A Child's Financial Future

Sylvia - posted on 04/13/2010 ( 6 moms have responded )

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Good Evening,

What is a standard age to start preparing for your child's financial future. What various aspects of your child's life would you prepare? College, Savings, Car fund, splurge fund, IRA or all of the above? Why or Why Not?

Good Day
*wink*

6 Comments

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Alexis - posted on 01/25/2011

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We are saving for college for our son, however we also don't want to teach him that everything is free and that he doesnt have to work for anything, therefore we will not be saving for a car or splurge fund. When he starts to earn an allowance we will start teaching the value of a dollar and how to work for what you want. Even when he goes to college we will have expectations of him since he will hopefully have the freedom to not have to work while attending classes. While it can feel good to provide every dime your children will need there are still some lessons they need to learn and certain things in life they need to accomplish on their own. For example, if after you are done paying into all of the above would you still have the needed funds to retire? If not how is that teaching your kids to be responsible with money and life planning?

Stifler's - posted on 09/09/2010

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I have to plan for my own financial future. My child can fend for himself, I did.

[deleted account]

As early as possible!

Currently, my husband and I are getting our financial situation under control. We should be debt free except the house by this fall at the latest. Once we do that and get our retirement straightened out, we will calculate what we need to put away for our daughter's college. Ideally, I would also like to start saving for her wedding. As far as the car, we will probably help her buy an old used car. I think it would be nice to match what she has saved towards a car.

[deleted account]

I opened a savings account for my boy at the credit union a few weeks ago. (He is 1) Any money he has received as gifts went in there. I HOPE to use it for college when he's older...
But as far as a car fund, or a splurge fund... no. I had to buy and re-build my first car, just like all 7 of my brothers did. He will have the same. I do want him to have some financial security, but I also want to be sure he learns how to be responsible and earn what he wants.

Erin - posted on 04/18/2010

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We started savings (RESP's) for my daughter when she was born. We get $100 a month from the government to assist with this for the first 6 years of her life and that goes immediately into her RESP. When she gets larger money gifts from family members this also goes into her RESP. For now we just put all her money into this education fund since there are also tax and government matching programs so she's only 2 and has more money than us now! LOL We will just be responsible for helping her with her education all the other things are extra's and she can earn her own money for those when she gets older as it will teach her to appreciate that money doesn't grow on trees.

Oliver - posted on 04/14/2010

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I started a savings account for Tristan before he was even conceived. I don't think it's ever too early because you want to accumulate as much as possible to help them with whatever they need as they get older. When I was 21 I started a savings account for my future children and let it sit while putting money in it occasionally.



Unfortunately, the children I expect to have after Tristan will not get a savings until they are conceived.

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