Change Jar & Kids' Savings

GoPytn07 · **Change Jar & Kids' Savings**

I think the change jar idea is wonderful!!! Before I had kids I was amazed at how much I could save and cash in on a rainy day! But now I tend to throw all my loose change in my kids' piggy banks and have none for myself. How do you all go about saving for your children? I've been thinking about having an auto transfer each paycheck directly into their savings accounts. Note that their savings accounts are not for anything specific, they're just there to help teach my children about the value of the dollar, saving, etc... We also deposit birthday gift money from out of town relatives, etc...into their savings. Anyway, my point is to start my own change jar back up and save for the kids in a different way...any suggestions?

MandaRenee · 03-29-2007, 03:38 PM

Although our first won't be here for another 6+ months I've been thinking about this. My parents didn't set up savings accounts for us. When i got a little older I did get a bank account as did my sister. We would be able to save or spend money we earned or received for our birthdays.

I am getting a piggy bank (maybe a pre divided one) or more than one to divide into SAVE~SPEND~DONATE
I think this will be a good way to establish the value of money and the spirit of giving. Since dh and I are simplifying our lives and trying to be good I think it will be good to start early with this baby.

I plan on depositing any money received for holidays until the baby is old enough to understand and then will start the piggy banks. I will likely open an ING account b/c the interest rate is so good.

I would like to save money for college but don't have a set plan yet for it. It will be something to do each month after bills are paid and money is put into Retirement. I know college is important but I see so many people so worried about saving for the kid's college they don't save anything for their own retirement. There are scholarships, loans, grants, and jobs to pay for college if necessary.

sweethearrtofdc · 03-30-2007, 10:33 AM

I may be the odd one out here, but each of my children have a savings account that dh and I put money into monthly(that they aren't aware of). But when it comes to their piggy banks, we believe that is their responsiblity to fund. They are always getting change from various places (the dryer, found on the ground, chores for the neighbors) and they are expected to keep up with their money. When they get their holiday adn birthday money, they get to spend that amount on their choosing(they are 7,9, and 12) This money doesn't go into their savings because the sender wouldn't have set aside an amount to save, they would have just sent a gift.

This way they are learning to be responsible for their own funding and yet we still know that they have a little for their future.