Saving For Child Future?

Question

My husband and I have opened up a bank account for our toddler and placed $5,000 that they have already earned from birthdays and holidays. We are putting in 300 a month so that when they are graduated and going to college they will have a nest to build on like we did.  We are upper class and can easily afford this and we have our own separate savings empire that we build on monthly. 
Are any of you saving for your child’s future?

Accepted Answer

Why does this sound more like a "haha we're rich" brag than a question?

Answer

Your toddler has already received 5k from a couple bdays and christmases?

Answer

My kids each have $250,000 in an account, collecting interest. Any other children will have the same. My husband and I each received an inheritance (mine was from a trust fund and his was from a sudden loss of a family member) so we are very fortunate to be able to save for our kids.

Answer

Damn. You say you're upper class, but you've only managed to save not even a weeks worth of wages, and most of that was bday money from other people?
And now you're tossing a lousy 1% of your income (or less) into your kids savings account? And you call that a nest egg?
Sounds like you could use a money management class.....

Answer

Nope. Dont have kids and I dont want any.

Answer

I wish my parents did this for me. When I get out on my own I'm going to be broke BROKE. I only have 900 in my account from finding a missing pet and that was all me.

Answer

Absolutely!!!👍🏾 Our daughter has a savings account and a college savings already. We started both when I was only 28 weeks pregnant. We started it her savings with $10,000 and her college savings with $10,000 as well. We deposit $150 into her savings monthly, my parents deposit $200, and my in-laws deposit $100. We deposit $200 in her college savings monthly, my parents deposit $150, and my in-laws deposit $100. My parents did the same for me and I still have money in both my savings and college savings.👍🏾 My in-laws also did the same thing for my husband!!! We thank God they looked out for our futures because we both went through undergrad and grad school with NO student loans.👌🏾 We are both working on Doctoral Degrees and us still using money from our college savings to fund it. My husband took some of the money from his trust fund to start his business (a gym). He is a college football coach so he could have easily afforded to start the business from his money. I also used some of the money from my savings to start my Educational Consulting Business. Saving and investing is really important. We want our daughter to live the very same lifestyle we live when she becomes older. It feels great to live debt free and basically buy whatever we want. We want that for her!😊 Saving is a way of creating wealth!👍🏾

Answer

My grandmother opened up a savings account for my son. There’s only like $300 in it right now lol but you have to start somewhere. I’m not really financially set to be saving up a lot, but someday I hope to add to the account weekly. I keep a change jar that I’ll put in there once it adds up.

Answer

I had to pay for my own college and so did my other 4 siblings, if we chose to go. I would love to send my children to college though. It would have been a huge stress lifted. Good for you guys. To answer your question though, no we have not opened an account for him. I do plan to do so, only after all our debt is payed off. I’m a SAHM, and husband is law enforcement, so definitely couldn’t afford $300 a month though 😬 not a dig on you, I think that’s awesome you guys can afford it!

Answer

Saving.. in a piggy bank though. 🐷💰

Saving For Child Future?

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