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Old 10-14-2012, 04:12 PM   #1
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Talk to me about savings accounts/plans/investments for kids

DS's grandparents (DH's dad and stepmom) want to start contributing to a savings account for him rather than buy him toys for every holiday/event. I'm THRILLED because we have a whole house full of toys and my mom has a problem with buying DS garage sale toys (which I certainly appreciate!), so the wanna-be-minimalist in me is jumping for joy!

Anyone have experience or suggestions of what kinds of accounts are best?

Thanks in advance!

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Old 10-14-2012, 04:58 PM   #2
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Re: Talk to me about savings accounts/plans/investments for kids

Do you want it to be an account where the funds are meant for college? Or something where when he gets a little older he can have some access to it to use for things he'd like?
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Old 10-14-2012, 07:08 PM   #3
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I am open to all ideas but I'm thinking long term or college.
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Old 10-14-2012, 09:03 PM   #4
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Re: Talk to me about savings accounts/plans/investments for kids

You might want to look into 529 plans. IRAs are a possibility as well. They are best for people who have a decent idea what state they will be staying in, and/or their child will be going to school in, though it's not necessary to know. We are hoping to emigrate in the next several years so we choose a simple savings account. We have the discipline to not touch it, so it works best for us now.
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Old 10-14-2012, 09:20 PM   #5
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Originally Posted by emeyer76
I am open to all ideas but I'm thinking long term or college.
We have mutual fund for the kids. I dont remember exactly what kind but I liked the idea better then a 529. I wasnt a huge fan of the 529 b/c it can *only* be used for school.

Well I would love my kids to go to college but if they dont? Then they dont get to use the money we set a side for them. We decided me just want to gift them money as a young adult for a big life event, be it school, wedding, house...what have you.

Amanda . Blaming my phone for typos and crap.
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Old 10-14-2012, 10:05 PM   #6
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Re: Talk to me about savings accounts/plans/investments for kids

The can contribute, and depending on how much total, you can put it in a CD
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Old 10-15-2012, 05:44 AM   #7
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We contribute to our state's 529. I like the 529 because it can only be used for school - higher education to be exact. If you are a family with college in your children's future it's the best way to go.

I can't see where you live, but most states sponsor a good 529. Just google your state and 529 and see what comes up. It's easy to get it set up.
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Old 10-15-2012, 05:48 AM   #8
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Re: Talk to me about savings accounts/plans/investments for kids

+1 for 529. And worst case scenario you'll get penalized for using it for non-school purpose but they say it's better than taking it out of your 401K in an emergency.
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Old 10-15-2012, 06:46 AM   #9
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Re: Talk to me about savings accounts/plans/investments for kids

Thanks for the info everyone! Sounds like the 529 is the way to go... and one that I had been leaning towards. I would be thrilled if DS went to college at my alma matter (which is also where my mom and her brother went, so I was able to get some alumni scholarships). It's in-state too, so that would be perfect.... assuming he is college-bound. Off to google!
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Old 10-16-2012, 02:58 PM   #10
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Re: Talk to me about savings accounts/plans/investments for kids

I know this is a day old, but we have an OH 529. They are highly rated and so easy... you set it up online and get the paperwork in the mail.
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