Kid's $ saved

[reagan75]

Another thread got me thinking...

How much do your children have saved in the bank? How do they get $ to deposit? When they get money do you allow them to keep a percentage to spend and deposit the rest? Do you have it in a savings, certificate of deposit or checking?

 

[WDWorBUST]

This is a good question. My daughter has CD's and a savings account, but she doesn't know about them. She is getting to an age where I am really trying to teach her money management and a savings account she could take her money to and deposit herself is a great idea (her account is currently through ING). I'd love to hear how others do this.

 

[StitchBuddy]

I have a 13 yr old DD, she pet sits and I make her save between 40% and 50%, example she just made $175, she saved $75. When she was younger and got money for b-days, I would always have her put back half. As a result, she is very good at managing money and can make her money last. I have also taught her not to impulse buy.

 

[PollyannaMom]

DS actually has two savings accounts - one was started as a college fund for him when he was a baby, and has a "sub-account" (I just keep track on paper) for his first car. (He came up with that on his own - started saving a portion of his allowance toward it when he was about 7.)

The other was started last summer, when he participated in a reading incentive at a local bank. He uses that one to save his spending money for vacations - from birthdays, report card money from Grandpa, etc., so that it's not just sitting in his piggy bank, easy to get at and tempting.

I don't require that a certain amount from things be saved, but I do encourage.

 

[Kitzka]

DD11 has 2 savings accounts. One is her trust account where we out the money she has earned modeling. She wont be able to touch any of that money until she is 21 (there isn't that much in there but I like knowing it's separate). Then she has another savings at a local bank. We opened it when she was a baby and put all the money she would get for birthdays, holidays etc. Now that she is older she puts 1/2 of the money she gets for birthdays etc and $1.50 from her weekly allowance into the account. She is saving for either collegenspending money or a car.

When/if she wants a big ticket item that dh or I won't pay for she has to save the allowance she has left. Her savings is not for these types of purchases.

Usually she isnonly depositing the $1.50 into the account but it's a bit chunk of her $6 allowance and we are tyring to teach her to save.

Lara

 

[Leajess99]

All of my kids have savings account but they all have different ideas on saving their money. My oldest is a soccer ref and made to save at least half of each check. My middle one likes to spend her money so she has less saved My youngest is my saver. She loves watching her bank account grow.

They earn money by doing chores or helping their grandma. They also get to keep the change they find.

 

[paysensmom]

I like the idea of saving half of the birthday money! I have always just let them spend it however they wanted.

As for an account, each of our children have a savings account that we add $50 to every month. That money will go toward their first car. Thanks to the military, one of our children's college is paid. My husband joined the military from Texas so he also has the Haywood act. That pays for a Texas university, they are trying to make it transferable to children. IF that happens, then we will have both of our children's college bills paid! yahoo!

 

[PHXscuba]

We having long-term savings accounts for our older kids, sub-accounts under ours so there are no fees. They put around half of everything they make (allowance, pet-sitting, lawnmowing) into their bank at home and we take it to the bank about every quarter.

DH made them a sweet offer -- he would match what they put in, as long as they use it for college or wedding. He told them he gets "his" half (plus half the interest) back if they want it to blow on something dumb.

We also have 529s to save for college that they are not really aware of. We are putting aside some $ to defray the expenses, but they will still need scholarships and/or summer jobs for some of it.

PHXscuba

 

[kkmcan]

My kids have savings accounts that dh and I used to contribute 2 monthly. The kids also used to put money in whenever they had large chunks of it from brithdays etc.

Recently they wanted high dollar items- dd wanted a mini netbook and ds wanted an ipod touch. They saved their xmas, birthday and chores money. They did some extra work for grandparents, sold some unwanted items on ebay, dd did some babysitting and 6 months later they were able to buy their items! So they haven't contributed to their savings accts in a while since they have been working hard towards their electronics.

They are good savers. And they seem to spend their money wisely. They are not allowed to buy candy, junky dollar store toys. We ask them about what they would really like to buy and then we encourage them to save for it.

 

[indimom]

Our kids put more like 75/80% of their income into their accounts. DD has a regular babysitting job. She and DS also earn money doing odd/extra jobs around our house or for relatives. Birthday and Christmas money we leave up to them since it's a gift. They usually spend about half and put the rest in savings. They really enjoy watching their accounts grow.
DS decided about 6 months ago that he would like a new game system. I told him I was NOT going to buy another because they're expensive/he gets tired of the games too quickly/and he doesn't play it that often anyway. He decided he was going to earn the money for a new system himself - saving the money he normally would be allowed to spend. He is about half way there. He's worked sooo hard at it, looking for work, putting every penny away, that DH has talked me into buying the new system and the first couple games for his Christmas present this year. We'll let him keep the money in the bank. He has really impressed us with his drive.