Any recommendations on what bank to get them at ? Also anyone else save money for their kids using any other methods would love to hear them. I’m located in California.
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I have two bank accounts one for each kid with usaa. When they turn 18 the account is theirs. We live paycheck to paycheck so I can’t save every month but so far I’ve been taking my state taxes every year and split it between the 2 of them. Also every time their relatives send us money for their birthdays I spend half on them for presents and put the other half in their bank accounts.
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I started my first kiddo one of those “college” fund things. And 10 years later I transferred it out to a tax free saving account. (I’m in Canada) because those “investment school” ones take a huge percent when you do withdrawal.
Any saving account that is tax free but earns interest as the money sits is safest bet.
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Yes i have an account for both with capital one but i spoke with a financial planner and was told about a trust for the little humans. It draws interest more than a regular acct and with that i can set monthly limits for them every month as an allowance when they get older verses the bank where they have full access to the money.
So im looking into changing to the trust. You have to have an attorney when getting a trust but i think its well worth it.
Generational wealth is my goal with my two because my family had nothing for me.
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We have 7 soon to be 8 kids. We save $56 a week for them. That’s $1 a day per kid. So when they turn 18 we will use their money to buy them a car. If they don’t want a car or have bought their own they can use the money as part of a down payment on a home, school, or something else that will enhance their future.
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I got my son an account with citizens bank when he was like 1 and a half and you put a minimum of 25$ (I believe) a month and they match it when he turns 18 or something like that it’s called a college saver account. My boyfriend had it all set up so I might be a little off.
We had a separate account linked to our checking that would round up our transactions and put the change in the savings account
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I have one savings account at my credit union. That has money from when he was little. I put my tax refund checks in there. And he has to put half of his grade money from grandparents there.
Then I have a 529 college plan that I put money in for college expenses.
Also, my son has a large cubs piggy bank and all of my change goes in there.
My son is 10 and he has a gohenry debit card. His allowance goes on that and he manages his own savings goals for different things.
I have a 529 (college fund) for our 3 along with UTMA accounts for each one that will transfer into their name at the age of 21. I put their birthday money in these accounts and they are invested in mutual funds to grow over the years. My kids are ages 1, 4, and 5.
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Not sure what the American equivalent is, but we have a Registered Education Savings Plan for our kids… the government matches your contribution if you put a certain amount in it each year. Only had 2 years so far and its grown a lot. I would definitely recommend whatever your American equivalent is investment wise
I feel terrible…I used to save the money he was given for birthdays and whatnot but we had to use it for bills and groceries. I want to set up an online investment account that utilizes stocks to try to make it back. Plus we won’t be able to access it readily.
We have a student account for our teen at chase bank. We opened it when he turned 13. It’s tied to my husband’s account so he gets notifications of deposits and low balance.
I have a 529 account for my little. Think college fund meets 401K. The money is invested and can be used for education, but if they decide to use it another way they just have to pay taxes on the growth of the money.
Every time I get a cheque or payment I put $50 bucks in a account for him
Following for the same. I don’t want my son to have the same stuggles I do.
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Make sure to research accounts to see which one yields the most interest if you’re going to choose a savings account
I started a savings account for my son when he was born that’s linked to mine so I just transfer money in every paycheck. Nice and easy.
I have my kids bank for saving me in my saver account xxxx
I have a Barclays savings account. It actually pays interest.
Piggy banks! saving for all 3 for there sweet 16 birthdays so they can all have cars