Just curious who has a savings account for their LO, we just opened one up for her with some money she got from her great grandparents.
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Yes, she does. It was very important to my husband to have one set up for her.
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Yes, we have accounts set up for both kids. And my in-laws have an account they keep for the kids, too.
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I don't have any kids yet but we've been setting aside $100 a month for about a year now and will continue and add when we have kids.
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We have two 529 college funds and a savings account for LO. I wonder if there is a smarter option for the savings other than a traditional savings account; since LO won't need the money for quite some time....
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My LO is only one week old so we haven't made it to the bank yet. However, his grandparents and great-grandma have both given us checks to start his college account.
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@yoursilverlining: I was wondering the same thing, If anyone has any input on this that would be great!
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similar to @anonysquire: , we don't have LOs yet, but we've setup an account for them a couple years ago and always put money into. They have more in their savings account then we do! haha.
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Yup! We put in $ that we saved during the pregnancy and recd from the gparents.
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We will when the baby arrives! Question though! Is the account actually in the baby's name (and then I assume it needs a co-owner for the account?)
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@shopaholic: Yes, we have her account under her name (we needed birth cert. and SS card to open it), but my husband and I can obviously access it. Once she's 18 we will let her take it over on her own.
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Yup! We started a savings account shortly after he was born. One of my Dad's clients found out he had just had a grandson and gave us some money to put in his savings account too! Ww felt very blessed!
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Yup! After she was born, she was receiving a lot of money so we opened an account for her.
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Her grandparents started a trust for her when she was born.
That's the only "savings she has." DH doesn't want to open anything for her because he thinks it's unnecessary. -
We have a 529 plan and also a savings account for LO. One is for school, and in my mind the other is for things like field trips, a car one day, and spending money for college etc etc
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@Bao: @yoursilverlining: Look into an UTMA account. It would be in the name and SSN of the child with you as custodian. They operate like regular brokerage accounts so you can actually invest and grow the money rather than just having it sit in cash and earn basically nothing. Funds in UTMA accounts are only restricted in the sense that they must be used "for the benefit of" the minor. It's not strict like a 529 that must be used for higher education.
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@MamaMoose: Great, I'm going to look into that! Thank you.
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@MamaMoose: great, thank you! Will look into that tomorrow. I knew there had to be a smarter option than just a regular savings account, but didn't know what it was; thanks!
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Canada has a great educational grant program where at the minimum, they will contribute $500 if you deposit the max contribution of $2500/year. Contributions can go into any type of fund. We opened one as soon as she got her Social Insurance Number card!
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@Rubies: did you also open a cesg? i found that many of my friends didn't know about it.
ETA: oops, i meant RESP but applying for a cesg! major mommy brain this week.
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Yep, we got some money for her at our baby shower and opened and account right after she was born.
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I opened an account for her that I put money in every month. But it's under my account, not in her own name.
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DH opened an account for our future child when I bought us a trip - he matched what I spent and started the account! We will probably start an RESP (Canadian) when baby is born.
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@Bao: Thanks for the info!
@chopsuey119: I think a trust is a good idea and maybe grandparents would do it for LO too. I don't think access to their money once 18 is such a good idea. I can only imagine what I would have done if I had a good size account free for my use at 18! lol
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