do you have a savings account for your child?
By kuting
@kuting (885)
Philippines
July 14, 2007 12:59pm CST
im planning to open up a savings account for my 8 month old baby. local banks here offer fun savers club that give other benefits that i think would be really helpful for me and my baby like discounts at specialty shops, toy stores and amusement centers. other than that, they also have incedental fund for the child beneficiary in case of accidental death of parent, and insurance for the child.
i also thought of getting an educational plan for my little boy's college education. but these companies no longer give the assurance or guarantee of your money because one of them went bankrupt and left a lot of their clients at lost. that's why i think much more of just a saving account for my baby now.
how about you moms, how are you saving for your baby's future?
2 people like this
3 responses
@Gemmygirl1 (2867)
• Australia
15 Jul 07
My daughter is 13 months old, we haven't gotten an account for her yet because we haven't gotten her birth certificate yet - here in Oz, we have to pay for the certificate & you cant open a bank account without one.
They don't make it easy for you but never mind.
Here in Oz, most people don't have college funds because college isn't as important as it is over there & you don't HAVE to go in order to have a good job or career.
As soon as we have her birth certificate paid for & received, we'll open a super saver account for kids since it has no account keeping fees & a really good interest rate!
Also, for every $1 we put in our daughter's account, my parents have offered to match it so she'll have a nice amount by the time she's old enough to need it!
1 person likes this
@kuting (885)
• Philippines
16 Jul 07
wow that's great! its good to have people that help you with your child. im a single mom and my parents help in taking care of my baby but also they still need financial assistance from me from time to time so there's really no one to help with my child in financial matters. good luck and thanks for responding!
1 person likes this
@djbizmonkey34 (633)
• United States
16 Jul 07
I'm planning on starting one for my daughter when she we get her social secuirty card in the mail. I think it should be here within the next couple of weeks. :)
1 person likes this
@smartmom (826)
• United States
19 Jul 07
We don't have much either, and believe me my kids' accounts aren't big, but we have started them, and we make sure to put in a little extra once in a while. We usually double up our oldest son's pocket money so that he gets the amount of money from us that he saves up for his acccount. I know how college costs are extreme, so it is better to start early.
If you have not done so already, I would definitely suggest to open up a Upromise account. It does not give much, but it is money from the companies whose products you usually buy. A little bit is better than nothing, and it all adds up in the end.
Good luck with saving... a lot of parents don't even start thinking about saving up for their kids' future before they are about to start college.
