How Much is too much for a childs bank account per week?

[LittleBoysRock]

I am just wondering about what amount of money I should be transferring to my sons bank account every fortnight.

I am currently transferring $25.00 per fortnight so $50.00 per month. This will work out to be quite a bit of money by the time I hand over the account to him. :thumbsup:

Is this too much? What does everybody else put into their childs accounts? Hope that is not a rude question, just trying to get an idea. :o

Thanks in advance :)

[Baby Girl]

We have a piggy bank for our DD's and each month I empty it and halve it and put it into each of their accounts. DP and I throw any change we collect into it - he always has heaps and hates it weighing down his pockets!! We use it as a (very slack) swear jar too!! Naughty people forget little ears are hearing! Some months there might be $100 in it, some months there might be as much as $500 in it but usually it averages at about $200 - $250 at each emptying!!

[shed]

I don't think I will be having a bank account for my child. When he is old enough to start thinking about money we will give him pocket money and he will be encouraged to save for bigger things at the Mummy and Daddy Bank.

What is the money in the kids accounts generally for? I don't know what we would use it for.

[My3kids]

I put away $7 a week doesn't sound much for each child, BUt it all adds up in the long run with interest, The Materinty allowance opened there account.

[JodieC]

I don't think I will be having a bank account for my child. When he is old enough to start thinking about money we will give him pocket money and he will be encouraged to save for bigger things at the Mummy and Daddy Bank.

What is the money in the kids accounts generally for? I don't know what we would use it for.
Im just about to open a bank account for my 2 older kids, they receive pocket money as a reward for good behaviour. $10 a week and for each time theyre naughty $1 gets taken off at the end of the week they get whats left (usually not much) but my daughter has many things she wants to buy so renegotiated her deal. Now she still gets the $10 base plus for every chore that she performs in the house she gets $5 but if shes naughty it costs her $2 and she has to bank half of whats left at the end of the week.

Well this week shes been so bad that shes been grounded for 2 months :banghead: so we once again negotiated and decided that it will cost her $10 to come out of her room for a week, but she has to have the money in advance, no IOU.

I have told them "i will clothe you, i will feed you but if you want toys or lollies you pay for them yourself"

[charlach]

We put away $20 per week for our son (he is 18 months) he now has nearly $2000 in it. Grandparents and family sometimes give us money for him and we bank it, i.e. he got some money for his christening. We are expecting our second child 30/4, so we will half it to $10 each. Every bit helps and with society today, its going to be very hard for them to save for a deposit for a new home.

[Cade's Mum]

Hi Monyfelox

We put the same amount into an account as you each fortnight. Now DS is 4.5 he has a money box and we have started small chores for him to learn that you just don't get money for free. We give him a few dollars in lots of coins and he loves putting it in his money box. Each month DH and DS empty it out and count it. When that gets to a reasonable amount we will take him to the bank so he can deposit half and the other half he can buy something he wants for the toy shop.

[lukaelmo]

We put away some money for the dude too, we want to give it to him when he is ready to buy a house, and will do it as a surprise. I don't think you can give too much or too little, you put away what you can afford, and want to.

[Baby Girl]

What is the money in the kids accounts generally for? I don't know what we would use it for.We intend to give each of the girls the money in their account either on their 21st birthday but if they are little spendthrifts (like mum) we will probably give it to them after their wedding or if they are going to buy a house or some other big purchase!! We have every intention of investing it in a term deposit every 12 months or so to get better interest once it reaches a certain amount.

[Maxs_MumMy]

we have trust fund accounts for max.... one for private schooling, one for a house, one for a car and one for wedding or investment property for him..

Private schooling can be touched from age 5yrs old and the rest can't be touched until 21..

we transfer $100 p.w to each of these and his baby bonus is in there as well....

i had this done for me, so i believe in doing the same for max...

[Issey]

Wow Max - Mummy must be rich and very lucky!!

I am putting $10 per week in my son's account and if at times I can afford more ie: tax return I will put in a bit extra. I plan on giving it to him when he is 21 or when he decides to buy a house or something. It is a trust account and the interest is better than a term deposit 5.45%. :thumbsup:

I want his life to be a bit easier than mine.

