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So how are we all handling DC's savings?

franciscazfranciscaz member
in Babies: 9 - 12 Months

All the contreversy made me wonder, how will you handle DC's savings?

We are starting to contribute a fixed amount every month.  When Harmon gets older and starts earning his own money we will insist he contribute to it a little bit as well.  We have a thing in our church: pay our tithing 10%, pay our savings 10% before anything else.  I just don't want him growing up thinking he has a free ride!  That is really common in our society today.

Mom to Harmon 1/17/08 and twins Rachel & Callum 8/28/09 Photobucket 29o0v13.jpg
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Re: So how are we all handling DC's savings?

  • ironmommyironmommy
    I am terrible about saving or even thinking about the future. Thankfully, DH is not. He was worried about Lily's college fund before we were even pregnant! He has some sort of educational account set up for her where you don't pay taxes on the earnings. I don't know how much he puts in or on what schedule, but he is a worry wart when it comes to these things so I am letting him handle it.
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  • E CE C member
    We'll be starting a 529 right around her first birthday with monthly contributions.  She will be expected to contribute when she starts making $.
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  • fiona21408fiona21408

    We currently are putting any money she gets into her savings acct, baptism, b-day , x-mas all in the BANK!  But i as well soon would like to start putting a % in there as well just haven't been able to right now.. WE also would like to open a 529 or something like that for college..

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  • Conway714Conway714 member
    We started a college savings fund for dd, and we will add to it each year. When dd is old enough, we will have her contribute as well and teach her about good money management.
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  • bksp1bksp1
    right now I am contributing a certain amount out of each paycheck.  When she gets older and gets a job she will have to put money in her savings before spending any money.  I don't plan on telling her she can't spend the money in there instead I plan on teaching her responsibility and such from a very young age.  I think finances should be discussed with your children, maybe not in great detail but it is a very important lesson.
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  • kandpkandp
    Right now we put any money he got when he was born from relatives (quite a bit actually. We have alot of OOT relatives who tend to send money when babies are born!) and add a set amount every month as well. It isn't a ton because we can't afford to set aside alot, but it's something. Any birthday/holiday money he gets goes right in.
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  • fiona21408fiona21408
    BTW she has more money in her savings than we do ! LOL we always say "Fiona can we borrow a little" just teasing we don't touch her money..
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  • hippotreehippotree member

    We are contributing a fixed amount to a college plan each month.  If it turns out to be enough for his college education, that is great.  If not, I see nothing wrong with him getting some student loans (and scholarships, hopefully).  Neither MH nor I had one cent given to us by our parents to help pay for college, but we would like to help Henry out since we can.

    That being said, I have no intention of buying him a car or helping him buy a house when the time comes.  IMO those are things that you work hard and save for and should not just be given to you.  I really want to instill good spending habits in him.

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  • Toni1019Toni1019
    Sadly we havent started a savings for any of our kids. We kept sayign we would for our oldest and never did. 1 day we will, hopefully sooner than later.
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  • tmp-354536812503300tmp-354536812503300

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway).

    I haven't started any savings for him yet. I got his life insurance policy that has some savings features to it but have yet to start a college savings plan. I'll get there - hopefully sooner than later.

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  • Jays-n-ShaneJays-n-Shane
    FIL started a 529, and as soon as we get caught up again, we will be putting $20-30/a month or check in a savings for her.   We also have a life insurance policy for her that she can cash in or borrow against when she's older.
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  • jennhawkjennhawk

    From dd's birth, we have been putting away a fixed amount every month. We will add a larger chunk on her birthday every year, and put it in a higher-interest bearing account in a couple of years.

    As far as her contributing, we still haven't decided about her working when she's older. DH wasn't allowed to work in hs, and I had to, but I think it depends on the kid. If she wants to go to Africa for the summer and do charity work, I certainly don't want her to have to work at McDonald's instead. I guess I want her to understand that the money was saved for her, and it wasn't done without sacrifice.

    We still have a lot to think about, but we are definitely saving $ for her with college in mind.

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  • schnappycatschnappycat member
    We have been putting $500/month into a 529 savings plan since DS was born. It's taken a hit with the stock market, but we obviously have tons of time. We will be adjusting it up or down as he gets older and figures out where he thinks he will want to attend college.?
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  • ntbdntbd

    We started an ING savings account for DD before she was born. We put in a little each pay check. DH is really good with finances & has a "plan" for it to help pay for school.

