Saving $$ for Your Kids -- Impossible or Not?

on May 25, 2009 at 8:23 AM

Sure we have a new president, but these economic times are still scaring the crap out of me. Nothing feels quite secure once you tally up what we've collectively spent to save mortgage companies, banks, insurance firms and car makers from going under--and it all makes me obsessive about my kids' tomorrow. Saving for the kids' seems impossible, especaily now, but as my tuck-his-wallet-in-his-sock dad would say, you gotta do it.

What's your approach to saving money for your kids future?

Comments (10)

justanotherjen

on May 25, 2009 at 9:43 AM

Saving for the kids individually? Hardly. We don't have enough left over each month to put in a savings account for us as a safety net. We have like $800 in Savings and live paycheck to paycheck (that $800 is left over from our income tax return and will probably be gone by Christmas because something always comes up).

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Melissa823

on May 25, 2009 at 10:00 AM

We are following Dave Ramsey's plan and are about to be debt free (except for the house). It's taken us 2 years to pay off about $34,000 and we don't have an extravagant income in any way. In fact, when we started, we were making less than $40,000 a year. We have a college fund started for our daughter, but we aren't adding to it until we're debt free and putting 15% into retirement. (We do add to it when people give her cash gifts.) But, our goal is to become debt free FIRST so we are more able to help her out in the future.

ArmyWifeNMomOf2

on May 25, 2009 at 10:08 AM

It's too easy to set aside money from our taxes or a little extra each month to set up a college fund for our two children. I personally feel like there's no reason for them not to be able to go to college if they want to so we've planned ahead. Our kids are two and four and both have coverdell college funds set up.

MaMomToTwo

on May 25, 2009 at 12:34 PM

My parents didn't save for me...I'll save for my kids when I can, but that's not now. We need to get on our feet again, and be able to pay for all of our needs ourselves. We're still about $25k below the median income where we live, and we struggle a bit. We should be saving easier in a few years.

jcsmummy

on May 25, 2009 at 4:10 PM

we have $300 a month automatically deposited from our account to the kids' savings.

RanaAurora

on May 25, 2009 at 4:45 PM

We got a $25,000 life insurance policy on my kiddo. However, at the age of 18, he can borrow against it, or take it all out and close the account without penalty. So, it's safety and a college fund either way.

Fallaya

on May 25, 2009 at 8:04 PM

I put away $100 per month in my daughter's savings.

lulamae123

on May 25, 2009 at 9:57 PM

savings bonds,it is what works for our family!

HELLOITSDONNA

on May 25, 2009 at 10:20 PM

ever since my kids were little, they have saved their own money. if they made 10.00 they had toput half away. they are all over 18now and they are good money managers and have an IRA that they started with the money the saved as kids and working.

baby_femme

on May 25, 2009 at 10:21 PM

I had our monthly expenditures on a list, So every time i need to buy something, whether i like it or not, i make sure that i will just buy the necessities only and so far so good, i have saved a hundred bucks monthly and i keep it for my baby...