Do you have any type of savings for your kid/kids? We've randomly saved a total of $400 since he was born but it's nothing consistent. I just opened up a savings account and set it to direct deposit $50 a pay check (so $100 a month) into it. I'm just wondering what you all do? Isn't there like CD's and stuff that's better than just a savings account? Also,what's your plan for it? Does it go to college? Or if they don't go to college, when do they get it? Or is it just a savings for them to do what they want with whenever they want to buy something (I guess when we start giving him allowance it will be for that).

That's a good question too, when did you start giving allowance?!

Thanks ladies!!

Don't have the money

and I don't do allowances.

Quoting Kelly&Coralie:" Don't have the money and I don't do allowances."

Also because you don't have the extra money, or is there another reason? I'm hoping that soon LO can start earning an allowance by cleaning or something. We have him pick his toys up now but it's not real consistent or anything.

We started saving for both the kids when our 2nd was born. So my first got his acct at age 6 and my 2nd got his at birth pretty much. We opened them with the same amount and transfer money every month into them. When they get money for whatever occasion I like to take half and put it in their savings also. My 6 y.o started getting allowance when he was 5 for doing chores around the house. I let him keep that money to spend as he chooses.

Quoting Colt's mommy:" Also because you don't have the extra money, or is there another reason? I'm hoping that soon LO can ... [snip!] ... earning an allowance by cleaning or something. We have him pick his toys up now but it's not real consistent or anything. "

I might give money for EXTRA work around the house. But I will not pay her to do what she is supposed to do (like clean her room or put dishes away or whatever)

I never had an allowance growing up and I don't like the idea of it

We just put all and any loose change into her piggy bank. But we are using it for Christmas. I'm sure after Christmas we will still continue and eventually open a bank account. Loose change adds up.

<blockquote><b>Quoting Kelly&Coralie:</b>" I might give money for EXTRA work around the house. But I will not pay her to do what she is supposed ... [snip!] ... to do (like clean her room or put dishes away or whatever) I never had an allowance growing up and I don't like the idea of it"</blockquote>




I like the idea of allowance because they get taught they have to EARN their money.

Quoting Emma Stone-♥-:" We just put all and any loose change into her piggy bank. But we are using it for Christmas. I'm sure after Christmas we will still continue and eventually open a bank account. Loose change adds up."

lol, yes, we've done this too but we have 2 piggy banks filled!!! What's the best way to cash that in? I hate that I have to pay so much for coin start but is that just the best way to do it?

We started putting $$ aside as soon as we found out I was pregnant. It's not set for anything specific since his college fund will be inherited from grandparents (I want it set up that way so he doesn't blow it on stupid stuff- if he chooses not to go go college he will receive the $$ when he is 30) The $$ we have out aside for him will most likely go to his first car or something? In really not sure if my husband has specific plans for it but when he gets bonds for his birthday we just add it to his $$. I'm still not sure on allowance though, I don't think we will do it but that could change

Quoting Emma Stone-♥-:" <blockquote><b>Quoting Kelly&Coralie:</b>" I might give money for EXTRA work around ... [snip!] ... like the idea of it"</blockquote> I like the idea of allowance because they get taught they have to EARN their money."

And I dislike it becasue she needs to do her chores regardless of being paid. I'd rather her not need the motivation of money to accept personal responsibility

Quoting Emma Stone-♥-:" <blockquote><b>Quoting Kelly&Coralie:</b>" I might give money for EXTRA work around ... [snip!] ... like the idea of it"</blockquote> I like the idea of allowance because they get taught they have to EARN their money."

This is why we do it. To teach him the value of money and how to spend it wisely. My son will hoard his money for weeks to save for something he wants. I think its a great way to teach life skills.

We don't... But what would we be saving for? Their college is covered. We will take care of books for them. They have life insurance. So do we.
what else would we be saving? I'm not handing them a wad of cash when they grow up and move out. I will pay for college but they need to learn to be adults and provide the rest for themselves. They can get a summer job as teens and save up for things like a car. That's what I did. I enjoyed the responsibility and it taught me a lot.

Quoting Emma Stone-♥-:" <blockquote><b>Quoting Kelly&Coralie:</b>" I might give money for EXTRA work around ... [snip!] ... like the idea of it"</blockquote> I like the idea of allowance because they get taught they have to EARN their money."

This is what I'm thinking, and it will also teach him how to save up his money to get a toy he wants instead of me just spoiling him and getting it for him, lol. I try not to spoil him but it's so hard when I know he'll love something! I'm not as bad as some parents I know IRL, so that makes me feel a bit better.

Quoting *Cade*Mak*Col*:" We don't... But what would we be saving for? Their college is covered. We will take care of books for ... [snip!] ... summer job as teens and save up for things like a car. That's what I did. I enjoyed the responsibility and it taught me a lot."

This makes a lot of sense. I guess, I want to save for college then. My mom paid $12,000 for my college and I want to pay for LO's but if he goes to a regular college instead of a community one like I did, I don't want to be screwed, or have him have huge bills to pay back afterwards like a friend of mine does.

We started from the start, and then had to take a major break when dh lost his jobs. We're starting over now, slowly, but surely.

We do not do allowances for general chores, but we do have a list of extra jobs that can be done for money. My 4 year old does them occasionally when she wants to buy something extra (she wants to take a train ride at the mall and it is like 3$ a pop! She told me she'd earn the money for it.)