thread: Finally opened kids accounts

  1. #19
    Registered User
    Add Purple Penguin on Facebook

    Apr 2009
    Eastern Melbourne, Vic

    Our girls have banks accounts and we were going to do the $10 a week thing, but DD1 gets pocket money for doing chores around the house, she can spend or save half of it and the other half goes into her bank account through school banking.
    We will be encouraging our girls to get jobs at 14/15 and save some money up as well.

  2. #20
    Registered User

    Apr 2010
    Brisbane, Australia

    We started an account when DD was born and we're putting in $200 a f/n I think. We use it more for expenses for her and DS (coming soon to a hospital near you!). So when she runs out of clothes that fit I can go buy some without worrying about the money. We also use it for her swimming lessons etc. So it's an account for "stuff" for them rather than their money etc.

    DH and I have already said that we will do the matching money thing rather than just giving them a lump sum. So encouraging a work ethic and their own savings rather than just thinking Mum and Dad will hand it to them.

  3. #21
    Registered User

    Jun 2005

    I'd rather spend the money too. Most people I know could be spending a lot more money on food. Buying local, organic meat or fermented cod liver oil is FAR more important than saving IMHO. When my kids are old enough to understand getting birthday money then I will probably open credit union accounts with them and help them manage their money.

  4. #22
    Registered User

    Oct 2008
    Newport, VIC

    We have bank accounts set up for the boys largely because the family wanted to give them gifts for birthday, baptism etc. We don't contribute to these accounts.

    Like a few others, we put the money towards our mortgage. However we are lucky that the money that sits in the boys accounts offsets the mortgage (don't ask me how we set this up!) so it's all working towards the same goal anyway.

    I should say, we've already spent some money that was given to our oldest son on his ticket to London this Christmas. I figure it's for him and he's getting benefit so it's all kosher.


  5. #23
    Registered User

    Jun 2005

    We have bank accounts that the children have that are contributed to in a number of ways:

    *Birthday/christmas/christening monies etc
    *We contribute $50 per month towards
    *Every fortnight the kids take money from their moneyboxes and we deposit it at school via school banking.

    But this money is not for them when they turn 18 etc. It is for any expenses that come up that we feel the need to use the money for. Eg we are off to NZ in a fortnights time for a month so we will be withdrawing $500 from each of their accounts to contribute towards all the activities and tours that they want to do. It is still being used for them, just in a different way.

    We do a lot of travelling and believe that the life lessons that they learn from travel far exceed anything they could learn at home. So for us a lot of their money will be used for our numerous trips.

    We will also when they reach 18 or 21 (haven't yet decided which one!) pay for them to go on a tour or holiday of their choice up to a certain value whether it be going to machu picchu as our DD1 wants to, doing a contiki tour or going to Egypt to see the pyramids like DS wants to...it will be up to them.

  6. #24
    Registered User

    Jul 2007
    in a super happy place!

    DS has a money tin that DH puts all his spare change into, and he also gets $2 a week from our neighbours for putting their rubbish bins out and bring them in
    Birthday money also generally goes in there as well. I don't put a set amount away each week.