Kids Accounts!

[Kayangel]

Question for these of you whos children have bank accounts:

- Wat age do u plan on giving it to them?
- How do u keep it secert when there needing to open account? for work etc.
- How much do u depoist per week?
- How much do u hope to have saved by the time u give them the account?

[em1984]

- Wat age do u plan on giving it to them?

somewhere between 18-21 not really sure. I would love it to be used for travel, but it will be their choice.

- How do u keep it secert when there needing to open account? for work etc.

I don't know why you'd need to? Noah will be aware we have an account for him, If he needs to open one for work he can do that himself.

- How much do u depoist per week?

At this stage we dont deposit weekly. He has been given money by grandparents and that is what is in there at the moment. There is also a bit of the baby bonus there. We will only deposit money in from us when we have it to spare, and at the moment we dont. It's in a high interest account so it will gradually go up with that along with birthday/chrissie money.

- How much do u hope to have saved by the time u give them the account?[/QUOTE]

Hopefully enough to allow him to travel quite extensively without having to work. I havent actually thought much about it. I spose If he gets it at 18, I'd hope to have at least $500 going in a year so I dunno $15,000 maybe with interest? Not sure really

[JabberJaw]

I bank $15 week for each of my kids. BUT i use it for christmas.

They have dollarmites accounts for school and they get $5 or so a week for that and odd bits of change, or sometimes a bit more if dad hands over some cash too.

I dunno when they will cash them out, son is apparently saving so he can go to policeman school when he is bigger.

Daughter is saving to be a princess :laughing:

Oldest DD has a big stash from her greek godfather, have no idea of the dollar value but it is getting pretty high after 12 years. He gives her a deposit slip for her birthday to show what he has put in for her, i am guessing she will recieve that at maybe 21 years of age.

I got mine when i was 17, it payed for my first car. the rest my parents put into my own bank that i opened myself when i got a job, which i blew, on surf labeled clothing and ugly shoes that i thought were nice at the time!

Guess its up to you if you keep it secret and when you give it to them.

[sam's mum]

Wat age do u plan on giving it to them? not sure. Have told DD1 that it is for her uni costs. but we will see at the time what she wants
- How do u keep it secert when there needing to open account? for work etc.I don't keep it a secret. She knows how much is in there. when the term deposits come due I get her to look at the different available rates and decide which one she thinks is the better option and we discuss why. I see it as learning for the future. She also helps in the share buying decisions.
- How much do u depoist per week? $15 pw for each child.
- How much do u hope to have saved by the time u give them the account? I don't really have a goal in mind for an end value. DD1 got a head start from when she was the only child and we were putting more in her account. The other two have got scholarship funds that will pay for uni, so it isn't like they need it.

[Raising Leprechauns]

We have accounts for the kids - $50 per month goes in.... plus birthday money and piggy bank money we will give them the money at 18 or 21. No secret - we encourage DS to put money in his piggy bank and we take it to the "money shop" together.

[cookie087]

Wat age do u plan on giving it to them?
He has access to it now (not that he can use it at 5mo) but its for when we go away on family holidays, if he wants to buy something special, he will have to use his own savings
How do u keep it secert when there needing to open account? for work etc.
No secret here
- How much do u depoist per week?
No weekly amount, money gets put in from family or friends at his birth, christmas, birthdays etc. We deposit if we have some spare
- How much do u hope to have saved by the time u give them the account?
No particular amount. We got it so it would teach him that if he wants to buy something, he would have to save his pennies in the bank like the grown ups.

[RmumR]

Wat age do u plan on giving it to them?
Prob about 18/21. But not just to spend willy nilly there will have to be some sort of plan as to what it gets spent on.
How do u keep it secert when there needing to open account? for work etc.
No secret, opened it when she was a month old and as she grows up she will know about it.
- How much do u depoist per week?
As an only child of divorced parents i put $10 a week into DD's account and i think her dad puts in each fortnight about $30. Also her grandparents have the details and occasionally deposit money for her too.
- How much do u hope to have saved by the time u give them the account?
I would hope that there would be enough to buy a decent car or set her up for when she moves out of home or somehting like that.

