2006-10-01 16:21:27 · 15 answers · asked by sol 1 in Pregnancy & Parenting ➔ Newborn & Baby
You should open a 529 account for her college fund which is tax deductible. Check out the link I gave you for further information.
2006-10-01 16:27:30 · answer #1 · answered by Dino 4 · 0⤊ 0⤋
Open a savings account at the bank... and deposit whatever you can afford each week. In addition, you can start a portfolio with investments in mutual funds that you can build up over time. You can start one with very little money... and fund it from time to time when your child gets monetary gifts. And last... get a life insurance policy (from Gerber) that can build cash value for your child. It also provides your child with a policy god forbit they develop medical problems in the future... they can't be turned down.
I've done all of the above mentioned suggestions... and make a point to fund both the savings account as well as the investment funds on a regular basis. I tell my family to give cash gifts instead of clothes and toys (since god knows you always get those from friends in abundance), and I sock it away for my son. Education is very expensive, and you can never start early enough. I'm sure you also know about the 529 fund (for college). It's a fund situated for college... and your contributions are used for education tax free. You should also sign up with Upromise.com It's a service that incorporates thousands of merchants/mfc's that participate by donating a percentage of your purchases into an account for you. All you have to do is sign up, list your credit cards & store cards on the site, and everytime you make a qualifying purchase of a product (ex: Huggies diapers)... a percentage of that gets put into your account. It's completely free, safe, and a great way to save extra money. You can have friends & family join as well... and whatever qualifying purchases they make will benefit you. Make sure you visit the site and read all their info so you fully understand how it works.
2006-10-01 16:49:53 · answer #2 · answered by VixenMom 3 · 0⤊ 0⤋
My children each have their own savings accounts. We have $10 a month transferred to each of their accounts. We also deposit any money that is given as gifts. If they get Christmas money, birthday money, etc. It all goes into their account. They don't need money right now. They're 6 & 3. They get plenty for Christmas and Birthdays. So, they don't need to spend that money.
I'm not sure what we'll do in the future though. I've been told that have a savings account will work against them in the future should they try to get student loans.
2006-10-01 16:29:11 · answer #3 · answered by Amelia 5 · 0⤊ 0⤋
It all depends on what you are saving for..you can always start with a savings account.. get what I call a change jar.. every month take it too the bank and put it into the savings account.. saving a little is always better then saving nothing at all.
2006-10-01 16:27:16 · answer #4 · answered by DoConway 1 · 0⤊ 0⤋
Upromise is a good program for saving for a childs college education....that and if ther is a Bank of America near you they have a checking account that will round your purchaces up to the next dollar and but the change into a high yeld savings account
2006-10-01 16:41:00 · answer #5 · answered by sjeboyce 5 · 0⤊ 0⤋
Try to buy savings bonds when you are able. A better way may even be to put some money away in her name in a certificate of deposit. If you really want to do something that is more interesting then purchase some stock for her in a company that is small, but has growth potential.
2006-10-01 16:28:54 · answer #6 · answered by Athletic Trainer 3 · 0⤊ 0⤋
My husband and I have a savings account for our daughter. We contribute just a small amount each week. We also have a little piggy bank for her. Maybe you should check into savings bonds? I don't know anything about them, so I couldn't give you any advice about that.
2006-10-01 16:37:11 · answer #7 · answered by JustMyOpinion 5 · 0⤊ 0⤋
Every week my husband and i put five dollars into an account we established for our daughter. I also have a penny bank that all our non laundry change goes into and when its full we take that and put it in the bank. Her account now has 1600 in it and she is only 8 months old. Try it five dollars a week doesnt hurt anything.
2006-10-01 16:25:45 · answer #8 · answered by kelene 2 · 0⤊ 0⤋
open up a banking account in her name what ever change u have put it in the account dont let her no about it till she is 18 it will be a great gift a car or for school. 18 years of saving change is a long time and u will be surprised how much it will add up 2. thats what i have done.
2006-10-01 17:35:05 · answer #9 · answered by familia91323 2 · 0⤊ 0⤋
We are contemplating the same thing for our baby. I talked to a lady at the bank a couple weeks ago & she said a savings account would be better than CD's or something like that.
2006-10-01 16:25:18 · answer #10 · answered by Michelle *The Truth Hurts 6 · 0⤊ 0⤋