[Kaylene]

We are putting away $30 each fortnight since birth and have kept the $3000 for her later on too. Hopefully by the time she goes to school we can afford it.:eek: A trust account seems to be the best way at 5.45%. I think if you can afford it put away as much as you can each pay, that way later its available if hardship hits.
K

[stormanet]

heya :) this is a really interesting topic... a real eye opener. My little man is now 11 months old and I seriously hadn't even considered starting a savings plan for him. Maybe when we are back on a double income we will start saving, but until then I think he would prefer to eat and to stay in the house we live in.... All dollars seem to count a little too much at the moment :)
K

[stilldreaming]

Cooper is 18mo and we put away $10 a week for him. Its amazing how quickly it adds up. I will put him immunisation money into it too when I go and get it....thats the least I can do for the poor little guy after all those jabs:D

[Mariposa]

for my 2 DD's we have always put $50 per month into their accounts! this account will help them later in life, whether to purchase their first car or their first home. we all know wat its like now, so imagine wot its going to be like in 10 - 15 yrs time! :eek:

as well as that my eldest DD does school banking, but she has to earn this money, this will prolly be used when she is older as her little rewards, when she says "oh i just NEED those pair of gucchi glasses" :laughing:

[*Chels*]

heya
weve put $10 a week into rileys account since he was born.he also has a piggybank which we put loose change in,and his grandparents have one for him too.like alot of other people have mentioned,he will get all the money for his 21st.once hes old enough i will make him work for his money(on top of the money in the account which will be kept secret)
i believe in teaching kids to work hard for money so they appreciate it more.theres nothing worse than spoilt rich kids!but i want riley to be able to at least own his own home by his early twenties.i strugggle thru life,my dream is to own my own house,i dont want riley to have to struggle too.well i will stop blabing now:ecomcity: :ecomcity: :ecomcity:

[MissSparkle]

We have a piggy bank for Angelo too. All loose coins and $5 notes so at the end of the month there is usually over $100 which we deposit into his account.
We opened him a an award saver to gather interest mainly with the purpose of giving him the money to buy a car and put a deposit of a house when he's alot older. We considered schooling funds and uni funds but I don't want him to feel pressured to go to uni and I don't want to send him to a private school either (Just a personal preference).

I think whatever u can afford will always help ur child out when they grow up.

[2littleprincesses]

My girls each have a transaction account and a linked high interest savings account. It was just easier to set them up that way, and was the best deal I found at the time. The transaction account can be for them to use as they please as they get older, but we put $25/m into the savings accounts which we intend for their university education as I believe that's our responsibility to pay for (if that's what they chose to do). It's what we can afford comfortably at the moment, and may increase as the years go by. THe purchase of a car is their own responsibility, just like it was mine when I bought mine.

DD1's balance is coming along nicely and I have looked into term deposits, but have calculated that the money is better of in the savings account where I add to it monthly and is earning the high interest calculated monthly, than in a term deposit where the money is tied up for 12 months and interest is paid on maturity.

I notice that a lot of people put spare change into their children't accounts - I put ours on our homeloan

[Percy]

My DH deposits $20 per week into my 10 month old's account.
My mother lives overseas so she deposits money into his account for special occasions.

[Gribel]

Hi All

this is a real good topic. I've been wanting to open a Savings/Trust Account for my son Riley, he's 11 months now, and I better get on with it (maybe for hos 1st Bday).
I looked into the ANZ Beanstalker Account (for kids, i think it's a trust account?), is anyone else using ANZ or can suggest another bank with reasonable interest paid?
I am looking into depositing between $20 - $50 a fortnight (depends what the earnings are,really) and also want to put the Child Support Money I am receiving in there, too.

Any help/advice/suggestions??

Thanks
Belinda

[tyler's mum]

i put $10 in tyler bank every week,,, and i plan to put around $50 - $100 in her bank on her b'day every week

[tyler's mum]

i put $10 in tyler bank every week,,, and i plan to put around $50 - $100 in her bank on her b'day every week

i meant every year:rolleyes:

[ThomasMum]

Hehe tam, you can celebrate your daughter's birthday everyday if you like! :D

I agree that there's no such thing as too much or too little, whatever you can afford -thats the main thing, remember small thing adds up :thumbsup:

[MummyCharmzy]

I don't think theres any possible amount that would be too much to put away for your child.

I bank an amount each week for the kids, my dad deposits an amount each week as well. Birthdays christmas and speciail occasions they get extra money in there from dp and I and grandparents and any other money they get generally goes in there too!