    DH & I were raised where our parents helped us, but we worked for things that we wanted. We both took over the college bills after we graduated. 

    I think we may do the same with DD. 

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  • Toni1019Toni1019
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

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  • BabyS2008BabyS2008
    DH is a banker so I let him handle it. We've put all his money from his baptism, the baby shower, etc into a savings account. He's got some bonds from his christening as well. DH also gives him a $10 a week allowance that gets deposited into his savings account as well. And my mom started a seperate savings for DS to buy an engagement ring for his future wife (I don't know why she wanted to start a savings for this, but she did, so we respected her wishes).
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  • rlthomas7rlthomas7
    He has a 529 and a savings account at the credit union where I work. When the credit union account gets a substantial amount in it, it goes to the 529. Although I'm holding some things in the CU account now, since the 529 is losing money!
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  • tmp-354536812503300tmp-354536812503300
    imageToni1019:
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

    DS just started walking so who knows if he'll even be able to dribble a ball but since DH played semi-pro, DH's Dad was a pro soccer player, my family has had pro baseball players....I'm just keeping my options open. Wink

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  • tmp-354536812503300tmp-354536812503300
    imageToni1019:
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

    DS just started walking so who knows if he'll even be able to dribble a ball but since DH played semi-pro, DH's Dad was a pro soccer player, my family has had pro baseball players....I'm just keeping my options open. Wink

    Of course
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  • tmp-354536812503300tmp-354536812503300
    imageToni1019:
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

    DS just started walking so who knows if he'll even be able to dribble a ball but since DH played semi-pro, DH's Dad was a pro soccer player, my family has had pro baseball players....I'm just keeping my options open. Wink

    Of
    Report Reply
  • tmp-354536812503300tmp-354536812503300
    imageToni1019:
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

    DS just started walking so who knows if he'll even be able to dribble a ball but since DH played semi-pro, DH's Dad was a pro soccer player, my family has had pro baseball players....I'm just keeping my options open. Wink

    Of course if
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  • LoriFalceLoriFalce member
    Birthday money and Christmas money go to savings. A chunk of our tax return will go there. We don't have a normal income stream (no weekly paychecks because I'm a freelancer and Matt's a consultant). We already took one block of stock and moved it into Joseph's name.
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  • tmp-354536812503300tmp-354536812503300
    imageToni1019:
    imageAudreyGolightly:

    I'm hoping DS gets a full basketball scholarship and heads to the NBA. That's my plan for college and my retirement.  (Not seriously but I'm hoping anyway)

     

    LOL its funny you say this because we joke about this with our oldest son all the time! He is very athletic and good. He was jumped to a higher aged Baseball and soccer group this past summer. So I keep telling him to keep up the good work so he can make mama some big money some day! LOL

    DS just started walking so who knows if he'll even be able to dribble a ball but since DH played semi-pro, DH's Dad was a pro soccer player, my family has had pro baseball players....I'm just keeping my options open. Wink

    Of course if he doesn't make it to the NBA, I'm sure he'll be valedictorian of his class and go straight to Harvard on full scholership.
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  • KhloesMomKhloesMom member
    Any money since birth has gone into a savings account and CD's. I regularly shop for the best rates and roll over accordingly.

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  • Abby'sMommyAbby'sMommy
    One thing my uncle does for his kids is when they get any money, for christmas or birthdays, any money, they put half in the bank and can spend the other half. My 16 year old cousin now has severeal thousand dollars saved up. His older brother, who is my age (24), when we were 20, feel off a roof and is now paralyzed (sp) and used all the money he had saved to used until all the medical and legal stuff went through. I think it is never a bad idea to save, and not just for school, but for anything.
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  • lisa777lisa777
    When my DS was born my parents and my brother opened up a college fund for him and the money that is in it cannot be touched by anyone but DS once he turns 18. Everytime we have had an event and gotten money for DS we put it in his account and if my DH & I ever have extra money we put it in the account as well. He has a good amount in there now but of course with the economy being so bad he has lost some money. I hope DS will use the money for college if he decides to go but as far as I'm concerned he is free to do what he wants with it. I don't plan on telling DS about it until he turns 18 and I figure that will be a nice b-day gift to him! Since my DS won't know about this account I don't expect him to contribute to it but I will definitely make sure he has his own savings account when he is old enough so he learns how to save and manage his own money.
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