Do your kids have a savings account?

**homesteadmamma** · 01-04-2004, 01:36 PM

We haven't started one yet for our younger kids, but we did for our older kids so that when they left home, they had a bit of savings to fall back on.

I'd like to get one started for each of the kids this year.

**guest2** · 01-04-2004, 01:38 PM

Yep, all 3 boys have one and they deposit half of everthing they earn into their accounts.

**Heather** · 01-04-2004, 03:19 PM

Yes all three kiddos do. The boys are very particular with their money, it's great.....finally!! And what they do purchase they really look after!!

**Michelle** · 01-04-2004, 03:36 PM

Kathryn has a savings account (with very little in it right now), but Lauren doesn't yet.

They both have education funds though.

**lucy979** · 01-04-2004, 03:54 PM

No they don't. That is something that dh and I really need to change. We have been busy paying off our debts so now maybe we can get act. started.

**sunshine** · 01-04-2004, 04:53 PM

All 3 have savings accounts- we require them to tithe first, then 1/3 goes to long term savings. 1/3 to short term savings, and 1/3 is spendable.

**Kimmomo3** · 01-04-2004, 05:17 PM

No, just "piggy" banks but we have them "save " by buying series EE savings bonds, that way they get more return than standard savings and I know it will go to school and not something else.

**paelthom** · 01-04-2004, 08:43 PM

Yes she does. I add to it several times a year, whenever I have some extra or when she has been given money as a gift (I let her spend a little and I deposit the rest). Also all the money in the change jars go into her account. It is being saved for college.

**Mom23boys** · 01-04-2004, 09:23 PM

No they don't, but I wish they did. I have thought about starting them one. I would like to put so much into it a month, but I just keep putting it off.

**rebecca** · 11-20-2004, 07:59 AM

Yes, both my daughters have a savings act. Once every two weeks I give them $10 for their chores. I put it in their bank. If they want to buy anything that I dont' think is a necessity they have to buy it themselves or save up for it. Also, it they receive a good report card I give them money. This money they have to put up half of it and put it in their other bank and save it for college. My youngest one is good at saving money, but my oldest let's not even go there!!!!! Renee

**halo475** · 11-20-2004, 09:20 AM

Yes all 4 have 2 savings accounts. One is really a short term savings that they put money in and pull money from when they need it. It is at local credit union

the 2nd one is at ING direct. I (automatically) deposit $30.00 into each account every month. It is drawn right out of my checking account. I set these up about 2 years ago, and they each have around 500 in them. That money I don't let them touch. It is long term savings for them.

**pqb52** · 11-20-2004, 09:23 AM

Both my girls had savings accounts, now we have accounts for each of the 4 grandchildren. We had to it on their birthdays, Christmas, and periodically when we have some spare money.

**thrifty gal** · 11-20-2004, 12:41 PM

We don't have one for our dd right now, but her grandparents are starting her one this Christmas, so we are going to start contributing to that.

**momof42003** · 11-20-2004, 10:56 PM

Last year the kid's school started a partnership with the local branch of Washington Mutual.. So every Wednesday that there is school they have the opprotunity to deposit any moneys they have. Every three months they get a statement for their account.. Parents CANNOT get into the kids account. PERIOD.. They can go to the branch and withdraw money, but I can't.. It draws some interest too. I enjoy it, and it only cost me a quarter for them to start....Love it.