD is a teen, and she's had her own savings account for years. She also has a small investment account that DH manages for her with donations made in lieu of flowers after her father died.

DS#1 (5 years old) and I just rolled all his change yesterday (he has a coffee can "bank") and we're going to open up a savings account for him this week.

DS#2 (2 years old) just started a coffee can bank. DH and I give him change occasionally, and we'll start his account in a couple years after he's accumulated enough money to make it worthwhile.

wifeandmama · June 2010

We only have 1 kiddo for now, but each will have their own money market account, like Jude does now. We put all his birthday money in there and any money we save for him. He also has a piggy bank that he looooves to put money in and once that's full, we'll put that in his account, too. We will do what my parents did - sometimes they'd let us spend $5 or $10 of birthday/Christmas money as kids but for the most part, any money we got was put right into savings.

dionnemd10 · June 2010

each has a savings account. b-day money/gift money goes right into their piggy banks right now--along with quarters only (just something i do) we have taken some out of my daughters for ice cream treats. otherwise it all goes to savings right now.

my parents set up 529s for each kid--partly so they have a tax write off.

ToBeMrsT · June 2010

littlemermaid:
Both my children have their own savings account. They are called custodial accounts. It's a joint account with a parent/guardian's name and the child. The parent/guardian is in charge of it until the child turns 18. I deposit all of their birthday, xmas..etc gift money into it.

this is the same for us

hokies94 · June 2010

My two older kids (7 and 5) have savings accounts for their allowance money. They are allowed to do whatever they want with their allowance however we do encourage that they put some in the bank each month. DS will get one when he is old enough to get an allowance.

We let them spend whatever birthday money they get as it's generally not a large amount.

We have separate 529 plans for each child but I don't consider them the kids accounts.

jenifairies · June 2010

She's too young to have her own. We don't have one for her yet - all her money is still in her piggy banks. lol We did just open a 529 for her though.

When she gets old enough to understand, we'll open an account with her, start allowance, etc. I'll let her spend birthday money, but allowance money will have to be split between savings/spending.

lms_bride · June 2010

Our son just turned 2. He has a 529 in his name for college but that's it. Maybe in a couple years we will open another account for him, but for now we'll use his piggy bank, etc. He really doesn't receive any cash gifts so that hasn't come up. He has savings bonds from his grandmother but those are in the safe.

Temp174496125006552 · June 2010

Both of my kids have their own bank accounts. Jordan has two actually. One has an ATM card connected to it so she can withdraw money (it's her money from working) and the other one she doesn't have access to. That account has her college money in it.

norbert5 · June 2010

We opened a custodial account for LO when she was 3 months old. She received some money for her so we decided that we needed to keep it seperate.

We put a little bit in each month and monetary gifts all go there.

Emily_Ann · June 2010

We have a savings account for DS where we deposit birthday and Christmas money, and we also transfer money to it at least every other month from our checking account. We will do the same for the new LO.

When they are older, they will be allowed to spend some of their birthday/Christmas/allowance money, but will also be required to save some and give a percentage to church, missions, etc.

DH also has a big water jug he is saving change in for the kids. We will probably eventually split it up into their savings accounts.

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