We set up an account for our son when he was born, DH's father got it started with a nice sum. We put in $25 a fortnight I think, would have to check as it's all done direct deposit. DH's father also puts in odd amounts every few weeks I've noticed. Once it gets to a certain amount we put it in a term deposit & keep adding that amount to it when his regular account reaches it. He'll get it when he turns 21. I said 18 but was voted against from the males We also have a moneybox in his room that we put our coins in that also goes in.
Forgot to add that none of us can access the money without signatures from all three of us. This was my thing as I felt very protective of the money for DS' sake when we started it! I am now comfortable with the idea of DH's father having access but don't see the point in changing it now.
My mum puts $10p/w into an acc for my DS.
I also put birthday money etc in there.
It is to be used to further his future, ie if he shows any REAL talent as a sportman, or needs money spent on specialist education, and that is only if we cannot otherwise afford these thing ourselves.
If neither of those things happen, it will be used as a deposit on his first house, even if it is an investment property when he starts workng.
I will not be handing him a cheque for $10 000 on his 18th or 21st birthday and its not to be used for a car either.
At 18 or 21, someone handing me a load of cash would have been doing me no favours. JMO
Thank you so much for your responses!!! Just about everybody is doing what I am thinking of doing. We have regularly put money into both kids bank accounts since birth, but used it all up paying their school fees for 2010/2011 school year. I wanted to do something additionally that we don't touch, so it all starts accruing. It doesn't matter how much or little you deposit per week, it's over time how much interest it generates & most of the time the $10 per week, we don't even miss - you know?
I also want the money to be available for flexible things - but very important things once they turn 18? Not just here's a big cheque, go blow it on some fun!! lol
Each of my boys has their own bank account. We oPened them just after they were born. The baby bonus we have received from either of them went into their accounts and we put money in every month. I think it's $100. My eldest who is 3 is pushing 8k. We put any money the boys are given into these accounts and lock it in term deposits to get a good rate. This being said we have to do tax returns for them because of their interest levels ea h year. So remember if you set account up to attach a tfn upon opening it.
my parents had one for their three kids... I used by $8000 when i was 20 for a 6 week european trip! best spent money ever! My brother invested his and my sister bought furniture/whitegoods etc for her first home... So not all teens waste lump sums.
We opened a term deposit with high interest in DS's name when he was born. He's 14 months and has more tah 5500K already! my brother gave him $2000 straight off tho instead of buying a baby present and we put all his various bits of money into it, and gave it out when various family members wanted to give him money when he was born and on his christening we also put in $10 per week. We plan to give it to him when he turns 21.
We also pay the tax on it as we worked it out as being better than putting his money into a "children's account''.
We will do the same for the next bub... wonder if uncle money bags will be so generous again?? lol.
I recieved an amount at 16 from my grandparents that they had held in trust.
We have a bonus savings account for both DS' which we put $15 'pocket money" per DS. On the anniversary of the account being opened the money is transfered into an attached account earning zip. We then withdraw the money & invest it by buying shares through E-Trade which we opened in trust also when they were born. DS1 has over $6000 inc money Grandparents gave him plus half of the baby bonus. We also opened him an ASG account to save for school each year this increases by 8% each anniversary. Not sure how much is in that. DS2 is just starting out so not as much, but with DS2 we haven't opened a ASG account as after further research it is very restrictive with it being a balanced fund and for the time we are investing for we can be a little more risky imo. Instead we save the same amout as DS1 but once we reach $500 - $1000 we buy more shares. Hopefully the E-Trade trusts & ASG will give us the money to pay for there education/sports/music etc as well as have money to help them to do whatever they want in the future travel, house, car etc. We have no real age set out for them to recieve the money just as they need it. We do have it in our Will's that if anything should happen to both DH & I then they would have control over there portfolios at 21.
BellyBelly Life Member - Love all your MCN friends
Jun 2004
The Festival State
3,008
wow, this thread is an eye opener. I feel embarrassed bilby has no bank account. I'm about to start an account with The Smith Family (to save for her school expenses next year when her schooling begins). I spent the baby bonus on what we needed in the first two years of her life. (no flat screen tv i promise).
We also have a moneybox in his room that we put our coins in that also goes in.
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