This kind of thread may be part of the reason why the "Social Media" post is being discussed
Our first born turned 1 this past week (sniff sniff). She's gotten some money from family members that I would like to keep in a safe spot instead of letting it accumulate in the house somewhere with the chances of something happening to it. I'm sure we'll have more to add here and there over the next few years. Relatively simple question here but what are you guys with young children doing with their "gift" money until they get old enough to appreciate it and use it? I have been contemplating just adding another savings acct through our bank but am curious as to what you guys have done.
Young Children - "Gift" Money Savings
- msudawg8087
- Duck South Addict
- Posts: 1548
- Joined: Mon Aug 11, 2008 9:54 am
- Location: Clinton, MS
Young Children - "Gift" Money Savings
SHERMANATOR
Re: Young Children - "Gift" Money Savings
We have simple savings accounts for both of our boys. We use that to make larger deposits they receive from events such as Christmas where there may be a few hundred combined in the deposits. Smaller amounts such as tooth fairy, birthday etc they keep in a piggy bank and spend as they see fit.
Our oldest does have a small investment account that we periodically sweep his savings into. The sole purpose is saving for a vehicle. He's thirteen and we've had this since he was about 5. Just by doing that for a few years he has enough at this point to buy a " very used" truck so in 3 more years he should be ok.
I knew if it all stayed in a simple savings he would find a way to nickel and dime it on withdrawals over a period of time and then it would be up to me to make it up on a vehicle later on.
Probably not the best way but it works for us.
Our oldest does have a small investment account that we periodically sweep his savings into. The sole purpose is saving for a vehicle. He's thirteen and we've had this since he was about 5. Just by doing that for a few years he has enough at this point to buy a " very used" truck so in 3 more years he should be ok.
I knew if it all stayed in a simple savings he would find a way to nickel and dime it on withdrawals over a period of time and then it would be up to me to make it up on a vehicle later on.
Probably not the best way but it works for us.
Re: Young Children - "Gift" Money Savings
Our 6y/o has a savings account. Mom and Granddad (who opened it) are co-signers.
Looking for 2 duck calls from Dominic Serio of Greenwood (ones for Novacaine)
"Most Chesapeakes, unless in agreement that it is his idea, will continually question the validity of what he is being asked to do" - Butch Goodwin
"Most Chesapeakes, unless in agreement that it is his idea, will continually question the validity of what he is being asked to do" - Butch Goodwin
- missed mallards
- Duck South Addict
- Posts: 2168
- Joined: Mon Mar 08, 2004 11:29 pm
- Location: Leland, MS
Re: Young Children - "Gift" Money Savings
Savings and investment acct.
Keep x amount in savings. Everything over goes in investment acct for college.
Might start a 3rd for that car lol
Keep x amount in savings. Everything over goes in investment acct for college.
Might start a 3rd for that car lol
If I don't do it, I ain't gettin nun.......So i'm doing it
Re: Young Children - "Gift" Money Savings
I put it in their 529 college savings accounts. Usually $50 for each kid per event. $10 and less goes to piggy bank.
"Well we don't rent pigs and I figure it's better to say it right out front because a man that does like to rent pigs is... he's hard to stop" -Augustus McRae
-
- Duck South Addict
- Posts: 3999
- Joined: Wed Jan 16, 2002 1:01 am
- Location: merigold
Re: Young Children - "Gift" Money Savings
Short of what I require them to put in the offering at church i let em spend every penny. We get some good lessons along the way but hoarding it up ain't gonna amount to anything (maybe monetary gifts in my family are smaller than yours) and I figure what they learn from using it, spending it, earning it, etc is better than a few hundred bucks on paper.
the doc
the doc
Re: Young Children - "Gift" Money Savings
"Well we don't rent pigs and I figure it's better to say it right out front because a man that does like to rent pigs is... he's hard to stop" -Augustus McRae
Re: Young Children - "Gift" Money Savings
There are lots of ways to save money for a child. My goal was to interest my child in the process. So I bought a minimal amount of Disney stock via an online brokerage account. I know Disney is a liberal company but at the time my child was enamored with all things Disney. I have added to the account monthly and the stock has appreciated. His stock is now worth a significant amount and he has learned to keep up with the stock market.
It has been a great lesson on how small investments with continued monthly additions can grow. The same principal applies to mutual funds or can be done with any stock. The key IMHO is to include the child in the process as they mature.
It has been a great lesson on how small investments with continued monthly additions can grow. The same principal applies to mutual funds or can be done with any stock. The key IMHO is to include the child in the process as they mature.
- msudawg8087
- Duck South Addict
- Posts: 1548
- Joined: Mon Aug 11, 2008 9:54 am
- Location: Clinton, MS
Re: Young Children - "Gift" Money Savings
Well doc really threw a wrench in there and got the wheels a turning. Some great points in there about getting them involved with it. I opened up a regular savings account through our bank just to have somewhere safe to keep it for now but you guys have really got me thinking about what to do with it when she's actually old enough to appreciate it.
SHERMANATOR
Re: Young Children - "Gift" Money Savings
Good topic. Interesting to read different philosophies. We pretty much save 99.9% of what the children get by putting it in savings account and piggy banks. I'm a saver by nature, wanting to have a rainy day fund for when the un-expected happens. Thus the reason I want the kids to be saving and hopefully learn the difference from a "want" and a "need". I know there needs to be a happy medium in there somewhere.
It is interesting to see the difference in the amount $ each of my two kids have received. I bet the oldest has at least twice if not three times the amount of the youngest. I don't think the driving force is the difference in age of the two but the "new" wearing off of grandchildren and nieces/nephews. The oldest was the second grand child and the youngest was the fourth grand child.
It is interesting to see the difference in the amount $ each of my two kids have received. I bet the oldest has at least twice if not three times the amount of the youngest. I don't think the driving force is the difference in age of the two but the "new" wearing off of grandchildren and nieces/nephews. The oldest was the second grand child and the youngest was the fourth grand child.
Scott Baker
Return to “General Discussion Forum”
Who is online
Users browsing this forum: No registered users and 31 guests