Saving up money for child?

Question

How do you feel about starting a savings or cd for your child? And how much do you think you should save? We personally want to teach our child about having a good work ethic and only plan to help them a little for college.

Answer

Any good financial adviser will tell you that if you can't save for yourself, don't attempt to save for a child that doesn't exist yet. Get yourself in order first.

Answer

I plan to pay for my kids college AFTER they graduate! We will save money but they won't get a dime until the graduate. I think if it's completely free they won't take it as serious. DH and I both went to college. His was 100% free, thanks to his grandparents. Heskipped classes   and didn't take it as serious for the first couple years. I didn't get a dime from family, worked 40 hours a weeks and payed my own way. In the end, we both ended up graduating with honors but my GPA was higher and I rarely skipped classes etc.

Answer

I'm saving some for each of my children,  but my personal savings are more important to me.... they don't give out grants or loans for retirement.

Answer

When I was born my parents opened an investment saving account for me and saved about 50k. 
It was used for my college and other expenses related to my education. 
My education never financially hurt them and they were able to save it long before I went to college.

Regardless of what your child does, it is important to have the money set aside to help him become educated or to buy his own him.

Having this enriched my education which was already formed on fondational values such as 'hard work' and 'commitment.' I worked all through college and even contributed to my own tutition.

I own two homes, have an advanced degree, and zero thanks to my parents early investment in my education. If you can save, you absolutely should.

Answer

I'm not saving anything for their college, they'll be taking out loans like everyone else. My kids and I we will be paying off loans at the same time bahahaha!

Answer

My parents paid for my college (I lived at home). We plan on paying at least 4 years for both kids. Plus we have a small fund we are saving to help w their weddings. My parents did the same for me an all my siblings.

Answer

We're really into finance and saving, so we already have an education fund and a general savings fund set up for our son. The two accounts have different tax structures, gift amount caps, and payout requirements, in case you are wondering why we're doing both. He'll get a Roth IRA as soon as he's old enough to have a job (probably 15 or so) so he can start saving for retirement as well. These accounts build exponentially over time, so even if you just set aside a little bit when they're very young, it can grow to a very substantial amount by the time they need it.

Answer

The world is getting more and more expensive, housing and education is much more expensive that it was 10 years ago. I'm planning on having kids in 13 years, and I can imagine it would be much more expensive then. I don't see what's wrong with helping them out a little bit. No one is self-sufficient when they first become an adult.

Answer

When my daughter was born I opened up an account for all of her gifts. We don't add other money in there for now but any cash she receives as gifts goes in there. She is almost 3 and we have about $3500 in the account. My parents didn't have any savings for me and I had a partial scholarship, some student loans and grants, and they contributed a bit as well. I'm not worried about that.

Answer

My in-laws paid my husband's undergrad tuition. They told each of their kids how much they would pay per semester and luckily it covered his tuition. But rent, groceries, entertainment, etc. was all on him to pay for. I think we will do something very similar with our kids, with one added stipulation: they have to maintain a certain GPA, it will be like a scholarship. None of my in laws took advantage of their parents paying tuition, but just in case I want that rule in place.

Saving up money for child?

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