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We opened a bank account for our son (2yo). His grandparents have said they will give $500 each year as birthday and holiday and we put in direct deposit $50 per month The goal is to leave it, let it sit, let it grow. When he is 21 or so, maybe he can use it for whatever he is passionate about, a big happy gift, ideally a small downpayment for his first apartment or house. This is separate from his education savings which we have in a 529.
Any reactions? how much do you save for your kid(s)? I'm not trying to keep up or compare financially, I am more curious about ideas for better ways to save, teach about money, etc.
Thanks,
Cam
Nice Cam! We started a savings for our kids, too. Separate from the education 529. We kept the account in our name, but they're separate accounts so easier to keep track. We chose auto invest into mutual funds. The good old fashioned dollar cost averaging. After $100 a month for 10+ years with appreciation, both kids have a decent head start. We're just trying to figure out when to give it to them...likely at college graduation.
We had an account with Fidelity and when our kids were very small opened separate accounts in our name but earmarked for each of them and put in a large initial deposit. Since we had long term goals and are not investment professionals (and don't particularly enjoy meeting with an advisor) we picked a few market index type funds, like a small cap and large cap or NASDQ fund for example. Then we set the monthly investment at $100 for each and have left it alone other than to put in more money whenever there is a day with a large decline. It's been 10 years and we're getting close to a balance that will cover the majority if not all of their college education. If they don't go to school, we'll decide what to do with the balance. It's still in our name after all.... :)
That's awesome work. I wish we could do more, but we do try to put a few $$ in a separate savings account each month. It's a little tough right now, we had to take some of that money, which makes me feel terrible. It wasn't a lot anyway, but we'll keep trying. good luck e veryone.
We put $50 per month in an auto invest with Parnassus. Returns have been average at best, but I'm still happy that we continue to save something. It's simply part of the budget now which makes it easier to keep going. Well done everyone!
Thanks for the information
Great idea very inspirational
Good idea
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Any more wonderful information?