Savings Accounts for kids

Debbie - posted on 01/30/2009 ( 1 mom has responded )

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I was thinking about getting each of my kids a savings account and putting $100 into it. I thought I'd tell them that the $100 has to stay in the account, but it's up to them to add anything else to it. My kids are 10, 7, and 15 months. Do you think it's a good idea for the 10 and 7 year old? My 10 year old pretty much spends money as soon as he gets it so I'm not sure if it'll be a wasted effort. I don't know if they'll like the idea of not being able to have easy access to their money and I'm not sure what I can do to help them learn to save. Any ideas?

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Crystal - posted on 01/30/2009

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I have savings accounts for all of my kids. I take all birthday money they get, and half of it gets put into their account and the other half they get to use for whatever, and every year my husband and I add 100 to their accounts.

When they are 18 we will allow them to have full control of their accounts to use hopefully for college because we don't plan on paying for any of their college education.

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