what do you do with money your children receive?

Do you have their money in a regular savings or money market?
Do you have it in a 529?
Or where else do you invest their money?

Right now my kids have theirs in money markets. The interest isn't good. I'm looking for a better option if there is one. I'm not a fan of the 529 plans because I dont want them penalized if they don't use it for college.

Re: what do you do with money your children receive?

Savings accounts and cd's - i need to invest some but not sure where

We set up 529s for them from our money and all gifts go to savings

Re: what do you do with money your children receive?

We put their gift money into savings accounts. Nefcu kids accounts is at 1%. We also have a very small 529 set up and we set them both up with a whole life insurance policy. We put our money into that every month.

Dh and I basically have no savings of our own after buying a house, so we like that their savings accounts are liquid God forbid we ever need emergency cash. Not that we'd ever want to use their money, but...

what do you do with money your children receive?

We just opened a savings account for each at our bank

what do you do with money your children receive?

For large parties such as their baptism and first birthday we put that money in a savings account. To be honest, for her birthdays now if she gets money, we use it for shopping for her, whether its as new toy, apps, or clothes. The money was given for her to enjoy so we spend it.

Re: what do you do with money your children receive?

In the beginning, we had savings accounts.

We did open up 529, and put some money in them. That has grown very nicely and can be used for many expenses during college and beyond.

When we started investing our money, we invested theirs too. We do this through a management group. Much better than a bank for long term.

what do you do with money your children receive?

We have a 529 and they each have Nefcu accounts

what do you do with money your children receive?

bank account. We also have a 529 but we usually put money in there on a weekly basis from our pay.

Re: what do you do with money your children receive?

We have savings accounts that we opened up when they were born through our bank. However, I'm actually interested in learning about other options since it doesn't seem to generate a lot of interest.

Re: what do you do with money your children receive?

Savings account for small amounts and a money market that's invested.

Re: what do you do with money your children receive?

Savings account

what do you do with money your children receive?

We have Fidelity Accounts

what do you do with money your children receive?

We put it into a savings account.

We max out his 529 using our own money.

Re: what do you do with money your children receive?

We put about 80% into a savings account, and then leave DS some in case he wants to buy something for himself (like pokemon cards or a toy)

DS is the cutest and refuses to spend his money because he's "savings all the money for his mansion"

Re: what do you do with money your children receive?

We have a brokerage account where we pick individual stocks and some funds. We put their money in that account and we add 250 a month automatically. Reason we add is bc we have 3 kids, the first kid received a lot more money. To make it fair we put it all together and add each month. We also have a separate fund we add to every month in case the first account isn't enough

Message edited 2/10/2017 7:41:09 PM.

Re: what do you do with money your children receive?

Posted by Bebelove

We have a brokerage account where we pick individual stocks and some funds. We put their money in that account and we add 250 a month automatically. Reason we add is bc we have 3 kids, the first kid received a lot more money. To make it fair we put it all together and add each month. We also have a separate fund we add to every month in case the first account isn't enough

Message edited 2/10/2017 8:03:46 PM.

what do you do with money your children receive?

We have a youth savings acct with Sperry in garden city. They give you 5.00%

what do you do with money your children receive?

Into a savings account since we max out his 529 with our own contributions

what do you do with money your children receive?

I put all their gift money into savings and then transfer it into their 529 accounts before it reaches $1,000. BFCU Youth Savings account gives 3% interest for accounts under $1,000, and 1% for anything over $1,000, so that's why I transfer it before it reaches $1,000.