Moms Expertise

Saving's account for a baby: is it a really good idea?

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We have a savings account for James and we see it as an emergency account for him. We gave permission to both sets of Grandparents to be able to access it as well. So far my in-laws have put money into it on Christmas or James' birthday. Last I checked James' account has about $50+ in it. James also has a piggy bank in his room and if he finds change on the floor, he's allowed to put it into his bank.


My mom started mine when I was old enough to spend money (5 or 6). Before that I just had a piggy bank.


It's a good idea to start saving when kids are young. It teaches them the value of money.


I do not have an account open yet (I will once I finish college and get a career), but I do put money away every two weeks for him. I started before he was born--a college fund for him. I will be putting more in than what I do know once I am able to finish school and find a career in the medical field.


I would like to open a 529 for my daughter but my mom pointed out I would not be able to access that money for emergencies (I don't know how true that is) so I probably open bot a 529 and a regular savings account.


We have talked about opening an account once the baby is born and putting money in it instead of buying lots of gifts for birthdays and holidays. Granted he will still get gifts, but helping him to save and a start early will be a better step to his future.

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