Savings Account

SimplyMe111 · April 2013

Anyone starting a savings account for their little one? If you are a mom already what do you do? As in how much money you put towards it and how frequent. Just wondering, my little girl got a good amount of money from the shower so I figured why not start an account.

burkems · April 2013

Yep, we did this with shower money for DD. we just put any money she gets for gifts in it, and will occasionally contribute to it. It's for spending money when she's older.

We also have a separate college savings account that we contribute a set amount monthly to.

BeesMomma00 · April 2013

When my DD was born, some people gave us checks for her. Once I received her SSN, I opened a custodial account at my credit union for her.

I took the gift money and deposited that, and each paycheck I transfer 50 into it. About 100/month. She has 2500ish in there now and she is 19 mos. all gift money goes into the account as well.

kmcd23 · May 2013

I'm starting once as soon as he has an SSN with ING. Or whatever they are called now. Capital One 360?

For now, I'm just putting gift money into it, but not contributing regularly. We're working on rebuilding our emergency fund from a crazy year last year, and that takes priority. Maxing out retirement accounts is the next goal. Then a college savings plan. After all that is accomplished, I'll contribute regularly to his savings account, but by that time, he'll probably be able to, too! Lol

miraclemarie · May 2013

Once we get her SSN we are opening her up an account that she can't touch the money in until she is 16 or 18. My DH and I are able to take money out though in case something comes up. We plan on putting at least 50 in her account a month if we can financially.

burkems · May 2013

nola78:
I know my husband started some account. nbsp;Of course I can't remember the name, but it's one where you can put money in before taxes but then it can only be used for education or else you pay a penalty. nbsp;I'm sorry I'm horrible with the finance stuff. nbsp;I know that he's been putting 500/month in there for her since the 2nd month of pregnancy. nbsp;

529. That's our college savings plan as well.

babyo52 · May 2013

I am so glad you posted this. I have been wondering about starting a savings account and 529 but just hadn't yet.

AlyssaJoy1210 · May 2013

burkems:
Yep, we did this with shower money for DD. we just put any money she gets for gifts in it, and will occasionally contribute to it. It's for spending money when she's older. We also have a separate college savings account that we contribute a set amount monthly to.

This. We put all birthday money, Christmas money, etc. in DS's savings account, and he has a college savings plan too. We have a set amount we put in per year.

MrsRKJ · May 2013

Our bank has a college saver fund where you have to deposit a minimum of $25 a month until they are 18, then they get a bonus amt from the bank. We're having a automatic transfer from our checking account each month so we don't have to think about it.

Any money he gets from special occasions, birthdays, etc will go in there too

BeesMomma00 · May 2013

We decided against a 529 and are doing straight savings. Here is a good article on the pros and cons of a 529.

https://www.petersons.com/college-search/529-plan-pros-cons.aspx

Savings Account

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