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How do you save for LO?

chefnicole22chefnicole22 member
in Single Parents
What is the best way to start a savings? This may be a dumb question but I really don't know. Do any of you just go to a bank and put money into an account for them? Or use a savings bond? I want to be able to put money in but not be able to take money out until she is 18 or so, because as horrible as it might sound, I don't want the temptation of using any of it for anything. I know I need to go to a bank and talk to them, but I'm waiting until the money I have saved so far is a less embarrassing number :) So I am just wondering what do you guys do?
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Re: How do you save for LO?

  • preggersin2011preggersin2011 member
    LO received a few savings bonds for her birth, and one of the grandparents bought a few stocks in her name. I'm not really going to do a 529 or another type of college savings because it will count against LO for financial aide, and more and more studies are showing that those who have to pay for their own college get more out of it (better grades, actually graduating, working while in school)  than those that don't receive much help from their parents. It might sound selfish but I was advised to worry about my own retirement savings fund than paying for LO's college.
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  • BrewerFan86BrewerFan86 member
    I work at a bank, and we will open a children's savings account with as little as $25!  People do it all the time, nothing to be embarrassed about.   Most people use it to put any money the kids get from birthdays, tooth fairy, etc. 
    BabyFruit Ticker
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