Do you put money aside for your child?

Question

Do you have a savings account for your child or unborn child?  How much do you put aside for them fortnightly/monthly?

Answer

It's on my to do list Im planning on  putting £5 a month in a savings account till she's 16.
Also as she gets older and receives birthday money from people we will talk to her about spending some of it and saving some to.

Answer

Yes. We only put money in once a year honestly.  Any money he gets throughout the year goes into a little box and when my husband gets his end of year bonus, we deposit all that money in one lump. 
So Some unsolicited advice... Talk to a finacial advisor. I wish i had before opening a 529 for our son. 
FAFSA looks for 529 accounts before contributing help to students.  What they don't look for is a Roth IRA. My financial advisor had me open a Roth IRA for my retirement and we are soon moving my sons college savings into that.  Now we can contribute to our future and our kid's future. You can't take from a Roth IRA all willy nilly but can take money unpenalized as a gift for education.    So thats what our plan is now. We will build for our retirement faster with the extra money in there and be able to still take money out for college expenses.

Answer

I put $25 away for each of them every week

Answer

Absolutely!👍🏾🙌🏾 We started a savings account and a college savings account for our daughter when I was 28 weeks pregnant. We started the savings with $10,000 and the college savings with $5,000. We deposit $200 monthly, my parents deposit $200, and my in-laws deposit $100 into the savings account. We deposit $200, my parents deposit $150, and my in-laws deposit $100 into the college savings account monthly.👌🏾

Answer

I wanted to start doing this when I was pregnant but unfortunately didn’t have the extra income, I’m on maternity leave now but once I go back to work I plan on putting money in the account I set up for her. I’m hoping to put $25 per paycheck in and letting it grow. Once her father starts paying child support I’ll up that to whatever I can afford at the time. 
My goal is to be able to teach her about money management with it. So when she’s old enough and really wants something I can teach her about good financial decisions and that if she really wants it, she can have it, but it means that she may not have money for the next thing she really wants.
And of course, I’ll always keep money in there for her education, and other big expenses for her future (car, prom, etc.), and hopefully a fun trip when she graduates high school/college.

Answer

Yep, we put about $200 a month into an account for our baby (due in September) so we can get ourselves set up with everything we need. Once baby is born we will switch it to a savings account for education. We've been doing this for about a year. I wanted to be able to buy the best products without the strain of how much it'll cost.

Answer

His grandparents have started an account at $500/month. We figure it's easier for us to just add to that account than have a separate one, so we will start at $200/month and see how that works with our budget and other expenses and adjust as needed.

Answer

Currently, no. But I will be building a trust fund for her in the next year or so.

Answer

We have been doing 10 dollars a week since he was born, but I had also saved like 700 when I was pregnant to start his account off and put what I got from the baby shower in there too. When things are a little more settled like my car being payed off I'll put more per week

Answer

Yeah. I have three kids and put 50 bucks each a month into their own RESP for their college fund

Do you put money aside for your child?

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