[HeidiLee]

We have just set up an account for our month old. He will know about it when he is older and will have access to it when he is 18 but it will only be for something specific (ie a specific travel trip, a car, uni etc).

We are depositing $1000 a year so some months we deposit more and some months less - as long as its $1000 by each birthday. He will have $18k + whatever interest + whatever money he is given by grandparents etc.

[TacoFest]

Wat age do u plan on giving it to them?
Probably anytime from 18 onwards, as long as she is going to spend it on something decent.
How do u keep it secert when there needing to open account? for work etc.
No secret we will tell her when she will understand. She can open other accounts whenever she wants to.
- How much do u depoist per week?
We put $20 in there a week for her. The account was opened in the beginning as my parents gave her $1000 when she was born.
- How much do u hope to have saved by the time u give them the account?
Well she has $1000 from my parents in there, and they will put $100 in for every birthday. So with that plus the $20 we put in a week, that over $20000 by the time she is 18 without working out interest

[Sabby]

- Wat age do u plan on giving it to them?
18 or 21 yrs old
How do u keep it secert when there needing to open account? for work etc.
I wouldn't keep it as a secret
-How much do u depoist per week?
I deposit $100 per month
How much do u hope to have saved by the time u give them the account?
What ever is left from school expenses.. Purpose of the account is for my child school fees.

[KatiesMum]

My DD has a trust account that her Grandfather has put some money into.

- Wat age do u plan on giving it to them?
Sometime after 18 when DH and I deem that she is responsible enough to inherit


- How do u keep it secret when there needing to open account? for work etc.
Its not a secret. We will use the time till then to teach her about financial management so that she will be able to use the money responsibly to set up her life

- How much do u depoist per week?
Not a weekly amount. Is a family trust that we maintain.

- How much do u hope to have saved by the time u give them the account?
No set goal, but her account will have enough to give her a very good start in life. It is up to us to teach her how to manage it and use it wisely.

[Boobycino]

I'd not really thought about exactly what we're do with the money.

Jasper has been getting $10 a week since he was 8 weeks old. At this rate there will be about $2,500 when he starts school!!!

I think what I would like to do when bubba is old enough to understand, I want to invest it in shares in his name and also have him choose a charity to donate money to. (and also we could do some toy shopping!)

I want to kind of make bubba feel like he's involved and contributing, so maybe I'll talk to him about his bank account, we can go to the bank and withdraw his money and then pay school fees and for school books and such.

I also will tell him that its money that mummy and daddy put aside FOR him, but its not his money, mummy and daddy have final say. Because if I have to overrule him - like he just wants to buy toys and lollies, I dont want him to feel robbed.

We've got quite a few years to make any decisions about it though!

[MissMetal]

What age do u plan on giving it to them?
probably 21.. i think they would be wiser with it then, rather than 18 & possibly blowing it all :laughing:


How do u keep it secret when there needing to open account? for work etc.
secret :confused: it will never be a secret :no:

How much do u depoist per week?
its not a weekly thing, its more when i can spare some extra money (as im a single parent on the pension) but i have saved part of his baby bonus for him, aswell as some other money, there is now $3000 for him :D and thats in an ING account (really good interest)

How much do u hope to have saved by the time u give them the account?
no set amount, just as much as i can manage to put in there over the years :)

[Seacretsquirrel]

What age do u plan on giving it to them?
Prob about 18/21. I think DH wants it to go towards a car or uni/tafe costs not just frittered away. Oh and DD's was used to by her big girl bed as will DS's.
How do u keep it secert when there needing to open account? for work etc.
No secret here either
How much do u depoist per week?
We put $10 a fortnight into DD and DS's accounts plus their xmas/birthday money from family goes in there as well and we have a gold and a silver piggy bank that DD was put into her account - it will be split from now on though between the 2 of them.
How much do u hope to have saved by the time u give them the account?
hopefully enough to go towards a car or the like!