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Starting a savings account for your kid

Being a parent in a family means juggling a lot of things, some of those things are working and staying afloat financially. Whether you are a work at home mom looking for new ways to make money online or need tips for trimming the family-budget, use this forum to talk to other Moms and Dads about anything to do with money, employment, business, credit and so forth.
Posts: 51
Joined: August 5th, 2012, 2:29 am

Starting a savings account for your kid

Postby MikePryor » August 5th, 2012, 3:15 pm

When I was in third grade, my parents setup a savings account for me to help me learn about saving money. I would do the same for my kids to help them learn about saving and so that they will have a bit of money for college or the future that they are in control of.

How much do you think they should be given at first? Of course, they would have to be taught not to splurge and only to save.

Posts: 50
Joined: August 5th, 2012, 6:25 pm

Re: Starting a savings account for your kid

Postby angie828 » August 5th, 2012, 6:50 pm

I have a savings account for the kids but they are not allowed to take anything out of it. They can add as they wish, and we add to it as well but never take anything out.

Posts: 39
Joined: September 2nd, 2012, 8:09 pm

Re: Starting a savings account for your kid

Postby timajdad » September 16th, 2012, 8:38 pm

yea I agree save, save, save they have to save a portion of their allowance every month, so once money hit that account, no, no, no. We let them spend some, and encourage them to do something nice for someone else.

Posts: 6
Joined: October 3rd, 2014, 5:32 am

Re: Starting a savings account for your kid

Postby cyrahaz » October 3rd, 2014, 5:46 am

The right step in preparing for the future.

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