Savings Account for LO

[2mrsks (mrs&mrsk)]

Savings - baptism$ in a youth Acct that earns 3%- for his future car, etc.

Also a 529- thru state for college

[cougarette]

My ILs opened a 529 and my parents opened some sort of a savings account. DH and I haven't opened anything and haven't contributed anything. We're still working on paying off my car (shouldn't be too much longer), then working on our retirement accounts.

[seamonster]

We just have a 529 to save for college.

[tortor4]

We opened a savings account for her at our credit union. $20 from every pay automatically goes in and we put her baptism money in there. Our plan is that she can use it for college or if she decides not to go to college maybe a down payment for a house or her wedding. I also have a piggy bank for her that I'll put random dollars with post it notes about where the dollar came from or what we were doing around the time we got the dollar. I want her to use that for something fun.

[RedGiant]

We have a savings account for each kid, and deposit $100 each month. Thinking about 529, but need to look into how to use it if kids don't go to college.

[kaydee0402]

We have a savings account at our credit union. Right now it's just baptism money from my parents and sister. When we pay off the car, I'd like to contribute to it. I'll also probably put in $100 each birthday. He also has a piggy bank where I put random dollar bills and coins. It has a few .50 cent pieces and $2 bills from when I was a kid

[taberbtb]

DH and I opened an RESP for LO and I *think* it's invested in mutual funds. I wasn't sold on the idea, and wanted to just do a general savings account so the there would be no issues if DD didn't pursue post secondary or had it covered by some other means. However, the funds can be transferred or split between siblings and they only need proof of enrolment to access the money. So if they receive scholarships or go into a trade they can still get the money for residence, a new car, whatever they need.

As well as it being tax-free there are also some grants associated with an RESP and in the event the money isn't used it can be transferred into our retirement savings.

[taberbtb]

@tortor I like the idea of notes with the $ you put in the piggy bank. I might steal that!

[dreemkin]

We have a savings account for any money she receives (baptism, future birthday...) and a 529 we just started. We have one for DD1 as well. I figured it'll at least help when college rolls around (it can't hurt) even though it probably won't end up cover much bc the prices will be astronomical by then.

[junebugjam]

We just have a regular savings account also. So far it's just baptism money, but we plan to try putting some money in at the end of each year when my husband gets his bonus from work, and any other time we might have a money surplus (ha).

I was advised by many people to open a 529 but I had concerns about what would happen if he didn't go to college, and I didn't have the energy to research it at the time.

[dreemkin]

I had the concerns about the college thing too but I'm pretty sure you don't lose the money, it's just heavily taxed. But, personally, here's how I think of it: in about 20 years I just don't think it'll be feasible to not go to college or get some kind of further education. Unless we have a future celebrity/pro athlete on our hands

[2mrsks (mrs&mrsk)]

Oct 16, 2015 8:19:15 GMT -5 dreemkin said:

I had the concerns about the college thing too but I'm pretty sure you don't lose the money, it's just heavily taxed. But, personally, here's how I think of it: in about 20 years I just don't think it'll be feasible to not go to college or get some kind of further education. Unless we have a future celebrity/pro athlete on our hands

and then you dont need the $$ lol 

[mmarie]

All we have so far is a piggy bank DH and I put all our spare change into at the end of the week. I have had to take some here and there so I have money for vending machine snacks at work. Last time I counted it, there was close to 100 bucks in it! We auld like to open something real soon though