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January 2012 Moms
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Saving for baby

lp0lp0 member
in January 2012 Moms
I was just wondering what everyone was doing for a savings account for their baby. We just had ds's christening and I'd like to open a savings account for him with the money he was given. I don't want to do something specifically for college though because I'd like him to be able to use the money for whatever (like if he gets a scholarship then he can use it for a down payment on a house). Any suggestions?
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Re: Saving for baby

  • bpwife&mamabpwife&mama member
    I started a regular savings account for now because, like you, I am apprehensive to start a 529 because it seems as if DH's parents and grandparents are going to be paying for DS's college.  I am looking forward to seeing some responses to this!
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  • dyg201dyg201 member
    We are doing both a savings acct that DH and I will each put $10/week in, and DHs brother opened a 529 plan for him. I'll probably put most gift money into the 529.
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  • Laura62809Laura62809
    I kinda do what you said. I have a regular savings account that I put $50 into for both kids.  The money is intended for college, but if either child decides not to go, then the money can be used towards a house.  There are no other options for that money. haha
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  • namara5532namara5532 member
    My parents are opening a college account for him that we may contribute to.  DS doesn't have his own savings yet though.  We are in the process of looking at houses and property, so we sorta need every penny for a down payment right now. After we get into a house and the finances settle down, we'll discuss contributing to DS's college account and his savings account.  If he gets any money gifts for his birthday, however, I'll probably open an account and put that money there for his future use.  My parents did that for me and, while they eventually let me spend my birthday money, they didn't let me spend from the account until I got my first job.  I spent a good chunk on it on a trip to England in high school.  I'll probably do the same for him and let him spend from it once he's working.
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  • caitie2002caitie2002 member
    We put $75 a month into a 529.  If he gets any monetary gifts I will probably open an ING account for him. 
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  • 03bertie03bertie
    Do you have a financial adviser? You may want their opinion on this. Ours really pushed the 529, I felt like you do about college. But those funds do not have to be used exclusively for tuition. Its for any post high school training...tuition, a trade, books for school, etc, etc. It also can be gifted to other children (yours or someone else's). You can withdraw all the money and cash out but there is a penalty on the interest only, but it seemed minimal in comparison to how much the money can grow. We decided to do the 529 and we contribute every month as well as every check we get for DS and every check we get from our parents for our occasions (bdays, anniversaries). 
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  • mrs.larrymrs.larry member

    image03bertie:
    Do you have a financial adviser? You may want their opinion on this. Ours really pushed the 529, I felt like you do about college. But those funds do not have to be used exclusively for tuition. Its for any post high school training...tuition, a trade, books for school, etc, etc. It also can be gifted to other children (yours or someone else's). You can withdraw all the money and cash out but there is a penalty on the interest only, but it seemed minimal in comparison to how much the money can grow. We decided to do the 529 and we contribute every month as well as every check we get for DS and every check we get from our parents for our occasions (bdays, anniversaries). 

    this. we do the 529 for savings specifically for our sons. we have an overall financial "cushion" savings account for the rainy day stuff. when the boys are bigger and able to earn allowance and/or have opinions on what they want to do with their birthday money etc, we'll open savings accounts for them.

    we are a bit older than some (I'm 33 and DH is 38) so we're going to want to retire shortly after, or during our sons' college years. That is why we're more focused on wanting to make sure that that one HUGE expense is covered. 

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