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January 2012 Moms
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Savings/investment accounts for baby?

FarmvilleLoverFarmvilleLover
in January 2012 Moms

What is everyone doing?  I'm more liberal with investing my own money in the market but for some reason I'm having a hard time pulling the trigger on baby's money received so far.  I've stuck it in a lowly ING account, which I don't even think is 1% anymore.  But it kind of kills me to think of putting it in the market and watching it be so volatile.  Weird that I'm ok with that for my own money but I feel a bit more protective of "the baby's money."

What's your take?

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Re: Savings/investment accounts for baby?

  • jineaujineau
    the kids each have their own savings acct that put my own to shame sometimes. We and our family members also buy stalks for them.
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  • JessireeJessiree

    It's funny that you posted this today, since I was just thinking about this the other day. I hate the idea of putting the money into a simple savings account since percentages are so low, but at the same time, the market has been such a mess I don't want to feel like I'm gambling with the baby's money, although I'm perfectly fine with investing myself. 

    Basically, all that to say, I'm in the same spot and have no idea what we'll end up doing. 


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  • FarmvilleLoverFarmvilleLover
    imageJessiree:

    It's funny that you posted this today, since I was just thinking about this the other day. I hate the idea of putting the money into a simple savings account since percentages are so low, but at the same time, the market has been such a mess I don't want to feel like I'm gambling with the baby's money, although I'm perfectly fine with investing myself. 

    Basically, all that to say, I'm in the same spot and have no idea what we'll end up doing. 

    Yes, this totally.  I think we'll keep it in simple savings until we get a nice little amount, maybe 10k or so, then after that, start a 529 or investment account (UTMA or something like that).  Not sure I'm big on the 529 accounts after considering other options.

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  • SoonToBeMsPSoonToBeMsP member

    Poor Poor ING and their measly .85% (I think). I remember when I was on MM and it was at 4%!! Sigh.

    I think we'll do a 529 plus ING. I haven't figured out just how much we'll be saving on top of their college fund, but I plan to use ING for it. 

    DD 1.18.2012
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  • FarmvilleLoverFarmvilleLover
    imageSoonToBeMsP:

    Poor Poor ING and their measly .85% (I think). I remember when I was on MM and it was at 4%!! Sigh.

    I think we'll do a 529 plus ING. I haven't figured out just how much we'll be saving on top of their college fund, but I plan to use ING for it. 

    I remember that too! Aha, I remember you from MM!  I knew it!

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  • SoonToBeMsPSoonToBeMsP member
    imageFarmvilleLover:
    imageSoonToBeMsP:

    Poor Poor ING and their measly .85% (I think). I remember when I was on MM and it was at 4%!! Sigh.

    I think we'll do a 529 plus ING. I haven't figured out just how much we'll be saving on top of their college fund, but I plan to use ING for it. 

    I remember that too! Aha, I remember you from MM!  I knew it!

    :) Yes, yes. But back then you were 10YT. I took some time off from thenest for awhile, but came back for insight into this pregnancy. I recognized your dogs right away when I saw you post! 

    I also loved seeing wan's post on your baby shower. Full circle I say! 

    DD 1.18.2012
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  • FarmvilleLoverFarmvilleLover
    imageSoonToBeMsP:
    imageFarmvilleLover:
    imageSoonToBeMsP:

    Poor Poor ING and their measly .85% (I think). I remember when I was on MM and it was at 4%!! Sigh.

    I think we'll do a 529 plus ING. I haven't figured out just how much we'll be saving on top of their college fund, but I plan to use ING for it. 

    I remember that too! Aha, I remember you from MM!  I knew it!

    :) Yes, yes. But back then you were 10YT. I took some time off from thenest for awhile, but came back for insight into this pregnancy. I recognized your dogs right away when I saw you post! 

    I also loved seeing wan's post on your baby shower. Full circle I say! 

    I totally remembered your dogs too, so funny!

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  • theladyjesstheladyjess member

    I was thinking about this the other day.  My parents didn't have savings accounts or college funds for me or my sisters.  I'd like to be able to help my kids with college, however, I'm not going to foot the entire bill, they're going to have to come up with scholarships, grants, aid, etc as well to show they're serious about college.  I went to school with too many ppl who had the attitude of "It doesn't matter if I fail this class, Mommy and Daddy will just pay for me to take it again". 

    I'm going to talk with our financial planner about what some good options are.  I'm not too worried about investing in the market as things change and the money will be there for the next 15-20 years.  A lot can happen in that span of time.

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