How to give kid money for college

KayleezMom · **How to give kid money for college**

My nephew's 2nd birthday is coming up. He has soooo many toys and clothes that he doesn't need anymore. If I wanted to give him money for college/savings, how should I do it if he doesn't have an account? I was thinking about giving him something like $25 or $30 dollars.

MandaRenee · 06-25-2007, 12:37 PM

My grandmother did this for us girls. She set up an account through her bank specifically for me and each year at Christmas I would get a card saying a deposit had been made into my acct. Then when I went to college, I got the money.

It was so nice and a great way for her to ensure that the money was really used for college. I am going to do this for our little girl because our families are already going overboard buying for her so we'll buy her things she needs and make a deposit into a savings account. That way we eliminate extra junk and help her with college some.

Me&My2girls · 06-25-2007, 12:54 PM

My aunt and uncle give my girls a savings bond every year for their birthday and for Christmas. We always put it in their lockbox...you buy them for less than they are worth when they mature! Svings bonds are great!

KayleezMom · 06-25-2007, 02:21 PM

Thanks, I was wondering about Savings Bonds. Maybe I will check it out. I think I may have to get his SS though, but that is okay!

ember15 · 06-25-2007, 08:16 PM

Yeah I Savings bonds are a great way especially when they have years before they are used. I never used any of mine because they were given to me when I was a teen so the oldest is only 15 years old Still I see have them for the posiblity of grad school in a few years. I have a savings account for DD we put money that is given to her in there for college when there is enough saved we will see about opening something higher yeild.

pandi410 · 06-25-2007, 08:28 PM

If he doesn;t already have a college fund set up, savings bonds are great. And, you don;t ahve to have HIS SSN- you can use yours if you wanted it to be a surprise for the parents. I think its a great thing to give him $$ - he doesn;t know any different now, will get plenty of toys anyway, and will so appreciate the money down the road!!

Kellyandgirls · 06-25-2007, 08:43 PM

I love when family gets my ids money!! it goes right into the Collge funds!! Even te 5$ they get from dh sister!!! it all gets to good causes!! Now that they ae older I let them keep some money they get get (usually a 1/3) of it to save for somehng they want and the rest goes to Collegefund we have in IRA accounts! my parents started!! I beleive there is no better gift than education!!

swishina · 06-26-2007, 10:02 AM

We are doing the same thing for a nephew. We asked his parents, and surprisingly they did have an account for him, so we sent a check in his name. the savings bond sounds like a great option.